From paper to real

[Pharaoh]

I've been paper trading for over 2 months now. I did well at first, then crashed and burned. Since the big drawdown, I decided to trade like I only had 1/2 of my available amount for investing. Subsequently, I've VERY slowly been clawing my way back towards being profitable. I had a specific goal in mind (matching my best week's performance while trading like I had 1/2 as much money) before considering myself ready. This week, I met the goal.

I already have an account funded with EFX, but want more time to play with their new software before pushing any buttons that can make money appear (and disappear) very quickly. Since I am much more familiar with MetaTrader, I wanted to start with a broker that used it. I also wanted the ability to trade microlots. I also wanted a US based brokerage (makes it much easier for me to hunt them down if something goes terribly wrong, plus I like them to be under some form of US regulation - for what little good that might do).

After much research, the best (or, perhaps, least bad) broker I could find that met my requirements turned out to be Interbank FX. Please note that I am not endorsing them, but am going to try them out. I do promise to share how good or bad of an idea this turns out to be. As it is, I only plan to risk a few hundred dollars, and will be testing the ability to withdraw money shortly after getting the account fully set up and funded.

 

[No Time]

Yo Pharaoh,

First--Good Luck to you!!!

Let us know how you are doing and your experiance with InterbankFX.

I know Alpari (UK) is supposed to be opening a New York office this month (waiting on NFA green light). They seem to get good remarks here on Forex Bastards. They use MT4.

Like you, I am not endorsing them, but have had positive experience with demo with them (except when I lose).:err:

Later.

 

[Pharaoh]

Thanks!

I looked at both Alpari and AleccohFX (both are MUCH better rated), but really wanted to go with something US based. I knew that AleccohFX has plans to open a US branch in the spring, but didn't know about Alpari. Ah well, I plan to start making (losing) small amounts of real money next week, so I couldn't wait.

I'll definitely keep everyone updated if there are any good and/or bad experiences with IBFX and also with EFX once I start trading with that account.

Unless something truly terrible happens, I won't post a public rating until I have at least a couple of months experience trading with them. Too many people post 5 stars or Scam based on how well their trades went for the first week, completely independently of how well the broker executed the trades.

 

[Pharaoh]

Day 1

I got the email this morning stating that my account had been funded. I closed out my paper trades in another demo account and configured MT4 for my live account. Happily, IBFX provides nanolots (about 1 cent a pip), so at least I wasn't really risking too much. Still, it took more nerve to pull the trigger.

I traded WAY too much. I got to experience requotes at bad moments. I lost on a number of trades, but when the dust finally settled, my account balance is an amazing 39 cents larger than when I started this morning.

 

[No Time]

Yea Buddy! Great News Pharaoh...all those trades and you still ended up in the positive!!!
Guess you didnt just stick with the escolator down on the GU today?!?!

wait a second...nano lot? 0.01 lot on 100:1 leverage to make 1 cent per pip??

 

[Pharaoh]

A bit over a penny on some, a bit less than a penny on others. Exactly a penny a pip on xUSD. My biggest success of the day was 68 pips (70 cents) going long on the USDCAD.

Think I'll keep doing nanolots today unless I see something tempting enough to go for microlots.

 

[cirebonese]

With all those profit trades, finally, I promote you to be a Sergeant....

 

[rpaco]

May have mis-interpreted

Ah no! This is not the right thread. :unhappy:
I had assumed it had something to do with the email from Felix this morning advertising his very expensive toilet paper (or maybe it's called bathroom paper in American). So £6.00 per roll approx; far to costly to use for its original intended purpose, but no doubt Felix will send some complimentary rolls to the White House where it will be used as intended. It can't do any more harm to Middle east relations then us sending Tony Blair out there.
In case you don't know what I am waffling about look here:
http://www.osamapaper.com

 

[Pharaoh]

Considering how my trades have been going, I may have to declare a "Brown Alert" and will be needing some of that paper soon.