researching brokers
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  1. #1

    Default researching brokers

    hello aspiring traders:

    does anyone have any experience, good or bad, with Capital Market Services (www.cmsfx.com). The software (VT trader) seems good to me.

    Thanks

  2. #2
    Join Date
    Dec 2006
    Location
    Washington
    Posts
    213
    I do not think the opinion of one individual should be a consideration of choosing a broker. Of course one person will swear at a broker and another will swear by a broker. Really it is a personal struggle to find the broker for you. Really they are there to make money off of you. If you want someone that really wants to help you then go look for a good money manager. Brokers could care less about you success, just like the market, so really it is all about what you can get out of the broker. Maybe they have low transaction cost, maybe good leverage, maybe some good charting package. There are a numbers of reasons to choose a broker, too many to list here in this post. Perhaps make a list of your priorities of what you need in a broker and see which broker can fulfill most if not all of your priorities. But then your job isn't done. Then you actually need to use that broker and see if you can get along without you getting screwed over. No matter what anyone says about a broker it is in your best interest to choose a broker based on your needs on desires that you need fulfilled, not someone else's'. Heave this warning though, a broker can seem all dandy during a demo period and can be come a devil once you sign your soul away.

  3. #3
    Join Date
    Dec 2006
    Posts
    99
    i could show you some review sites where users can write reviews about their own broker but what you see will scare you to pieces. CMS doesnt have an overall good review on any of the sites i checked out but at the same token, most of the popular brokers out their are not highly rated. but that doesnt mean you will find the same problems as many others have found. take lots of time to trade their demo. infact you should be trading demos for at least 3 different brokers. if you can afford it, try opening accounts with 2-3 different brokers so you dont put all your eggs in one basket(that is you plan on taking trading seriousely and its not just a side thing). talk to a rep and have lots of good, tough questions. compare data feed with other brokers. know ahead of time, what you want in a broker. what kind of trader are you?make sure the package you go for fits your trading style.

    babypips has a lesson on choosing the right broker. also check out fxstreet, forexfactory for comparisons with popular brokers(keep in mind, these guys only have brokers that they are affilated with). read forum discussions about brokers. if you want a platform that supports metatrader then go to Forex TSD Metatrader forum also forexfactory has a forum section that talks about brokers. you also need to know the different kinds of brokers available and the pros/cons of each (mm and ECN brokers). i too like VT trader platform and charts. their demo is unlimited (great for me).

  4. #4
    Join Date
    Dec 2006
    Location
    Cairo, Egypt
    Posts
    327
    Let me talk about platform side.
    VT Trader is indeed a good platform If you want to setup automated forex systems and trade signals. Thus saving you much time and you do not need to look too deep to check whether 2 MA's have crossed or not (like in Metatrader).

    Though, platform note. It's exellent for building live methods and trading them despite a few bugs in the platform.

  5. #5
    Join Date
    Dec 2006
    Location
    Norristown, PA
    Posts
    450
    Here is a chart that compares 18 brokers which includes a reviews link of what people think and a rating link. Plus their leverage and margin requirements, etc..

    http://www.goforex.net/forex-broker-comparison.htm

    Quote Originally Posted by quadsport View Post
    hello aspiring traders:

    does anyone have any experience, good or bad, with Capital Market Services (www.cmsfx.com). The software (VT trader) seems good to me.

    Thanks
    Last edited by topgun; 01-04-2007 at 01:34 PM.

  6. #6
    haha. Pretty much all the reviews on forexbastards.com are enough to scare people away.

  7. #7
    Join Date
    Feb 2007
    Posts
    6

    Thumbs up Forexbastards

    Although forexbastards can scare you to death, if you read most of the reviews the negative usually has to do with news trading. Also forexbastards is not very current Leaveragefx, TOPGUN Software, is listed as "not rated" but if you click on the reviews there are many reviews and all but 2 or 3 are 5 star ratings and the ones that are not 5 star ratings are 3 star because of personality clashes with the main guy Chris. I signed up for TOPGUN softwares "Free" 3 day day training and the software is amazing and Chris, the instructor, can be quite annoying, but check out the charting software it seems solid and you get it free along with Esignal if you sign up with one of their 3 brokers, FXDD. Forex.com or Velocity4x. Now FXDD and Forex.com got ripped apart but Velocity4x got a 3 star rating. No, I do not work for either company, this is just the direction I am going as soon as I get my new computer. I feel the new computer, mine's at least 8 years old, is necessary to run charting software with live data feeds as well as a trading platform.
    I have not signed up for anything yet, so any comments would be greatly appreciated.
    Thanks
    Sherry

  8. #8
    Join Date
    Feb 2007
    Posts
    21
    VT Trader is the best platform if you have ultra fast internet connection
    (min 17000Kbs). CMS doesnt always honour your stop loss or TP targets even on moderatly volatile market conditions. Once my trade got stopped 35 pips below my stop loss level, which made me loose extra $3500 and also once my profit trade got stopped out 83 pips above my TP target, which made me extra $8300
    after a while I moved out of CMS cause I needed a much more reliable broker who honours my stops.

  9. #9
    Join Date
    Dec 2006
    Location
    Wichita Falls, TX
    Posts
    2,805
    Quote Originally Posted by forexcranium View Post
    haha. Pretty much all the reviews on forexbastards.com are enough to scare people away.
    That's no doubt at least in part thanks to people more readily complaining than offering praise. We're much more likely to write a nasty note when angry about something than to pen a complimentary one when satisfied. That's why you have to take reviews with a grain of salt.

  10. #10
    Reviews are subjective. Most of the reviews nowadays are biased because reviewers are receiving compensation from these forex brokers.

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