MY GOD! Any decent forex brokers out there at all?

[RahmanSL]

Hi cowmadagan,

Yes, I mean one single 8 lots trade for the same currencies pair at any one time leaving me with approx just below 50% of Free Margin to cushion against any sudden unexpected upwards market movement.

I only go into the market when it has just about reached the apex (and this can take sometime & patience). This is achieved by pre-set pending orders..and only for “Sell”…”Buy” is very dicey, and as experienced 3 times so far, my accounts have been completely wiped out.

As I have said, I will only go Live once I am completely satisfied that I have my emotions, and itchy fingers, under control.

I know you guys meant well and do not want me or any Newbies to be wiped out on the first time out, and I appreciate that!

But this is my strategy which brings me great satisfaction.

That “8 lots position on USD/JPY on “Sell” at 92.93 entry and, at market closing, price 92.57 valued at USD3,111.16 profits.
Total account (including unclosed position) from USD5k account is now USD18,292.87 with 4 closed trades and 1 open trade.

I don’t have to trade too many times (yah, right! If only I can control those itchy fingers), and maybe a couple days a week, but I am quite satisfied with the profits.

Oh well, time will tell whether this can be, and will be, my long term trading strategy.

No hurry as the forex market will still be there when I am ready; right?

Cheers!

 

[West Coast Pips]

Hello

I was wondering if you can share with us the broker you are using please? I use FXCM UK.

 

[PipStar]

Tadawul also offers 500-1 leverage but have poor execution around news time. I understand you have not traded live yet?

 

[RahmanSL]

Tadawul have 1:500 Leverage?? Strange that on their Demo account MT4 trading platform, they only have 1:1 up to max 1:200 … They have poor execution around news time?? But that’s ok as my trading “strategy” don’t include trading news. But thank you for this information as it will be added to my list on the two remaining brokers.

No, I have NOT and will NOT go Live until I have got my emotional impulses under control. Too many times I have continuously made good profits only to be wiped out by impulsive trades which were made even though they were not up to my required market set-up. I landed up “chasing the dragon”..i.e. opening more trades as the price dipped further, hoping for a reverse trend upwards to make up for the losses. But, of course, as my Free Margin gets lesser and lesser due to those multiple trades, I am soon wiped out. As long as I keep doing that, I will never make money consistently.

So now I have to discipline myself to one large trade with no room for error and wait out the time until I close that trade. This mean I WILL have to be patience in waiting for the right market set-up before making a trade.
But I think I have found a way to curb my impatience, which is to make trades on another Demo account while waiting for that set-up. I’ll see how this system works out. No need to hurry; right?

 

[cowmadagan]

If you need your fix, have two different sizes of live accounts instead of continuing with a demo. You can have a nanolot account for your risky trades, and a micro account for your 'set-up' trades only, or something like that.
Once you go live you might find that demo account trading while your live account is open is a little bit like a video game. I do however find that high frequency trading helps you know the trend (because you've been trading it all day and you'll know what it did), and demos are better than wasting your money.

 

[West Coast Pips]

Tadawul have 1:500 Leverage?? Strange that on their Demo account MT4 trading platform, they only have 1:1 up to max 1:200 … They have poor execution around news time?? But that’s ok as my trading “strategy” don’t include trading news. But thank you for this information as it will be added to my list on the two remaining brokers.

No, I have NOT and will NOT go Live until I have got my emotional impulses under control. Too many times I have continuously made good profits only to be wiped out by impulsive trades which were made even though they were not up to my required market set-up. I landed up “chasing the dragon”..i.e. opening more trades as the price dipped further, hoping for a reverse trend upwards to make up for the losses. But, of course, as my Free Margin gets lesser and lesser due to those multiple trades, I am soon wiped out. As long as I keep doing that, I will never make money consistently.

So now I have to discipline myself to one large trade with no room for error and wait out the time until I close that trade. This mean I WILL have to be patience in waiting for the right market set-up before making a trade.
But I think I have found a way to curb my impatience, which is to make trades on another Demo account while waiting for that set-up. I’ll see how this system works out. No need to hurry; right?

Hey RahmanSL

I see you popping up a lot around the forums; hope you are well and having a good trading experience. I did have a live account with Tadawul some time ago and as I trade the news all I experienced was requotes and rejections. This was despite what they told me beforehand.

Best Wishes WCP

 

[PipStar]

Hey RahmanSL

I see you popping up a lot around the forums; hope you are well and having a good trading experience. I did have a live account with Tadawul some time ago and as I trade the news all I experienced was requotes and rejections. This was despite what they told me beforehand.

Best Wishes WCP

Like I said before, tadawul says you can trade the news and also state on their website 'No Slippage' but it is not true. They have big slippage in fast markets.

 

[RahmanSL]

Hi cowmadagan,

No, being realistic and honest with myself, a Live “nanolot” account wouldn’t be strong enough “fix’. Better to open another Demo with usd50k or higher and then take out really large trading lots (stronger fix) to satisfy my appetite. So, I’ll keep chugging on with my “strategy” until I am completely satisfied that I have got it right…might take some time though, but the forex market will still be here waiting; right?

PipStar,

Yes, I hear you regarding Tadawul….seems like their rep/spokesperson is “away on holiday” as I have not read any postings from them lately here at FPA nor on other sites.
So that leaves FXopen wide open to receive me; yah?

 

[fxfrench]

Yes, I hear you regarding Tadawul….seems like their rep/spokesperson is “away on holiday” as I have not read any postings from them lately here at FPA nor on other sites.
So that leaves FXopen wide open to receive me; yah?

السلام عليكم

I would be more than happy to personally represent your interests at fxopen. Open an FXFrench.com account and I will be your IB and your first point of contact for any of your support needs.

 

[Barrel Head]

FXCM?

I'd use Alpari UK downunder.