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Interviewing a Futures Broker

Part of the Precious Metals Investing For Dummies Cheat Sheet

Unless a family or close friend refers someone you can trust to do your investing, you’re going to have to research some investment brokers. Ask these questions which merit some answers:

  • How many years of experience do you have working futures? You would like three or more years (but not 87).

  • Do you have an area of futures that you specialize in? Some brokers specialize in metals, for others it is currencies or grains. Make sure they have proficient knowledge in your desired markets.

  • Does your approach embrace fundamental analysis, technical analysis or a mix of both? You should know something about their knowledge of these areas and what they favor as an approach.

  • Do you have references such as satisfied clients?

  • What size account are you comfortable working with?

  • What are your firm’s requirements for margin? Can you give me some examples of how margin would work with my account?

  • What are the commissions and fees and what services are provided?

  • What is your track record (provided they have done discretionary trading for clients)?

  • How are disputes or concerns handled at this firm?

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