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Broker questions - Zecco and TOS

Discussion in 'Forex Company Comparisons' started by DougDean68, Nov 28, 2010.

  1. DougDean68

    DougDean68 Recruit

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    First, I'd like to thank the people that consistently contribute to this site as it seems to be the best place for honest information.

    I'm still learning to find what I need and hope to continue learning until I can also contribute something back.

    I haven't opened a real account yet but I have been practicing with Zecco demo account. Honestly, I think the trading would be difficult using only their software but I have a ThinkorSwim account with TD Ameritrade and absolutely love their software. I usually work from the TOS software and then switch to Zecco Platform to make the trades. It may seem cumbersome but it does seem effective so far.

    I wanted to start trading with $500 instead of $3,500 which TOS requires so I wanted to ask for some opinions on both of these brokers.

    Does anyone have any experience trading forex with Zecco?

    Does anyone have an opinion on ThinkorSwim?

    My intentions are to trade with Zecco until I can switch to TOS exclusively.

    I would think TOS would be a more trusted broker but I've had good service from Zecco so far.

    Any opinions would be appreciated and Thanks again for your contributions that help me form trading Ideas. I have a lot to learn but I look forward to the journey.

    Thanks,

    Doug
     
  2. Johnny2pips

    Johnny2pips Sergeant

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    Think or swim? Never heard of them. That's not to say that they are bucket shop, but it seems to be more Drink and Drown and all.
    I am not a fundi on forex but I have been doing stacks of research on this for about a year or more.
    Rather go for more trusted brokers. Bigger the better. FXCM, AVAFX and OANDA. (My spelling is notorius) I think.
    At this stage, I am kicking my own butt for funding $15K into forex at Avafx.
    Too much risky and all.
    My account at our stock exchange has given me 87% this year.
     
  3. DougDean68

    DougDean68 Recruit

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    Think or Swim

    Think or Swim is a trading platform. I do believe they started it before but TD Ameritrade customers get it free these days.

    So I guess my broker would actually be TD Ameritrade.
     
  4. Simon Edwards

    Simon Edwards Corporal

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    I think with a $500 deposit you will need an account that does nano lots

    the difference between a live account and a different account is significant. When i first started trading i traded 2 accounts , one on mt4 (demo) the other the bespoke trading system of the broker (live).

    I used mt4 with the indicators on demo and made the live trades on the other system....

    What i ended up with was a mt4 demo account with a healthy profit and a live account that was running a bad loss , this had nothing to do with any misbehaviour from the broker rather the pschology of trading with real money

    It's a huge learning curve.
     
  5. RahmanSL

    RahmanSL Major

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    When I first started out on my forex journey (some 1+ year ago), just about everyone on the web tells me trading Demo & Live is very different.

    I started trading Live some 3 months now, but I don't think Demo & Live accounts are that much different....just the broker you signed up with!
    The psychological part is when you opened up too many losing trades and watching the losses grew with every passing second. But if you limit your trades to max 5 opened positions at any one time with 0.10 lots, with 50,000 cents Micro account, you should be ok to wait out the losses.

    My advice to Newbies would be to practice on Demo accounts to get familiar with the trading platform, read up "Brokers Reviews" to select a reasonably good broker, and go in Live on a micro account.
    If you deposit usd500, that would give you 50,000 cents and trading 0.10 lot will not bankrupt you if you trade 0.10 lots at a time.
    Keep practicing on the Micro account and see how long it takes to double that account.
    Once you have manged to make consistent profits over a 3 to 6 months period, you may consider upgrading to a regular ECN account.

    Losing money is a part of the facts of life in trading forex as all of us will make mistakes in entering on the wrong side of a trade. But if we have a healthy account, we can ride out the loss until it turns into a profit.

    Forex trading can be fun and profitable, but you must never over trade your account size. Practicing good money management is the key to success...and a reasonably good broker; of course!
     

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