Nancy Cheah
Sergeant
- Messages
- 157
So far so good.
Waiting for this Friday's NFP.
Good luck, folks.
Best regards.
Waiting for this Friday's NFP.
Good luck, folks.
Best regards.
Last edited:
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Please try to select the correct prefix when making a new thread in this folder.
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MY GOD! Any decent forex brokers out there at all?
- Thread starter TheMan
- Start date
What kind of help are you looking for? check on their site.
RahmanSL
Major
- Messages
- 2,938
I cam empathize with TheMan in choosing a decent Broker. I have been a Forex Niewbie for just over 4 months and have searched far and wide in the internet, reading up on reviews after reviews on potential Brokers.
Each time I though I found the perfect Broker, up pops a or some bad reviews and i am back on square one.
To date I am on 9 different Demo Accounts as follows:
1) Easy Forex
2) InstaTrader
3) Tadawulfx
4) ForInvest trader
5) FXopen
6) MB Trader
7) Marketiva
8) Pronetfx
9) eToro
I still have not concluded my opinion about them yet, but then from my understanding, Demo Accounts are not quite the same as Live accounts.
However, I'll give my review in 2 weeks time and all can judge what I have to say.
But hey TheMan! You must be in Live Account for sometime now with a or some Brokers. Have you found your "perfect" Broker?
Cheers and keep on pipping!
Each time I though I found the perfect Broker, up pops a or some bad reviews and i am back on square one.
To date I am on 9 different Demo Accounts as follows:
1) Easy Forex
2) InstaTrader
3) Tadawulfx
4) ForInvest trader
5) FXopen
6) MB Trader
7) Marketiva
8) Pronetfx
9) eToro
I still have not concluded my opinion about them yet, but then from my understanding, Demo Accounts are not quite the same as Live accounts.
However, I'll give my review in 2 weeks time and all can judge what I have to say.
But hey TheMan! You must be in Live Account for sometime now with a or some Brokers. Have you found your "perfect" Broker?
Cheers and keep on pipping!
West Coast Pips
Sergeant
- Messages
- 132
Comments on FXCM
FXCM is my prime broker. I have been with them for many years. What I like is that they are regulated by the CFTC, NFA & FSA (UK). Your money is very safe with them especially if you open an account with FXCM UK where your funds get segregated. They are a big player in retail forex.
I am actually a gold client with FXCM as I maintain a pretty big balance with them and get preferential treatment as a result. They have both MT4 and their own 'Trading Station.' I use the latter.
FXCM have very good service around the clock. They are terrible to trade the news with. Market orders around news releases get either rejected most of the time or slipped very badly. Even if you trade from a technical stand point you have to be careful your stop losses will not be taken out as spreads widen significantly around news times.
Check them out: Forex | currency trading | forex trading | forex broker. They offer 200:1 leverage though you will need more margin when you trade pairs like gbp/usd vs.usd/jpy: FXCM.
Do not believe all the reviews in the Review Section. Ask them a ton of questions. If you are starting out trading I totally recommend their micro account where you can keep losses and gains to a bare minimum. Hope that helps.
FXCM is my prime broker. I have been with them for many years. What I like is that they are regulated by the CFTC, NFA & FSA (UK). Your money is very safe with them especially if you open an account with FXCM UK where your funds get segregated. They are a big player in retail forex.
I am actually a gold client with FXCM as I maintain a pretty big balance with them and get preferential treatment as a result. They have both MT4 and their own 'Trading Station.' I use the latter.
FXCM have very good service around the clock. They are terrible to trade the news with. Market orders around news releases get either rejected most of the time or slipped very badly. Even if you trade from a technical stand point you have to be careful your stop losses will not be taken out as spreads widen significantly around news times.
Check them out: Forex | currency trading | forex trading | forex broker. They offer 200:1 leverage though you will need more margin when you trade pairs like gbp/usd vs.usd/jpy: FXCM.
Do not believe all the reviews in the Review Section. Ask them a ton of questions. If you are starting out trading I totally recommend their micro account where you can keep losses and gains to a bare minimum. Hope that helps.
West Coast Pips
Sergeant
- Messages
- 132
I have been trading for about 5 years and gone through about 20 different live brokers. Many times the reaction you will get from a demo account will NOT reflect what happens on a live account. Often, when opening a live account with a broker you have to switch over from demo to live server.
I have tried 3 of the brokers you list above. Do not pursue ForInvest as they have been labelled a scam. Check the forex broker reviews about them and it will confirm it for you. Also check the scam resolution section for ForInvest.
RahmanSL
Major
- Messages
- 2,938
West Coast Pips,
ForInvest??...hehehe..i believe it was primary because of my “asking too many questions” about them that got their Head of IT Mark Zimbabwe alias Swiss Advisor alias KingSO, alias mjrice4, and he alone knows by what other names all rattled up and agitated by my questions and ending in them being labeled a scam company by FPA.
As for the 9 Demo accounts with the 9 brokers, I am down to 3 for the last 2 months or so…namely Easy Forex, FXopen, and Tadawul FX.
For some reason or other, my Demo account with MB Trader was disabled and so I just dropped them.
Out of the remaining 3 brokers, Easy Forex has been rather disappointing as, besides their spread being rather on the high side, their trading platform is impossible to trade at times. If that happens even in a Demo account, what else if it is a Live account?....and I am not taking of trading during volatile market movement!
As for the remaining 2 brokers FXopen & Tadawul, I am still practicing hard and fine tuning my trading strategy on their Demo accounts.
FXopen wins a point for having 1:500 leverage, while Tadawul only allows 1:200…but Tadawul wins back that point with having WTI Oil which FXopen doesn’t.
I am still leaving my option open at this point in time, but due to availability of WTI oil, I am leaning towards Tadawul but I am definitely not happy with their 1;200 leverage.
I’ll make the crucial decision sometime next month and then the fun begins; right?
Thanks for the warning regarding differences in Demo & Live accounts…I have experienced re-quotes, off-quotes, system busy, Text context is busy, invalid quotes, etc…and, I believe, even a few slippages as I didn’t get the price when I entered trades.
Guess I will have to face all those challenges when I finally go Live.
All the best!
ForInvest??...hehehe..i believe it was primary because of my “asking too many questions” about them that got their Head of IT Mark Zimbabwe alias Swiss Advisor alias KingSO, alias mjrice4, and he alone knows by what other names all rattled up and agitated by my questions and ending in them being labeled a scam company by FPA.
As for the 9 Demo accounts with the 9 brokers, I am down to 3 for the last 2 months or so…namely Easy Forex, FXopen, and Tadawul FX.
For some reason or other, my Demo account with MB Trader was disabled and so I just dropped them.
Out of the remaining 3 brokers, Easy Forex has been rather disappointing as, besides their spread being rather on the high side, their trading platform is impossible to trade at times. If that happens even in a Demo account, what else if it is a Live account?....and I am not taking of trading during volatile market movement!
As for the remaining 2 brokers FXopen & Tadawul, I am still practicing hard and fine tuning my trading strategy on their Demo accounts.
FXopen wins a point for having 1:500 leverage, while Tadawul only allows 1:200…but Tadawul wins back that point with having WTI Oil which FXopen doesn’t.
I am still leaving my option open at this point in time, but due to availability of WTI oil, I am leaning towards Tadawul but I am definitely not happy with their 1;200 leverage.
I’ll make the crucial decision sometime next month and then the fun begins; right?
Thanks for the warning regarding differences in Demo & Live accounts…I have experienced re-quotes, off-quotes, system busy, Text context is busy, invalid quotes, etc…and, I believe, even a few slippages as I didn’t get the price when I entered trades.
Guess I will have to face all those challenges when I finally go Live.
All the best!
RahmanSL
Major
- Messages
- 2,938
Hi Stony,
I know that’s good sound advice you gave there, and I know any reasonable Newbiew should take that advice…and I do appreciate that.
However… : )…I guess I am not a “reasonable” nor “sane” Newbie. My…ehh…new “strategy” involved high risk and high leverage which I have been practicing for closed to one month now….and showing some very encouraging results too. Only thing I have to really2 get to control is “itchy fingers” which press trade” against my better judgment and wiping out tens of thousands of profits.
I know most, if not all, seasoned traders here will probably shake their heads and say: “Ohhh lordy, lordy…another hotshot Newbie out to make a quick buck and will get wipe out in his first Live trading account!”…which, under the circumstances could very well happen, but I am just being honest with myself.
I take, and like, high risk…calculated risk..but nonetheless “risk” with potential high returns. That's just me!...
As an example, at this moment right now, I have an 8 lots position on USD/JPY on “Buy” at 92.93 entry and price is showing (right now) 92.63 valued at USD2,590.95 profits. I don’t want to close that trade just yet as I want, and have to, see at what maximum profits I can make with this trade. I made and closed 4 trades with a USD5k account with a USD10,181.71 profits.
Now, the profits aren’t too shabby with just 4 trades; isn’t it?
I think the important thing for me is, I like this trading strategy as it gives me great satisfaction! Now if only I can get to sit on my hands every time my fingers itches to enter a trade against my better judgment!
Cheers!
I know that’s good sound advice you gave there, and I know any reasonable Newbiew should take that advice…and I do appreciate that.
However… : )…I guess I am not a “reasonable” nor “sane” Newbie. My…ehh…new “strategy” involved high risk and high leverage which I have been practicing for closed to one month now….and showing some very encouraging results too. Only thing I have to really2 get to control is “itchy fingers” which press trade” against my better judgment and wiping out tens of thousands of profits.
I know most, if not all, seasoned traders here will probably shake their heads and say: “Ohhh lordy, lordy…another hotshot Newbie out to make a quick buck and will get wipe out in his first Live trading account!”…which, under the circumstances could very well happen, but I am just being honest with myself.
I take, and like, high risk…calculated risk..but nonetheless “risk” with potential high returns. That's just me!...
As an example, at this moment right now, I have an 8 lots position on USD/JPY on “Buy” at 92.93 entry and price is showing (right now) 92.63 valued at USD2,590.95 profits. I don’t want to close that trade just yet as I want, and have to, see at what maximum profits I can make with this trade. I made and closed 4 trades with a USD5k account with a USD10,181.71 profits.
Now, the profits aren’t too shabby with just 4 trades; isn’t it?
I think the important thing for me is, I like this trading strategy as it gives me great satisfaction! Now if only I can get to sit on my hands every time my fingers itches to enter a trade against my better judgment!
Cheers!
cowmadagan
Sergeant
- Messages
- 393
One way to keep your feet on your ground is not to think of a multi-lot trade as one trade.
An 8 lot trade is, in a sense, actually 8 trades for the same amount.
Lastly, what all of us are trying to convince you is that your strategy is all well and good if your account starts out with a couple good trades. If it starts with a couple of bad trades (literally a couple) then you're already done with. (unless you go back to demos)
An 8 lot trade is, in a sense, actually 8 trades for the same amount.
Lastly, what all of us are trying to convince you is that your strategy is all well and good if your account starts out with a couple good trades. If it starts with a couple of bad trades (literally a couple) then you're already done with. (unless you go back to demos)
