Least terrible option might be not to trade at all. (Forex Demo Nightmares)

[Fluffkin]

Waves.

I've been trying demo's out for a long long time now. Such a well worn and weary track has led me to the following three...
MB Trading, Oanda, FXCM

You'd think that might be an easy choice?

Nope.

MB Trading keeps sending me "Off Limits" messages when I use MT4. Not just "Oh it didn't work that time", it's quit MT4, restart it, connect fine, try again, "Off Limits", for 30 minutes+. Then? On another day it'll work 100% fine. No change in software at my end. Not impressed. Real shame because the the spreads look good and they seem like a relatively honest broker. (except for not being able to place a trade in a voliatile market).

Oanda: I'd love to like. The Java platfrom works beautfully in Linux, but I don't run Linux 24/7. In windows using Java 7 it hangs up and dies on me. No problems with any other Java apps. Totally squeaky clean install. Maybe it's Sun's Java rather than Oanda's software, but it annoy's me. Ok so easier to get around than MB Trading. I can force quit Oanda's fxTrade and restart it. BUT... The spreads do have a habit of moving wide on news, and the recent weekend shutdown for the Greek election results (with stops / limits apparently ignored during), is a tap on the shoulder. It's a dealing desk.

Which leaves me with FXCM. Yes. A stable solid bit of software. Also? Stable solid fairly crap spreads and a company who as far as I know settled out of court on claims they manipulate the data feed to the stable solid bit of software. Add in that you can only run a demo account on Standard. If I want to wet my feet with FXCM Micro, there is no demo, and it's only available in USD flavour, not UK. So that's not exactly tempting either.

So finally ... you know what?

I'm just about ready to think "sod it". I can probably make more money over time setting up a self-employed off hours business than having to deal with the software foul ups, server lock-outs, unpredictable spreads, or possibly plain wrong data feeds I'd be trying to trade from.

From what I've found from months of research? I think I'd be a fool to place money with any of them.

 

[Pharaoh]

There are plenty of other brokers out there, even inside the USA.

 

[Fluffkin]

I should have said. I'm based in the UK. Yup plenty of other brokers, I've tried and dug around about a dozen "hot shots" I guess.
First flags of danger? Website conceals average spreads and requirements to open an account. Then add dealing desk setup opacity.
Basically?
If you're trading with less than say £10,000 spare cash? Forget it. If that £10,000 isn't really spare? Also. Forget it.
If you have £10,000 spare cash? I dare say you wouldn't be looking at the "budget broker" end I have been, and do you really care if you get screwed for the odd few £ here and there?
I'm out. Flat. Can make more money spending the same time elsewhere.
*Many* others could do well to hear that advice.

 

[Pharaoh]

In all markets, the bulk of new traders jump in and get wiped out. Scam brokers cause a lot of it, but misunderstanding of risk management is the number 1 account killer.

For people who don't take the time to study forex, stocks, commodities, etc and how to trade them, it is better to stay out. For those who learn the basics of trading, the next challenge is finding a decent broker.

 

[Fluffkin]

Thanks for the lazy chat

MB Trading got back to me and claimed the system was undergoing maintenance on the Monday morning following the Greek elections. No tweet, news or webpage info to warn anyone about this of course. Sure. Could be true. But .... Not exactly inspiring.

Hey? Forex brokers? Most of you have a twitter account. Why not tweet upcoming maintenance news? Why not tweet a 10 minute warning every day for scheduled downtime? Why not have a twitter account specifically to get that information out to your users? Why not include it in your platform news feed? I don't trust opacity.

Opacity is what I find on virtually all Forex broker websites. Hidden deposit / withdrawal costs, hidden spreads, hidden commissions, hidden trading balance requirements, hidden roll over costs, hidden interest charges / credits, hidden detail on how exactly that ECN system works for the multi trade placing options, FAQ's that don't answer any of those points. The list is stupidly huge considering these people want to take thousands of $ or £ off you to put in their bank account.

Believe me. I do the research. I know about risk management as far as trading size positions is concerned. It's the sheer degree of risk in finding a broker that isn't hiding unknown costs, concealing out of court settlements, flipping spreads up to 10 pips+ at no notice, that has a stable usable reliable software platform that's driving me nuts.

Currently checking out DFTrading (aka DeltaStock). Once again, waiting on replies to questions to support that could have been posted on the website. Slightly disturbed to find deposit / withdrawal costs buried in a less than obvious PDF on something like page 20. "Give us £10,000 and we give you £1,000 credit" promotion ... doesn't mention the 2% you pay them to make the deposit via credit card (£200 gone).

Forex brokers are a bunch of maverick runners all fed by the same "Well the other's got away with X so we can get away with Y". It's money trading for money. Root of all evil trading for the root of all evil. I'm finding plenty of devil in the details.

As far as I know, Oanda wins on the most transparent information available on the website. So they gain some credit for that at least. Might go back and re-check the problems with using MT4 with them rather than the Windows buggy Java platform (works fine under Linux, but then none of the resources / weblinks work from it)

My problem if anything is too much risk management...

 

[Pharaoh]

You've definitely got some points about hidden charges. Some brokers make it easy to see swaps and spreads. Others try their best to bury the info.

Emailing/tweeting/etc for any sudden maintenance would also be a good idea. Maybe we need a "Suggestions for Brokers" thread.

 

[ladytrader]

That would be a good thread, that's for sure. 90% of what fluffking said are pretty familiar...