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Not sure which broker to start with !

Discussion in 'Beginners Bootcamp' started by lanreme02@yahoo.com, Oct 14, 2010.

  1. lanreme02@yahoo.com

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    Hi forum,

    Can anyone help answer my question ?

    Am new to Forex trading and considering which broker to trade with.

    i have read most books available on the topic but the authors seems to care
    too much about using their specific trading platform.

    Can anyone please advice me on where to start ?

    Or, is anyone familiar with "TradeDirectFX.com" by Rahhee Horner ? I just completed reading her book - 30 days of Forex trading. there she talked about wave patterns which really don't blend with other books i have read on the subject!

    your advice will be really appreciated.

    Thanks.

    newbie.
     
  2. Pharaoh

    Pharaoh Colonel

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    If you are just starting out, trade demo and only demo. This means that you don't need to worry about a final broker selection anytime soon. That's a good thing, because if someone pops up in this thread and tells you a "perfect" broker based on no information about where you are located, how big of an account you plan to trade, or what your planned trading style is, consider that to be a firm recommendation against that brokerage.

    You need to find a reasonably honest broker that meets your personal trading needs. There is no "one size fits all" forex broker that's right for everyone. Read this article and it will get you started finding a broker that's right for you:

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

    Good luck!
     
  3. lanreme02@yahoo.com

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    Thanks

    I will like to say a big thank you to Pharaoh!

    i will continue with caution as you advise.

    thanks.
     
  4. Larry Exum

    Larry Exum Recruit

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    New Regulation Software problems

    While this is based on FXCM, all software that I have experienced with 5 digits is affected in the same way. These changes came about because of the New Barney Frank Chris Dodd legislation. Your thoughts are requested.

    I downloaded the US version of the FXCM software, and because of the Five digit prices, and because the new software did not have a set SL or TP by Pips, I had to do "in the head" pip addition and subtraction to set the values. I guessed at it, then looked at the chart and chose to use the RULER to determine actual best position. So Overnight, I look at my chart and find that my trade went way up as planned. Then I look at my closed trade and find that it closed the trade at a 7.5 pip profit and not the 75 pip profit that I had set.

    Now, I understand why brokers have a 5 digit system so as to have spreads of 1.8 pips instead of 2 pips, BUT, it all needs to be behind the scenes, and not on our screens !!!! Banks do not send us statements with our bank balances to 4 or 5 digits, even though interest might be paid this way. IT IS CALLED ROUNDING OF THE NUMBERS, programmers!

    What good is a chart ruler, if you pull a level and it says 75, when the actual pips is 7 ?

    What brokers OFFSHORE from the nanny state of the US will accept US Citizen accounts?
     
  5. whiterabbit

    whiterabbit Recruit

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    Technically pip is the smallest change in currency so 75 points on 5 digit broker is 7.5 pips on 4 digit broker.
    As far as I know Dukascopy (ECN broker) accepts US Citizens (check reviews before you send them money).
     
  6. melati untuk

    melati untuk Private

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    did u has start with demo account? there's a good option for learn trading instinct
     
  7. jomorex

    jomorex Recruit

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    as a beginner should start with the demo .. then upgrade to the real small amount.:p
     

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