Choice of broker and trade

Broker Discussion Forex Brokers
1

Hello guys,
pls am new to forex and i’ll like some clarification to help me in my choice.

please of what importance is the following to choosing a broker and to my trade:

1.A broker offering fixed or non-fixed spread
2.A broker having dealing or non-dealing desk

thanks

2

Stop and retreat, grasshopper. Cos what you’re asking is like a white-belt Karate student asking which kata he needs to learn to get a black-belt. Learn what it takes to trade forex successfully first, try demo which so many brokers offer for free, then use as little money as possible to taste live-trading. If you succeed with small fund, you may thrive with big money. If you don’t…then you’ll disappear from this forum in the next couple of years, if not sooner.

3

Thanks but no thanks, i think your advise has no correlation to what am trying to know.I am well aware that i have to demo, however, i will need to choose a broker to demo with. Based on what i read while going through babypip.com school, part of consideration to factor in choosing a broker beside being regulated, its capital base, complants or not against it…are others such as;
Does it have a dealing or non dealing desk;
Does it offer fixed or variable spread;and
Its form of lot sizes

So all i want to know is of what importance are these other factors or its implications or impacts to my choosing a broker or how such factors may impact on my future trading

4

Well, try this:

  1. STP broker mostly, if not all, give only 1 month demo period. Only MB Trading that gives unlimited demo period.

  2. All use web-based or java-based charting package, meaning that you can’t backtest your system offline, nor trying to get historical data.

  3. Dealing desk broker mostly use MT4, but with fix spread for their demo. Once you go live, it’s not uncommon for you to face a > 20 pips spread during news time. If not, they freeze their server during those moments.

  4. “To each his/her own.” There’s no better explanation for which broker is the best. One that good for me may not be that good, or even the opposite, for you. Depends on a lot of things; one of which are our trading style.

  5. Even if the best broker does exist, and you find it, the first thing you do when you don’t make profit consistently from the start is blaming—or even cursing—your broker to Kingdom come. Over 1 million people, including me, have done it ever since the beginning of forex trading…until we study further and accept the painful fact. So it doesn’t matter which broker you choose as your first one, especially for demo account. Too many of us who called him/herself trader have change more than one broker since the day we dip our toe in live trading.

5

Thanks, i appreciate it

6

EUR/USD

Today�s support: - 1.2678(main), where correction is possible. Break would give 1.2652, where correction also may be. Then follows 1.2623. Break of the latter would result in 1.2594. If a strong impulse, we would see 1.2557. Continuation will give 1.2538.
Today�s resistance: - 1.2826 and 1.2863(main). Break would give 1.2882, where a correction is possible. Then goes 1.2894. Break of the latter would result in 1.2914. If a strong impulse, we�d see 1.2935. Continuation will give 1.2967 and 1.2983.

USD/JPY

Today�s support: - 91.33, 91.11, 90.98 and 90.62(main). Break would bring 90.35, where correction is possible. Then 90.21. If a strong impulse, we would see 89.93. Continuation would give 89.71.
Today�s resistance: - 92.18(main), where a correction may happen. Break would bring 92.38, where also a correction may be. Then 92.66. If a strong impulse, we would see 92.91. Continuation will give 93.16 and 93.31.

DOW JONES INDEX

Today�s support: - 7832.22 and 7818.73(main), where a delay and correction may happen. Break of the latter will give 7792.25, where correction also can be. Then follows 7768.10. Be there a strong impulse, we would see 7742.80. Continuation will bring 7718.60 and 7695.00.
Today�s resistance: - 7944.73 and 7986.91(main), where a delay and correction may happen. Break would bring 8021.23, where a correction may happen. Then follows 8044.72, where a delay and correction could also be. Be there a strong impulse, we�d see 8066.27. Continuation would bring 8100.00 and 8114.06.

7

Hello,
I need help with list of brokers in the Uk that has been tested and can be trusted with a newbie