I have been trading in demo accounts for quit some time now( over a year) and I feel its time to try a live one and I’m planning on depositing a 500$ just to try things on a live account .
and I want your recommendations for a good broker I’m currently choosing between OANDA and others …but I’ve read that OANDA is a market maker …is that suitable for me as a beginner and for the 500$ I’m planning to invest ? or should I be looking for an ECN / STP broker
your prompt reply is much appreciated.
My money is ECN or STP
Appreciate you answer ; more explanation will be cool plus I heard OANDA is fair and have been in the business since 1995 but I did read some posts here and there about the spreads they offer and how can they be very wide and specially on news times or closing times is that true ? and that they are the counter party for the trades you make and that can cause conflict of interests ?
also my main question is "for the kind of budget I’m planning to invest " is OANDA the right broker for me ?
Hi metalslim. Do not go for ECN / STP broker now. Oanda is good. What you can do, trade micro lots only like 0.01 volume which will cost you around $1o per trade. so $500 is enough for this.
Happy trading
Oanda is not that bad. I had a small live account few years back. You can also look for other brokers like FXCM,Hotforex,etc.
I have a small account with FXCM, with currently 600GBP in it, which I traded with since Christmas and I am very happy with it… I think that if you trust your method and tread cautiously (without succumbing to overtrading or greed), then you will be perfectly placed to make even a smaller account cash some steady returns.
Keep us posted on your progress.
Happy trading.
You should trade with STP/ECN NDD broker as FxPro, FxCM, Hotforex… Market marketer is not fair in some cases.
Actually, that broker is not a market maker. I think it is a good choice for you. They have been existing for a long time and the reviews have been positive. However, you must check to see their trading condition is it would be suitable for you.
i think forexpeacearmy its reliable site to see broker review
Thanks for all your replies ; I have already subscribed with them … the process was fair and easy .
Unfortunately I was greedy and I overtraded and it did cost me a considerable amount of cash ; I’m still trying to recover , lol its like I forgot all the rules about risk management and emotions control
Good luck. No-one forgets their first live trade. 
Well, if you are 100% sure of your trading skills and strategies you can then go for live account and I would advice you to invest the money you can afford to lose because it is a risky business.
If we have understood the basics of trading. Because basics of trading will be used as long as we trade in forex. If we want to start trading with live account, we must make deposit in small amount first. We must use it to hone our trading skills further more, to hone our trading psychology too.
I suggest you also analyze your trading strategy with your brokers trading conditions. I say this because some brokers do not accept some strategy nor favor some trading methods. Just because I see the usefulness of hedging and scalping in trading I decided to choose Profiforex, where I do these successfully. For example, if you love news trading, you need to know if your broker favors it, if they do not and you continue trading with that strategy, you might continue losing thinking it was your fault. I have experienced this before.
Right time to open real account is when a trader is
Good in market analysis
Risk management and planning.
Able to make successful strategy.
Use lots according to capital and market situations.
Having good trading practice on demo.
Emotional control during trading.
Opening live for a “try” is killing adventure. You have to be sure that demo is enough and you fed up with it, your profit/loss ratio is 90/10%, and that your results owe to your clear and rigid trade strategy. Only realizing this situation you can be ready for live acc.
that’s how the forex real trading situation is, now you’re one step closer to become decent trader. fx trading it’s how to defend, defeat, your other self, practically it’s you vs you. risk management, put a tight rule on it, no lot increasement on trade, use a fixed lot each trade. value your trading account, any broker account will do, but i would suggest a lower spread are better, low spread means low cost for each trade. i used to 2-3 pips spread on EURUSD, at non ecn type brokerage service, compare to my current ecn account with armada markets eurusd 0.7 pips (spread+commision), this different in spread really giving an diffence in monthly basis, at first i dont give much attention with spread, it just a small portion anyway, but when it comes to value 0.7 vs 2-3, at 100 total trades monthly, it’s a huge different charged fee for spread only.
when you has profit with demo account. you has confident trading. you can make money with this market. that time open your account.
Cannot agree with you. You can earn more profits from demo. But after moving to live trading, It is different. If you can manage psychology then you can achieve some success. It is important to start live trading with a small account. Then trade for several months to check whether you have the confidence to move forward. You can’t test that by doing Demo. You need to do live trading.
Just profit taking is nothing until you no learn how to minimize loss with a good trading plan. Demo is easy for profits but real trading had some different aspects involving our emotional attachment.