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Big Australia Vs Small Australia - What It Means to You Whether Australia will continue to increase immigration or reduce its current level of immigration can have a significant impact on your property investment strategies. So today I'd like to talk about how to go with the trend rather than against the trend when putting your investment strategies together. The current debate Over the past few years, there has been an ongoing debate between whether we should have a "Small Australia" or a "Big Australia". The supporters of a Big Australia would like to see our population increased to 36 million by 2050. This means roughly 400,000 new migrants on average coming to Australia each year. While the Small Australia camp would like to see our population kept to a lot less than that. There are a lot of pros and cons being thrown around by both sides of the debate: from what level of growth is sustainable to whether we'd be paying higher taxes, and even more extreme scenarios such as cultural shift and racial domination. I'm not going to bore you with any of these, you can Google them for yourself, and take whichever side you like, or simply pay no attention to any of them. The problem with such a debate is that people sometimes think that if one side presents a more logical and better rationale, then that side should win the argument. But in reality, our society's progress is not usually a contest of logic or good reasoning. You can sit in a classroom and win a debate 10 times over, but outside the classroom, it is factors such as "Influence" and "Emotion" which rule. If you want a simple demonstration of this, just ask 10 of your friends, who are still in a marriage today, how many of them examined the pros and cons and worked out the probability of the survival of the marriage, before they got into it. If most people can't even apply logic and good reasoning to one of the most important decisions in their lives that they can control, how do you expect them to apply logic and good reasoning to an issue that they have little control over - such as whether we should become a Big Australia or a Small Australia? This is one of the reasons why I have learnt over the years to give more importance to facts, and pay less attention to logic and good reasoning. You will benefit more in life by putting your attention on what has actually happened (i.e. the facts) rather than what should have happened. The facts Over the last few years, our immigration numbers have been hovering around the 400,000 each year. Some years have been slightly higher and other years slightly lower. 40 years ago our population was 12.6 million people. Today it is over 22.7 million. If we continue to grow at the same rate, we will reach 40.6 million in 2050, which is bigger than the 36 million big Australia projection. So it looks like, whether people like it or not, Australia is on track to become a "Big Australia" anyway. Currently baby-boomers are beginning a "mass retirement" starting from 2012. Those who retire before 2020 are more likely to rely on the government pension system as they won't have enough compulsory superannuation. All these retirees will mean that we will need more workers to pay enough taxes to support the government pension system. So I see it as almost a necessity for the government to keep immigration at the current level, or even higher at least till 2020. Australia has locked in over $830* Billion worth of investment for the years to come. We need to deliver the goods according to those contracts, but we don't seem to have enough people to produce them all. Recently the heads of many major mining companies have been fiercely critical of the government's red tape that restricts them from bringing workers into Australia to work. Some are suggesting we solve this problem by allowing large numbers of temporary guest workers to come into Australia to work. (Most property investors can understand the anxiety of the mining companies. It's similar to when a property developer has pre-sold a 100 unit development to buyers, and now realises that there are not enough workers available to build them!) *June 2011 issue Deloitte Access Economics Investment Monitor The real contest What may determine the outcome of Australia's population? In my opinion two main factors: influence and emotion. Let's go through them one at a time. Influence We all know that it is the government who decides whether we will increase or decrease immigration on an annual basis. But what influences the government's decisions? There are two types of governments in our world: autocratic or democratic. In an autocratic society, political influence dominates economic decisions. i.e. the politicians (such as a dictator) are more likely to dominate business decisions. In a democratic society, economic influence dominates political decisions. i.e. the business community (such as all the lobby groups) are more likely to dominate political decisions. Australia is a democratic society. Here, after winning the office, politicians tend to be spokesmen for their political campaign masters (i.e. donors) or lobbying groups such as businesses, especially the largest businesses. Hence you tend to see governments in a democratic society bailing out the "too big to fail" businesses (such as what happened in the US and Europe), and not necessarily acting for the little people who have less direct influence. This is not a statement by the way of what is good or bad, it is just the facts of the way different systems work for different people. So here is the key question: do you think the largest businesses in Australia want more migrants or fewer migrants? Let's look at the needs of the largest businesses and organisations in Australia: Do you think the mining companies want more workers to deliver their contracts? Do you think the largest airlines want more passengers? Do you think the largest retailers and shopping centre owners want to have more people shopping? Do you think the largest property developers and builders want to have more people buying their properties? Do you think the largest banks want to have more people paying interest? Do you think the largest universities want to have more students? Do you think the largest pharmaceutical companies want to have more people to buy their drugs? Do you think the largest religions want to have more followers? As you can clearly see, politicians will be constantly under the influence of these powerful self-interest groups to continue increasing the population. Now what do you think of the chance of Australia not having more migrants? Before coming to Australia, I used to live in a country where politicians often dictated to businesses what to do. After living in Australia for 23 years, I am fascinated to watch how many of the political outcomes are determined by bargaining between politicians and self-interest groups, and how much economic influence calls the shots in most of the government decisions. These powerful self-interest groups try either influencing politicians directly or via the media indirectly. You may ask how all this affects the average person who worries about losing their job to migrants or about our environment becoming unsustainable? From my observation, the average person's influence is limited unless it's coordinated via larger groups, so even when their opinions are quite logical and justified they unfortunately simply don't have the economic influence to lobby the government or have the financial resources to put their own politicians in place. I know this may sound disappointing for those who believe in a Small Australia, but unfortunately this is just how democratic societies work. If I go back further in time, just within Australia, I am sure that if you had asked the Aboriginal people a couple of hundred years ago whether they would have liked to have 22 million people coming into their country, their answer would probably have been a resounding NO!, But they simply did not have enough influence to stop them. Obviously I am not discussing the morals and ethics of these situations here. As I said earlier, I am just discussing the facts of what has happened. I believe everyone is entitled to what they believe in, and there are always two sides of the same coin on any issue we like or dislike any way. All I'm trying to do is show you what the trend is so that you can invest your money wisely. It is important to remember that we don't have to like everything that is happening out there as an investor, but we can benefit from the trend even if we don't like what is going on. That is similar to the situation that you may not like gravity when you want to fly, but working against it is not smart. Emotion Another major factor that influences governments and politicians is public sentiment, i.e. human emotion. Politics today is a popularity contest. If you observe politics over the last 50 years in any industrial nation, the good old days of politicians who stood a chance of winning by holding true to their values and beliefs seem to have long gone. The best values to hold onto to win office these days seem to be more and more about "whatever the public wants to hear". So it is important to find out whether the majority of the Australians are anti-immigration or pro-immigration and how this sentiment may develop over the next few decades. There are quite a few countries in the world where the majority of their population is opposed to immigration, and they make it clear in their legislations. In other words, those countries have a very exclusive attitude towards other races. Australia does not have such a set of legislations. A few other interesting facts are: Apart from the original inhabitants of this country, all of us are migrants from one generation or another; Today, half our population still speak another language than English at home; Most Australians have blood lines they can trace from many different races and cultures; I am a first generation migrant myself. During the past 23 years I have lived in Australia, I can honestly say that I have never felt discriminated against. So overall Australia is quite an open, accommodating and multicultural country, and it is generally not fashionable to be racist here. If you are not a first generation migrant yourself, you may not be aware of how much all first generation migrants want to help their friends and family to migrate to the same country they are now in. They do this, because the migrants miss their family and friends but also because they want to help them to get a better life. Think about how this applies to the average 400,000 migrants coming into the country each year. This migration flow started 5 years ago. Give it another 5 years, and a whopping 4 million new migrants (a figure equal to the entire population of Melbourne), will have been added to the pro-immigration sentiment. These 4 million potential new voters will put a lot of pressure on any political parties who want to stop their friends and family from coming here. Hence I can see the trend of public sentiment being on the side of a "Big Australia", and you know how politics will play out according to that trend. Big Australia vs Huge Australia Recently I have been doing some numbers myself and I can sense a new debate coming soon - one called "Big Australia vs Huge Australia". (I hope I am not the first one to come up with this name, as I really don't want to be known as the guy who started the Big Australia vs Huge Australia debate in Australia.) Let's define what I mean by a "Huge Australia" first. If a "Big Australia" means adding 14 million people to the current population to take it to 36 million, then maybe a "Huge Australia" should double that increase to add 28 million people to take the population to 50 million people! If that figure shocks you, let me give you a different perspective from outside of Australia. If I were to explain to a Chinese friend of mine living in China about the idea of a "Huge Australia", I'm certain he would think that I have been living in Australia for far too long. He would guarantee me that at least one billion Chinese wouldn't be able to understand why I would call 50 million people HUGE on a piece of land the size of Australia, which is similar to China and US. He would probably still call us a "Small Australia" even if we reached a population of 50 million people, because he would imagine the 22 million people we have today must be scattered all over the place to occupy such a very large but mostly unused island. I think there is some merit to this view, don't you? Imagine if the US had only 22 million people living in it today (i.e. not much more than the population of Greater Los Angeles Area)? It would feel like a pretty empty island yet Australia is even bigger than the US in land size! Now why do I see the idea of a "Huge Australia" as not entirely crazy? Although currently I haven't seen anyone proposing such a projection from the government or business community, here are a few key reasons why I think it is possible: 1) Australia has the means to become Huge. Currently we are accepting 400,000 migrants on average each year. This converts to 1.8% increase of the existing population. All you have to do is to add another 0.2% to take it to 2%, which is around an extra 50,000 people a year, be it guest workers or any other form of visas, it will take Australia to 50 million people by 2050. A 2% increase per year in population is not much different to the 1.8% we are doing right now, and it is still way below the threshold of noticeable difference. This is similar to our inflation figure. It is hard to notice price increases if they're less than 3%. And at that rate they are highly unlikely to cause any financial chaos. So if Australia wants to become Huge (i.e. have 50 million people by 2050), we have the means to do it without the majority of the public even noticing the difference. The real question is not whether Australia wants to become Huge. In my opinion, a more practical question probably should be whether Australia has the choice NOT to become Huge! 2) Australia may be forced to become Huge. None of us would question the arrival of the 4 seasons one after another, year after year. There is some kind of law behind this rotation which we can observe even if we can't fully explain it. The changing of the seasons is similar to the way in which countries rise to become economic powers and then fall again. If you look over the past 500 years, there have been 9 countries which rose to a level of power which enabled them to dominate the world economy in their own particular eras. They are Portugal, Spain, Holland, England, France, Germany, Japan, Russia and America. As the old saying goes, what goes up must come down. None of these countries escaped their decline and each gave way to another country to take on the role of leading the world. We are now well into the "Asian Century" as our Prime Minister has recently put it. I would probably call it the "Australian Century", as there has never been a time in history where Australia has been pushed to the centre of the world stage in terms of both economic and political power. Australia is uniquely positioned as a bridge between Asia and the rest of the world. It is the only country (apart from New Zealand) with a Western civilisation and lifestyle in the same time zone as Asia. Today, the barrier of distance is being removed by technologies such as the Internet, video-conferencing, etc., only one barrier to efficient communication still remains - the time-zone barrier! You can communicate with most Asian countries during business hours by living in Australia. Alternatively you will need to work night shift or afternoon shift if you were based in Europe or America. This is one of the main reasons why so many multinationals strategically set up their Asian Pacific headquarters and design capacity in Australia. Australia's biggest problem for a long time has always been that it was considered "isolated" because of its distance from other continents. But now its location means it is perfectly positioned as the Western gateway to Asia. With the boom of Asia you can see why Australia has been getting such unprecedented attention lately. Have you noticed recently there is a fight for attention in Australia from the two largest economies in the world that represent the East and the West? As "laid back" as the Australian culture has been in the past, I think Australia will increasingly be forced to take on some kind of leadership role quickly, as the West desperately needs to find growth opportunities from the East. At the same time the East desperately wants to improve their living standards, and Australia finds itself perfectly positioned as the conduit for those two aims. Ultimately it means we have no alternative but to get bigger and wealthier. After all, those 9 other countries, some noticeably smaller than Australia, all had their turn during the last 500 years. With the decline of America and Europe it has got to be someone else's turn this time. If not Australia, can you pick another country in the West which is more perfectly positioned and ready to prosper right now than us? I can't. 3) It may be in Australia's interest to become Huge. Have you noticed that Australia has been busily shipping all the resources our 22 million people don't currently need overseas? In other words, we are selling our most valuable resources to build up other countries rather than our own. If you think this makes sense, put on the thinking hat as a property investor. Imagine you are a farmer sitting on a large piece of land. Which is smarter: just sell off your land now for today's price or allow more people to work for you on the land forever? This is one reason why you often see most of the larger land development projects being joint ventures between the farmer and the land developer, so that the farmer gets a much better return on his land. The Australian government is just like a farmer who happens to be sitting on a large piece of land that has lots of potential. Why wouldn't you allow more people to come and work on your land, instead of selling it off to overseas buyers just because you don't have enough domestic demand? This is one reason why I think it is in Australia's best interests to attract the finest talent from around the world to develop our more internationally competitive industries while we are selling down our resources. Selling down our resources is only a temporary cash flow strategy; it is not a long-term survival investment strategy. The Huge Opportunity for property investors Simply put, there has never been a better time to be a property investor in this country. When you have potentially between 14 million and 28 million new migrants coming into Australia, you are talking about adding between 3-7 million more people into a major city like Melbourne or Sydney over the next 40 years, or between 100,000 to 200,000 per year. You can start imaging how much wider and taller each of these cities will have to become. The following are the key characteristics which underpin property investing trends for the future: Most migrants are between the ages of 26 and 45. They tend to be in the age bracket where they have young kids, so a big percentage of new housing in Australia has to cater for these young families. A large proportion of this generation of migrants come already skilled or qualified to earn a higher income than the average locals. Most migrants will have to start out in Australia as tenants for the first couple of years as mortgage insurance companies simply won't insure the banks to lend money to someone who hasn't yet established a reasonable work or credit history in Australia. Most new migrants tend to live around other past migrants from the same ethnic community for support. Most migrants give high priority to their children's education, as that is how they ended up qualifying to come to Australia, so good schools are very important to them. First generation migrants are less concerned about the prestige of a suburb initially as they do not have the local knowledge of their local status. Convenience, access to inexpensive shopping and value for money are far more important than status for them for the first few years. First generation migrants are usually good savers, and together with the good income they earn, you would expect the areas they choose to live will perform better than the average. Summary It is my view that Australia is going into a golden era of prosperity. And home owners and property investors stand to benefit greatly from it. As a general rule, you are less likely to lose in investing if you follow where the banks put their money. For example, the banks followed the baby-boomers who were the largest income generating group over the past 15 years. The suburbs they lived in did very well and some are even over-valued today. Now with the baby-boomers retiring, the banks have moved their focus to the next income generating group which are between the ages of 30-45. This group includes the massive number of migrants who will be generating good incomes over the next 15 years. If you buy in the areas where this group is likely to live, you stand to benefit more financially by going with this new trend. Bill Zheng is the founder of Investors Direct which has been helping Australian property investors since 2001. He is one of Australia's most sought after presenters on the topics of property and finance, and over 100,000 property investors have been to his presentations in the last 10 years. His monthly newsletters and articles are renowned for providing an unconventional view of the property market, making them required reading every month for aware investors. The first particular step to your successful trading is to choose a Forex broker. There are many questions that must be answered before you are able to decide responsibly. Brokers' revenue and available information will not facilitate this decision. Below you will find information on the basic issues you may encounter when choosing a Forex broker and how to overcome those issues. You cannot move forward without a Forex broker, and choosing the right one is essential and highly important. This is the reason why this topic is one of the most discussed throughout Forex forums. Before you start trading Forex, you need to set up an account with a broker. The broker is essentially a mediator, individual or company that buys and sells orders according to the retailer. Brokers profit either from charging a fee for their services, or (and this is more often) from the spread. Considering the huge number of brokers offering their services online, it's likely you may feel helpless and overloaded by lots of information you may do not know what to do with. And it is not easy to choose the right broker. There are thousands of brokers, from the solid and reliable ones to the crooked and dishonest trying to pluck their clients. You should take a look on published references and stick to the advices to protect you from the sophisticated marketing brainwashing. Broker is a necessary mediator between you and the market. Its main task is to fulfill your orders to buy and sell a currency on the Forex market. Services, such as the fast transfer of money to him and back as well as a reliable platform should be standard of all brokers above the average. When selecting parameter, it is appropriate to give preference to those that are related to your style of trading (fees, spreads, etc.), instead of peripheral ones like language support, assistance on what to buy and sell, etc. Keep in mind one thing - before you start your search, it is good to take note of the fact that terms like "best, cheapest, most reliable, etc." make little or no sense in the industry of Forex brokers and usually, the real interest of brokers who use those terms is solely to let you trade currencies as often as is possible regardless of whether you earn or lose money. Criteria for selecting a Forex broker There are several criteria that are worth considering before you fill in the registration form with a broker. Competition among Forex brokers is huge, which guarantees a neat chance for a good choice. It pays to take the time to choose a broker that will best fit your needs and you will be able to use their services for your benefit. Regulation and References The first thing you may want to take a look at when selecting a Forex broker is the issue of security. You have to find out if the selected broker is registered with any regulatory authority. In the United States, a broker should be registered as Futures Commission Merchant (FCM) with the Commodity Future Trading Commission (CFTC) and should be a member of the National Futures Association (NFA). The two authorities - the CFTC and the NFA are on the market in order to protect the public against fraud, manipulation and illegal trading practices. On the website of the National Futures Association's you can check the registration of a particular company or individual with the CFTC and the NFA. Focus on that the company you choose has a clean regulatory records and solid financial background. And watch out! It is not recommend using services of unregulated companies or individuals in any case. Common foreign exchange controls include: Banning the use of foreign currency within the country Banning locals from possessing foreign currency Restricting currency exchange to government-approved exchangers Fixed exchange rates Restrictions on the amount of currency that may be imported or exported Foreign exchange controls are various forms of controls imposed by a government on the purchase/sale of foreign currencies by residents or on the purchase/sale of local currency by nonresidents. Just like depositing your money in any bank or financial institution, before you deposit with an on-line forex broker, it's important to comprehend which regulatory body is going to be looking after your funds. In the US, the National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC) are tasked with overseeing off-exchange foreign currency exchange broker transactions. As such, each forex company that is in any way involved with US traders, or is located in the US, must be registered and licensed with the NFA and CFTC. So, if you're a US resident looking to trade forex, you should definitely inquire about a prospective forex broker's regulation in the US before you decide to use their services. Since the NFA/CFTC regulations regarding forex transactions are quite stringent, only a minority of forex trading brokers are eligible to accept US forex traders. In Europe, there exist a wide range of regulatory bodies tasked with overseeing forex transactions with on-line forex brokers depending on the country. In the United Kingdom, the Financial Services Authority has the mandate of regulating off-exchange foreign currency exchange trading. In France, the Autorit de Contrle Prudentiel of the Banque de Franceis responsible for "the licensing of French financial firms and monitoring compliance by entities subject to its authority." In Italy, the CONSOB (Commissione Nazionale per le Societ e la Borsa) describes itself as the competent authority for ensuring transparency, disclosure and compliance by securities market participants. Other financial regulatory bodies exist for Denmark, the Netherlands, Switzerland, and other European countries. It's a good idea to take a few minutes and inquire about a forex trading brokers regulatory status before you decide to use their investment services. Beyond the issue of financial regulation and supervision for on-line investors, it's also important to ensure that the trading platforms you use and the financial transfers you initiate when conducting your forex investing with on-line forex brokers are secure. The other aspect of account safety is encryption, and the physical safety of your account data against theft. Firms like Markets.com, and Finexo take great care about these aspects of safety, but there are also many others that assume a proactive attitude to this crucial side of running a brokerage business. To aid our task, technologies like SSL-encryption are standard in the business nowadays, and if you don't see them implemented, it is time to depart for better, more serious brokers. Also, there are many sites on the Internet dealing with Forex and on these websites you will find references to various brokers from around the world. You may find references also here. The reputation among the clients is an important factor when deciding about the Forex broker. However, if you still want more in-depth reference and you resort to any discussion forum, always ask how the broker behaves in crisis situations, such as: Speed Performance of market orders in an important announcement Stretching spreads Extraordinary market movements Communication in poorly filled orders, etc. Communication with Customer When searching for a good and reliable Forex broker for your trading, it is recommended to find out how - and especially how quickly and operatively - a broker can communicate with you. Check out all the options. That means that if the broker is able to communicate by telephone, try it. Test also how quickly he responds to an e-mail, find out if he is using Skype or other types of online communication on the Internet. Check the possibility of helpdesk. Each broker provides a solid chat today, so you should try also this form of communication. But at the same time, you should check who you are talking to when using a helpdesk; if you are talking to someone competent and not to someone who will offer you an e-mail to their technical department on every possible issue. And because the currency market is a market that operates continuously, it is good to find out if the connection with your broker can be fully guaranteed 24 hours a day. Trading Platform An important part of the brokers' service is a trading platform on which you can serve your account. Many brokers use platform called MetaTrader 4 (MT4), but many others also have their own platforms including graphs and charts. From the perspective of your comfort is important that the platform meets your requirements of control and that all functions are user-friendly. You should have all the necessary information available at every moment: List of your open positions List of your closed positions Overview of the account usage for margin - in percentage, for example Statement of account Overview of the SWAP or premium fees Try some different software and see which suits you best. Check the reliability of the program by opening a demo account first. An inappropriate and badly selected program cost you not only time, but also money. Information on what types of orders you can use with your broker is also very important. If you can open the same currency pair at two opposite positions simultaneously - i.e. one short and one long. Or if you can divide your position so you can close one half of the position and leave the second in trade. It would seem that these things are not important and not worth the concern, but they are decisive when it comes to your satisfaction and it is important to include them in your decision-making process. Guaranteed "STOP" and "LIMIT" Orders Brokers are divided into several basic groups according to how they are dealing with your trades. Either they are dealing with them within their own system or they are forwarding them to the interbank market or to other market participants. The first ones are also referred to as "dealing desk" brokers, and they do not guarantee the mentioned order, so in practice it appears that after you typing the order to sell or buy currency they will re-quote prices, or basically they will disallow entry for your price, or worse. Fees, Spreads, Leverage Sales fees also called spreads are one of the main sources of brokers income and their goal is obviously to have spread as high as possible. If we look at an example of EUR USD, where the spread is 2 pips and the current BID price is 1.2875 and the current ASK price is 1.2877, so you buy and sell at the ASK BID, while the broker buys and sells for a BID ASK. It's logical and it has its reason. Nevertheless, it remains an effort of brokers to have the spread as high as possible; a lot of competition forces them to narrow spreads. Let take a brief look at the usual spreads for individual currency pairs: EUR/USD 1-3 pips [excellent to good condition] GBP/USD 3-5 pips [excellent to good condition] CHF/USD 3-5 pips [excellent to good condition] EUR/JPY 3-5 pips [excellent to good condition] JPY/USD 2-4 pips [excellent to good condition] CAN/USD 4-6 pips [excellent to good condition] Whatever is above this range, must be taken with caution and care. Leverage and Margin Leverage is one of the advantages of trading Forex. But it can be a disadvantage for you if you understand it incorrectly. Leverage allows you to handle or control a larger amount of currency. In other words, the greater the leverage, the less you need margin. But the leverage has to be used wisely. Greater leverage can be of assistance, but you must be able to control it. Find out what options of leverage your broker offers. You should have also check the size of rollover fees, if you hold your positions overnight. Slippage Slippage is the difference between estimated transaction price and the actual entry price. You can do a test program using your demo account so you calculate how fast your Forex broker fills in your order after you have pushed the button to buy or sell. Computer and Mobile Equipment Another aspect of decision-making is related to the technical aspect and depends on the OS you use. Most platforms run smoothly on Windows, but if you are using a Mac, it will be a good idea to verify the possibility of using Mac with your broker. The same pays for using a mobile phones or smartphones. Data and Currency Pairs Available It would be very surprising if any of the brokers that specialize in Forex charged any data services. Today, the Forex market has become so interesting that it is standard to have all data, including graphs and charts with different indicators for free. However, you should at least verify this information. You should also verify the currency pairs that a broker is able to offer to you. Generally, a broker can always offer you the major currency pairs, but if you're interested in exotic pairs like USD CZK, check this option before choosing your broker. Mini Accounts, Micro Accounts, Minimum Deposit to Open an Account What is the minimum deposit to the getting an account is important information for those with limited capital to open an account or those who don't want to invest that much into trading currencies. The lower limit is somewhere around $250 - $300. This opportunity is related to the use of mini and micro accounts. For mini accounts you are operating with a standard lot of 0.1 and for micro accounts the standard lot is 0.01. In practice, this means that if you trade in a micro account and open a position in the EUR USD, the value of one pip for you is $0.1. Most of the Forex brokers are trying to adapt to this trend and allow opening a standard micro account with a minimum deposit. Conclusion In conclusion, it is important to point out that, as in everything that relates to trading, the choice of a broker is your personal decision. Do not leave this selection to anyone else because you will bear the responsibility and the consequences of your decision, be it a good one or a bad one. And also if you don't feel comfortable with your broker or you are not satisfied for any other reason, you are not obliged to remain with him forever - a change is possible at any time. If your first selection of a broker isn't entirely appropriate, signing a contract with the broker is not a marriage for life and it is common for traders to migrate between brokers due to advantageous offer or need. 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