Forex bonus hopping from broker to broker is simply great but you must be careful to ensure the maximum bonus and enhance your chance of success with forex bonus.
Here are 5 reliable tips that can surely help you do better.
- Initiate with the best bonus – A forex bonus is usually instantly available to trade with. Forex bonuses are offered as a percentage of your initial deposit – for instance, 20% of up to $1000. This denotes that if you deposit $1000, your account will actually be deposited with $1000 + $200 = $1200. But as most brokers offer only first deposit bonus, they pay to deposit as much as possible while you deposit. So it would be better to get no deposit bonus first and then move on to others.
- Understand the bonus details – Though you immediately can use the bonus for trading that doesn’t mean that there is no string attached to it. No bonus can be withdrawn immediately unless you clear the bonus before you can withdraw. Also, most brokers mention in Terms and Conditions that withdrawing bonus before clearing would cancel the bonus while other state that the it would be canceled if your total fund in account is lower than the original amount of the bonus given. So make sure you don’t waste the bonus accidentally for nothing.
- Learn the bonus clearing requirements – These are the conditions that must be met prior to you can cash out or withdraw your bonus. You can immediately start trading with the bonus but you can’t immediately cash it out. Doing this simply denotes that you’re taking out the broker’s money without even using their trading platform. Usually, they want you to trade with a particular amount of lots or mini lots for each $10/$1 in bonus. So you must know the clearing criteria for fx trading
- Don’t depend too much on the bonus – One of the most common mistakes that the bonus hoppers do, they depend too much on it instead of trading successfully. You must not consider taking out the bonus amount as your goal rather consider this as an extra source of earning on top of the trading profit. Or you see it as something that pays for you for your losses. If you only look for the bonus and open positions to meet the clearing criteria, you can’t do any good to your trading. Avoid trading badly just to cash out the money you get from your broker.
- Don’t be greedy – If you can’t clear your bonus, you don’t actually have much use for it. If you get a bonus of $1000 for a deposit of $5000 and then start trading with micro lot position where 1 pip = 10 cents, you have to trade very long to clear outstanding bonus. So focus on your normal lot size and get a bonus which would be comparatively easy to clear considering given lot size.
Bonus is good and effective as long as you trade for making profit. Focusing only on bonus would never give you to chance to become a successful forex trader.