Is it best to start with just one currency pair to learn fundamentals?

My spread on USD/JPY is currently just one pips. I have no idea what it was during the news though, I've seen increases to 10, even 15 pips. It makes it almost impossible to trade during that time.

What I was referring to-in another thread, I went on a rant about this broker I decided to try out. I couldn't figure out what was going on when my stop loss was over 26 pips on top of the highest price on AUDUSD in DAYS, on the day they stopped me out it was 29 pips from the stop loss. The broker told me non-chalantly that it had a 30-pip stop loss because of news. This was at about 7 am EST when I got stopped out-the "news" had been 12 hours earlier!! THEN, he tried to tell me they had the lowest spreads in the business for "beginners" and tried to push me to enter a live account "with just $50".
I made my donations at Christmas time; not altruistic enough in my cynical old age to "donate" $50 to this jerk. I'll stick with the broker I've been using, US Brokers can go....................(fill in the blank) :p
 
What I was referring to-in another thread, I went on a rant about this broker I decided to try out. I couldn't figure out what was going on when my stop loss was over 26 pips on top of the highest price on AUDUSD in DAYS, on the day they stopped me out it was 29 pips from the stop loss. The broker told me non-chalantly that it had a 30-pip stop loss because of news. This was at about 7 am EST when I got stopped out-the "news" had been 12 hours earlier!! THEN, he tried to tell me they had the lowest spreads in the business for "beginners" and tried to push me to enter a live account "with just $50".
I made my donations at Christmas time; not altruistic enough in my cynical old age to "donate" $50 to this jerk. I'll stick with the broker I've been using, US Brokers can go....................(fill in the blank) :p

At the times of the big news releases we usually see that the spreads are widened and this is why we have to remain careful when we are actually doing news based trading.
 
What I was referring to-in another thread, I went on a rant about this broker I decided to try out. I couldn't figure out what was going on when my stop loss was over 26 pips on top of the highest price on AUDUSD in DAYS, on the day they stopped me out it was 29 pips from the stop loss. The broker told me non-chalantly that it had a 30-pip stop loss because of news. This was at about 7 am EST when I got stopped out-the "news" had been 12 hours earlier!! THEN, he tried to tell me they had the lowest spreads in the business for "beginners" and tried to push me to enter a live account "with just $50".
I made my donations at Christmas time; not altruistic enough in my cynical old age to "donate" $50 to this jerk. I'll stick with the broker I've been using, US Brokers can go....................(fill in the blank) :p

That is...I don't know how to even describe it politely. It's very shady, let's put it like that. You're absolutely right, I would have hightailed it out there just as quickly.
 
That is...I don't know how to even describe it politely. It's very shady, let's put it like that. You're absolutely right, I would have hightailed it out there just as quickly.

What shocked me was that it's a US broker! For some reason I thought the greater regulations, while it might make it a bit more expensive, I thought overall they wouldn't be as pushy and willing to, well, screw you over, to put it bluntly. I mean between the 30-pip spread 12+ hours AFTER a news announcement, THEN trying to tell me they have the LOWEST spreads, THEN trying to convince me I could "start a new career" with $50??!! Really?? I think I'm going to let my cat trade the acct for the remainder of the trial-see how she does... :D (And since she LOVES "talking" on the phone.... :p Hehee, he'll probably cancel the acct...that's ok, I doubt I'll shed any tears)
 
What shocked me was that it's a US broker! For some reason I thought the greater regulations, while it might make it a bit more expensive, I thought overall they wouldn't be as pushy and willing to, well, screw you over, to put it bluntly. I mean between the 30-pip spread 12+ hours AFTER a news announcement, THEN trying to tell me they have the LOWEST spreads, THEN trying to convince me I could "start a new career" with $50??!! Really?? I think I'm going to let my cat trade the acct for the remainder of the trial-see how she does... :D (And since she LOVES "talking" on the phone.... :p Hehee, he'll probably cancel the acct...that's ok, I doubt I'll shed any tears)

I see that the Spreads are more when we are doing news based trades but then what we have to understand is that they cannot be more than 8 to 10 pips in any case :p
 
I see that the Spreads are more when we are doing news based trades but then what we have to understand is that they cannot be more than 8 to 10 pips in any case :p

What do you mean "they cannot be"? This particular US broker routinely has 15-20 pip spreads in minor currency pairs in overnight hours (US time). The 30 pip spread he closed my trade on, was over 12 hours AFTER the news event he claimed was the reason for such a high spread.
I've been watching their spreads the past few days and comparing them to an overseas broker (who has an excellent reputation and good reviews here), and the difference in spreads is staggering! I'm going to keep the Demo with this US broker up, just so I have documentation to submit a review-AND I'm curious about their spreads around news events with more major currencies, (although this account manager actually tried to tell me that another reason for the huge spread was AUDUSD "is an odd currency, not one of the majors". Seriously?)
After researching, and even trying out a few US Brokers; I've come to the conclusion that at LEAST for someone with a smaller account, US brokers are just TOO expensive. Although I'm sure a big part of it is because of the extra regulations, I just can't justify spending THAT much to start trading when I have the option of a reputable, non-US broker. If they offered more or had a dynamite platform or something-it might be different. They don't. In a few years I'll be trading a much larger account, and then it may be worth the extra security for my funds-but NOT with a $800 account....And this guy trying to convince me I can "start a new career" if only I'd just deposit *$50* to go live??!! THAT belongs in some Forex comic strip somewhere!! :D
 
What do you mean "they cannot be"? This particular US broker routinely has 15-20 pip spreads in minor currency pairs in overnight hours (US time). The 30 pip spread he closed my trade on, was over 12 hours AFTER the news event he claimed was the reason for such a high spread.
I've been watching their spreads the past few days and comparing them to an overseas broker (who has an excellent reputation and good reviews here), and the difference in spreads is staggering! I'm going to keep the Demo with this US broker up, just so I have documentation to submit a review-AND I'm curious about their spreads around news events with more major currencies, (although this account manager actually tried to tell me that another reason for the huge spread was AUDUSD "is an odd currency, not one of the majors". Seriously?)
After researching, and even trying out a few US Brokers; I've come to the conclusion that at LEAST for someone with a smaller account, US brokers are just TOO expensive. Although I'm sure a big part of it is because of the extra regulations, I just can't justify spending THAT much to start trading when I have the option of a reputable, non-US broker. If they offered more or had a dynamite platform or something-it might be different. They don't. In a few years I'll be trading a much larger account, and then it may be worth the extra security for my funds-but NOT with a $800 account....And this guy trying to convince me I can "start a new career" if only I'd just deposit *$50* to go live??!! THAT belongs in some Forex comic strip somewhere!! :D

The Brokers in the name of the news trading are disguising traders from the actual market spreads and the reason is at any news release also the spreads could never be more than 8 to 10 pips and if at all the prices are moving very fast then you can get a REQUOTE :D

That would be acceptable as that means the orders could not be filled and the markets moved up or down. If the Broker you are trading with has low number of LIQUIDITY providers then this problem will occur.

Also if the Broker is not a TRUE ECN Forex broker then you will not be able to get lower spreads at all :p
 
What shocked me was that it's a US broker! For some reason I thought the greater regulations, while it might make it a bit more expensive, I thought overall they wouldn't be as pushy and willing to, well, screw you over, to put it bluntly. I mean between the 30-pip spread 12+ hours AFTER a news announcement, THEN trying to tell me they have the LOWEST spreads, THEN trying to convince me I could "start a new career" with $50??!! Really?? I think I'm going to let my cat trade the acct for the remainder of the trial-see how she does... :D (And since she LOVES "talking" on the phone.... :p Hehee, he'll probably cancel the acct...that's ok, I doubt I'll shed any tears)

Regulations or not there are shady brokers everywhere, unfortunately. There are no exceptions, which is why I am always on guard when I decide to switch my broker.
 
Back
Top