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New - Forex Recomendations

Discussion in 'Beginners Bootcamp' started by Elvin Villalobos, Jul 17, 2008.

  1. Elvin Villalobos

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    Would anyone with experience recommend a FOREX company.

    Please provide details
     
  2. Elvin Villalobos

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    forgot to add something

    well, for managed accounts
     
  3. Vela Invest

    Vela Invest Recruit

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    Hey take a look at Rove Capital. I have been with them for a few months now and all is well, my account is up. They are slow and steady, and there customer service is excellent. Take a look at there review here at FPA. I would say it’s quite difficult to choose a managed account for some else because everyone has different comfort zones and tolerances but, for me I would say I’m on the conservative side they are great. Remember forex is risky no matter which way you look at it. Good Luck
     
  4. onwukarisa

    onwukarisa Private, 1st Class

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    hello vela invest,

    do u mean that you started an account with Rove Capital with $10,000. can i open an account with atleast $1500 - $2000.if not,is there any other broker that can operate with less than that amount?
     
  5. Pharaoh

    Pharaoh Colonel

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    This is definitely worth reading if you want a managed forex account:

    http://www.forexpeacearmy.com/forex...ose-all-your-money-managed-forex-account.html

    If you want to trade yourself, I would definitely give my wholeheartedly unbiased (hee hee!) endorsement to this article:

    http://www.forexpeacearmy.com/forex-forum/forex-basics-boot-camp/2333-how-select-forex-broker.html


    There are plenty of brokers where you can open an account for a few hundred dollars. Many of the managed forex account companies that don't look very much like they are some form of scams have minimum requirements in the thousands to tens of thousands.

    It's possible there may be some good account managers who can handle an account of $500-$2500, but these will take more effort to find than a decent one that runs from $5000 up. It takes the exact same amount of effort to trade 1 nanolot as 10 full lots, so most good account managers would prefer to trade larger accounts to earn larger returns for themselves.

    No matter how good the account manager seems to be, DO NOT borrow money for a managed account (or any other forex endeavor). Even the best account managers will have periods of drawdown, and that could make repaying any loans very difficult. Worse, if something goes terribly wrong and your account is wiped out due to scam, a brokerage failure, or account manager incompetence, you will be left holding the bill with no money to pay off the loan.
     

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