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FOREX Traders/ Brokers
- Thread starter victorxq
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- Aug 6, 2008
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Have you tried using CMC Market? Their trading platform is pretty flexible for placing any order size FX and the charting software is quite good. If you are a follower of Fibonacci or a user of pivot points, then you will enjoy using their platform.
no offence regarding the primary sch.. what i meant was that mini and micro lots are no doubt good as very low capital is needed. but the profit made is also little. i am looking for a platform that provides good benefits for traders who trade wif standard contract. anyone doing private trading here? pls send me a pm.
Many brokers offer Metatrader 4 because its easy to use, but watch out for those brokers offering a pretty platform. They are targetting the beginners
However when you are looking for a good broker I think you should be looking out for things like: what is the slippage, the pip spread charged, ease & difficulty of getting your money out, stability of the platform, stop hunting, carry trade rate,.....etc
Take for example Alpari, I heard people complaining about that broker being slow in crediting your account with funds that are transfered e.g. it can take 1 to 2 weeks
When your account is in danger of a margin call, you can't afford such delays. My friend tells me that those facing margin calls faced suspicious delays in transfering of funds. So watch out for the bucket shops 
I had an account with Hotspot. They were one of the better brokers but they are no longer interested in the retail bizness, they now only accept instituitional customers. :(
I strongly advise that you begin with mini lot trading until you learn the ropes & make consistent profits BEFORE you decide to proceed to trade standard lots. Trading a demo account is really different than when you are trading real money. Put in only an amount that you can afford to loose.
Good luck.
Be careful, you may make profits trading a demo account but will find its harder with a real account
It could be due to the games the broker play with their dealing desk, &/or the fear/greed involved when you're using real money.
Even if you think you are ready to play with standard lots, it would be prudent to start with mini lots to test the waters. Remember that only 5 to 10% of traders are successful. Keeping this in mind, go slow, the market will always be there while your precious capital is damn hard to come by.
Had a string of losses using fundamental analysis. The market is not behaving as it should. Taking a break for now & when I resume trading I'll be using a technical analysis strategy with tighter stop losses.
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Ive been trading FX and futures for 7 years and almost full time for about 2. I think you have no idea how much can be made or lost with minis just on a monthly basis. Do it the right way, you can make 5 figure a month just trading minis or lose just as much if you do it wrong. And this is based on initial risk of JUST 2% of your initial capital and gradually pyramiding up. Unless you have loads of money to begin with, then by all means start with standard lakh. But make sure all your inital orders using standard lahk risk no more than 2% of your initial capital. Do you have that much capital to start with?
If you do, then pm me and tell me what benefits you are looking for in a broker. Many things can be done for you if you are a big player.
Cheers.
Yeah, thats true I have lost six figure amounts just by trading minis :(
- Joined
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Let me guess.... you did not place stops and average down cos you underestimated the power of minis? That was what I did during the freefall last year at around this time. Before I know it, I was 5 figure down. I will always remember that period.
I hope history repeats itself though. This time, I'm prepared, very prepared, hehe.
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If you insist, then I would suggest you start with 5 minis instead of 1 standard lahk. 50k in insufficient buffer unless you have extra in your bank account waiting to top up. Then by all means, go ahead with your plan.
Believe me. You can make or lose a lot of money just trading minis. Take last Wednesday's big rise in the USDCHF or EURCHF. Or Tuesday's rise in the EUR. If you catch it and pyramid up decisively, you will easily make 1 - 3k in one day with minis while still keeping to strict money management.
Don't aim for a killing everytime. Aim for CONSISTENT profits. That's the only way to trade for a living. All the consistently successful traders I know do that. The ones who aim for big profits all the time will have their occassional wins but will never last long enough to make it. I see this almost everyday.
With a mindset of wanting to make big money trading standard lahk, you are already off to a bad start even before starting. Trust me on this.
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history will repeat itself. the question is WHEN will it repeat itself.
My view is soon, probably in July if I'm correct. Price has been range bound for the past 2 weeks and only show signs of breakout this week. Unfortunately, it looks to be breaking up. But does it have enough strength to go up decisively? The entire upmove seems to be supported by oil and gold only. Eurozone and the UK are probably in worse shape than the US.
S&P needs to die before USD has a fighting chance. If that happens, who knows? Maybe we will see another fall but probably not as dramatic as the one last year.
But major moves will probably not happen this week. There is the ECB and NFP double bill this Thursday to get over with first.
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LOL! You're talking cock!
- Joined
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Bro,
Start small to practise. Try FXCM (HK or UK's accounts are protected by UK and HK segregated account regulation of the UK and HK governing bodies).
Try the micro, then the minis. If you're alright with the pressure then you move on to Standard account.
Cheers!
DOM
I NEVER used stops
Now I do Got hit very bad by that french rogue trader. Also alot of panic in the market nowadays during this recession.
No more overnight open positions. Very cautious now if I'm trading GBP/JPN, its amazing how quickly that pair can move. Hard lesson is not to hold on to loosing positions, because it can lead to margin calls
Had an account with FXCM(US). Funny how difficult it became to close a positions
When I did finally close my positions, it was at a loss or lower profit :(
However, the platform was very nice. No complaints getting money in/out of my account. Don't believe their claim of not having a dealing desk
- Joined
- Jul 10, 2008
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Had an account with FXCM(US). Funny how difficult it became to close a positions
When I did finally close my positions, it was at a loss or lower profit :(
However, the platform was very nice. No complaints getting money in/out of my account. Don't believe their claim of not having a dealing desk
Bro,
Slippages exist in all trades, not only forex.
Cheers!
DOM
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