As with any other business, the key to success is generating new business. The difference between an average Introducing Broker and one who is highly successful is their ability to effectively communicate with their clients.

First and foremost, you must know your product. One of the many benefits of the Forex market is that nearly 90% of all FX volume consists of eight currencies.  Four currency pairs, EUR/USD, USD/JPY, GBP/USD and USD/CHF are traded 75% of the time. 

Why is this important? As opposed to following hundreds of stocks, poring over balance sheets and annual reports, monitoring 10-K filings or drubbing through crop reports and supply/demand models for dozens of commodities, you can focus all your energy on a few currency pairs. Within months, if not weeks, you will have built a strong understanding of the general scope of the FX market. Learning never ceases. More importantly, you will have formed an opinion of the market, whichever market you’re following. With that opinion, hopefully, comes conviction. You must be confident, right or wrong.

1) You must demonstrate proficiency of the market. Investors rely on your guidance and recommendations. This applicable with any financial market, equities, fixed income, commodities or FX.

2) You must be confident and speak with conviction. Investors will not work with a broker who does not have confidence in himself.

3) If you pursue this opportunity, becoming an Introducing Broker, penetrate this industry with ferociousness. Successful business owners are passionate about what they do. It doesn’t matter what business you’re involved in. Successful individuals will do whatever it takes to achieve their goals. Be persistent.

The best part about this business is you achieve financial freedom rather quickly. Avoid contentedness.  As a professional Wall Street broker you want to become a multimillion dollar producer. Don’t sell yourself short by becoming too complacent.