Thank you for the advice, but I think saying my question shows a lack of intelligence is insulting. I am quite capable of figuring out the math; however most ECN brokers say their commission is based on trading one lot. I did not know if these fees are generally assessed after total trade volume reaches one lot or if it is fractionally assessed when trades involve mini and micro lots. I think this is a reasonable question, though I apologize if I did not make the intent of my question clear. As you can see from reading my previous post, I had already figured out the math for myself, so I really wasn’t asking for an arithmetic lesson.
FOREXunlimited–thanks for your reply. I had read that article before, but I appreciate you linking it, as I feel the concepts are quite important.
In regards to your questions:
I plan to trade primarily during the London and New York Sessions and am really only going to focus on the majors for now. I do not really plan on trading precious metals at this time.
I have no strong preferences as far as platform goes, but I have enjoyed the MT4 platform up to this point and have found it rather intuitive. Regarding withdraws, I have no plans on withdrawing anything for at least a couple years. With only $1000 starting capital, I do not expect to make a reasonable profit for several years and making withdraws would just unnecessarily cut into my capital.
I would like to trade via a mobile platform at times. I have MT4 on my phone at the moment and have been using it with a few demo accounts.
In the USA Forex.com, FXCM, Interbank FX and Oanda, seem to be the big four brokers we hear the most about. If you read reviews and ask around them you’ll find none of them have perfect ratings.
On the other hand, I think you’ll also find that Forex.com, FXCM, Interbank FX and Oanda are reputable brokers and continue to have many satisfied customers.
If you’ve tried a few demo platforms and so far your favorite has been Forex.com, why not start with them. If you change your mind after using them for a while, you can always try another.
PS Oops! maybe I should have also included MB Trading?
I recently read that a specific broker checks the clients cache to determine their winnings and will modify expirys to limit winning trades. So, we should clear our cache after every $30 or $40 winning trade. Is this a common practice, or is just fantasy on the part of the writer?
For a good skilled Forex trade it is small capital is enough with a regulated broker. Because, regulated brokers are always inspired the Traders by their facilities. I had not my trading cap-ital many times by using non-regulated broker. For being an ECN and regulated trading broker, I have trading in GCI Financial. I never and ever want to trade in a non-regulated broker. Because, I know the non-regulated broker always steal the money from the traders trading capital.
If you’re in U.S. then Oanda is good because there is really no difference in terms of the leverage that you can use and then there’s FIFO too. There’s also FXCM and GAIN CAPITAL’s retail version (forex.com) and then MB Trading. I only experienced Oanda and FXCM and I can say they are great but definitely can’t say anything about the other (all I heard is they are equally great).
I knew about US and canda, regulation legislations or what ever it is called, is trying to contain the volume invested in forex to stay with in the country, but japan? thats new. hmmm for us based brokers i think a popular one is oanda, alpari as well but not sure what the conditions are for US residents best of luck
In those countries the leverage allowed is really, really bad.
It’s fortunate for those who live in European and Asian countries because they can use much bigger leverage.
exactly don. since the forex trading business is growing like crazy, governments especially of those countries whom they try to control the flow of economy try and at times succeed imposing laws and conditions which gives them the upper hand, and traders suffer without having a choice, i guess its not always bad being a 3rd world country after all LOL
i have open an account with armada markets. have a research on them first, google it.
this one are non offshore brokerage company, offer low spread and fast execution. and accept any kind of trading style, some broker doesnt allow to scalp, no news trading, etc. but with them i find no problem, and my automatic system working good.
More than reputation, I suggest that you should go for reliability as I have experienced many forex brokers with fake reputations out there. And unless you trade with them, you wouldn’t make out how they fool you. I suggest that you should try Finpro Trading. I’ve personally worked with them for quite some time now and my experience has worth mentioning. You can start with a small capital base with no minimum deposit requirement. They provide very tight spreads which for small traders like us is highly helpful. Also, I haven’t witnessed any pay in or pay out problems with them.
use my own EA, run at mt4 platform. dont get too caught with brokers free offering, many profesional traders would think twice to run their ea on current brokers vps service. got few offering on my email from different brokers, but i never use them, never once. i just use the vps service match brokers server location, for example I use london base vps server for my account with armada, as armada markets server are located at london.