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I think the second absolute requirement any trader should have is "A broker that accepts traders from my country." Number 1 would be "A broker that does not steal from clients. This is not just a problem for our friends in Nigeria. There are brokers that don't accept accounts from the USA. There are brokers that don't accept accounts from Canada.
You don't have to filter the list of brokers in the same order as your absolute requirements. Pick whichever requirement will eliminate the most brokers and use that to reduce the total number of brokerages you have to look at first. Doing it this way will save you a lot of work.
For you, your list would look like this:
Absolute requirements:
1. Broker that does not steal from clients.
2. Accepts accounts from my country.
3. Uses MetaTrader.
4.
etc.
Secondary requirements:
1.
2.
3.
etc.
Once you have your requirements, using my method will still take some work. I spent about a week before finally picking a broker. I'm now considering opening accounts with a couple of other brokers to do side-by-side comparisons of live accounts.
I decided a few weeks ago I wanted do some day trading with eminis, futures and wa also interested the forex which i had been hearing a lot of. I contacted hindsight trading which was on satellite radio. They recommended i go into debt to pay for their course and then trade my way up to pay off that debt....yeah, right,,ok?! I then came accross todd mitchell course and tried to find some dirt on him to see if it was real or not. so far nothing. But that is how I came across this forum is by searching for his name on google. If anyone has feedback on his course i would love to hear it.
Anyhow, I just wanted to say that the few threads I have read here have all been enormously helpful and it is so appreciated to get closer to the truth about trading on forex or any trading. I look forward to studying alot here and cant wait till i can make that first trade with confidence.
Hi everyone. I’m still looking for a broker and open a real account. Right now I’m trying to follow some of your advices and it seems that, within the most important factors, we should check the NFA membership and the CFTC regulation. Usually, I’ve tried to contact the broker, even if I just have a demo, and ask some questions that I’ve in this process as a beginner. Fortunately, I’ve had really quick answers from there; even directly by phone there is not problem to solve my doubts. I hope they we’ll work in the same way once I get my real account. Some of you’ve had any similar experience? Was it fine? Murphey
One option, if you have enough money, would be to open small live accounts with several brokers. Then test them against each other. Some brokers work better for some trading styles. Other brokers work better with other trading styles. Trust me, if there was one perfect broker, I'd have saved myself a LOT of writing and just given the name of that company.
One option, if you have enough money, would be to open small live accounts with several brokers. Then test them against each other. Some brokers work better for some trading styles. Other brokers work better with other trading styles. Trust me, if there was one perfect broker, I'd have saved myself a LOT of writing and just given the name of that company.
Friend the option that you have described is very good. But why to open a live account one can also go for several demo account with different brokers and can also test them. Then what is the need of a mini live account.
Friend the option that you have described is very good. But why to open a live account one can also go for several demo account with different brokers and can also test them. Then what is the need of a mini live account.
Murpheytrader mentioned already having demo accounts, but still had doubts about the brokerages. Definitely try demo account first, but be aware that live trading can be quite a bit different than demo trading. Also, demo trading never gives you a chance to test the most important feature of a brokerage - the ability to withdraw your money.
Murpheytrader mentioned already having demo accounts, but still had doubts about the brokerages. Definitely try demo account first, but be aware that live trading can be quite a bit different than demo trading. Also, demo trading never gives you a chance to test the most important feature of a brokerage - the ability to withdraw your money.
TRUE DAT!!!! Withdrawaling funds is the "defacto" measure of the true intentions of any Broker. Even if you dont win any trades-do a test withdrawal of some amount of original deposit. Do this BEFORE depositing large sums of cash.
I realy need help -
06-23-2008, 12:15 PM
12-15-2008, 03:40 PM
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