the confusing world of trading

nekojfx

Private
Messages
12
Looking through companies, I see everyone is offering something different.. spot, futures, binaries...then it gets worse, you can choose ECN, dealing desk, and I think there was a third type as well (or I've read it somewhere), then you choose between different account types, commission, no commission, swap.... etc :confused:
Now, for a newbie, it all seems very confusing...
I've tried to make a wise choice, choosing spot forex, and then choosing Non Dealing Desk, and you should chose the account type based on the type of trades you prefer- daily trader or long term trader...?! :p
Am I on the right track... I probably need a pat on the shoulder or eve better- some advice!
Cheers :D
 

LoRio

Sergeant
Messages
479
What is your starting capital?
Have you settled on a strategy?
Where do you live?
 

Pharaoh

Colonel
Messages
19,771
Go for a broker with the strongest regulation. Even then, be aware that if a dispute arises, you'll still face an uphill battle to recover your funds.

Only put in money you can afford to lose.

If any forex company employee ever tells you to borrow money to fund an account, open a thread on that in the Scam Alerts Folder.
 

GOR FX

Sergeant
Messages
183
IMO choosing a broker should be the easiest part of all this. Pick up you phone and call the ASIC, NFA or FCA and they will give you the guidance required.
The 'not so easy' and most important question is: Can you trade or not?
 

nekojfx

Private
Messages
12
Thanks for the advises,
to answer your questions, I got familiar with Forex more than a year ago, I did some trading with a few more involved friends, so they always guided me, and for me was like a hobby.. but later on, I got more interested, and started doing some research.. I am far from a full time trader wanna be, but I want to try and I'd like to give my best shot. That being said, I was not thinking of investing a lot of money, basically enough to get the feel of the trading experience... I probably needed some general directions, maybe there are some things I should avoid, like for an ex. I've read some pretty bad things about binary companies, so I won't be doing that for sure... :p
Cheers
 

Kristjan

Private
Messages
20
I'd recommend to choose a broker that is registered with a regulating authority (e.g. NFA or CFTC). And never trade with money you cannot afford to lose.
 

nence

Private, 1st Class
Messages
27
Looking through companies, I see everyone is offering something different.. spot, futures, binaries...then it gets worse, you can choose ECN, dealing desk, and I think there was a third type as well (or I've read it somewhere), then you choose between different account types, commission, no commission, swap.... etc :confused:
Now, for a newbie, it all seems very confusing...
I've tried to make a wise choice, choosing spot forex, and then choosing Non Dealing Desk, and you should chose the account type based on the type of trades you prefer- daily trader or long term trader...?! :p
Am I on the right track... I probably need a pat on the shoulder or eve better- some advice!
Cheers :D
Hahaaaaa, you sound like me a couple of months ago... Totally lost... a wild guess: your profession has nothing to do with economy right? :D coz mine doesn't and I was so lost in the beginning (still am :D) I think I started from 2+2=4...but trust me it is not as difficult as it might seem to a newbie.. talking about the technical part, whether or not you'll make constant profit is another question...
So stay calm, cool your head, grab a beer and go for an ECN broker hahaha
...oh, yes, and stay away from binary companies (no hard feelings :D)
All the best
 

bigdolly

Sergeant Major
Messages
957
Every newbie trader encounter this difficulties. That's why 95 of all retail traders get losses. Because of confusion, lack of knowledge skills and other things. IF you overcome that, overcome losses of your deposits, then maybe you will reach the final point.
 

Luca81

Private
Messages
24
Ciao, come suggerito dagli altri direi che la prima da cercare è un buon Broker che sia affidabile e con cui tu possa entrare nel mercato.
Come regola generale non avere fretta e cerca prima di studiare e guardare tutte le guide ed i sugegrimenti che puoi.

Nel dubbio chiedi nei forum :)
 

trojan fx

Recruit
Messages
7
Are you still confused? :confused:
There are some "advises" which are common, maybe for all of us here.
A lot of people will tell you that regulated broker is safer.
Almost every trader will advise you to trade with NDD or ECN brokers, and they are right. ECN brokers offer the lowest transaction costs (spread, but they are not fixed) and are extremely reliable. They never trade against their clients and they do not have any capacity to do that. Forex brokers without a dealing desk will execute your orders instantly and at the price that you clicked on. With a No Dealing Desk broker, there is no re-quoting of prices.
According to my opinion the best forex brokers have low spread. Then I think you want a forex broker with sufficient leverage.
Cause you already "play" around on demo, maybe even live, so you need to familiarize yourself with different forex trading account types. Only you can decide which account type is suitable for you.
 
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