Intorducing myself (first post)

Beginner Questions
1

Hi, I am new to forex, I am very keen to make heaps of money. Having done my babypips schooling, I now feel much more warey!
I am in Auckland NZ
I have a demo account with Oanda.
Today I downloaded a metatrader4, demo , which is better from the point of view of placing indicators , or oit seems it.
My main dilemma, is if and when I open a “live” account, which one.
All these websites have so many ads for brokers.
Please can I have some ideas.
i have been looking at reviews: forexpeacearmy has a lot of reviews, but I sometimes think it is the brokers themselves writing testimonials.

I may stick with Oanda.
I really want to open a micro account initially, but I read Oanda lets you do as small as you like. one review I read of Oanda was absolutely toxic, saying it was a bucket shop, then another guy from Poland says he has had no probs for 4 years etc etc.

2

its 5pm here!

3

All these websites have so many ads for brokers.

Not Oanda because they do not have a referral system,
therefore nobody gets paid to say good things about them.

Choosing a broker is a very personal thing, ease of inputting
& extracting money, spreads, leverage, etc.

Keep reading those reviews, then once you have some experience
in the markets you will be able to make a more informed decision.

But you will probably not go far wrong with Oanda.

Ps It’s 6am here on Wednesday 12th March.

4

Yes, people who are with Oanda seem to be very happy with this broker.

The only problem I understand is that their charts are very poor.

For this reason you may want to download MT4 charting system. Have them both open on your computer - watch MT4, then when ready to place a trade, switch to Oanda.

5

The only problem I understand is that their charts are very poor.

Yep this is a very subjective question, it all revolves around
what one needs from a broker. Oanda’s charts are servicable,
basic & for candlestick & price action adequate.

But if one requires bells & whistles, the ability to input new
indicators, oscillators, yada yada yada, then MT4 will give
you this facility.

An example is the keltner channels, no way this will be found
on an Oanda chart, so pop them into an MT4 chart & test away.

Depends really upon how you want to trade. :wink:

6

im with tymen1 i like the mt4 charts alot!!! so i use them for all my charting and i pick which broker i will trade with. Its true different people have different ideas of what a good broker is and which charts to use. So daydreamer has good advice get used to tradeing and you will start to know what you like and what you don’t.

7

I have downloaded the MT4 and it is a lot easier to look at and use, for adding indicators. I am the very early stages, eg, just trying to see and apply the Fibonacci retracements, that I learnt about in my “babypips” classes, on Oanda, its hard to do this, but it is a good demo account to trade with.
I have just faxed them my ID , and applied for a trade account, with real money, but I am not sure I will use it yet.

I really would like to just trade on a micro account.
Anyone willing to name a good micro account? (won’t hold you responsible for your recommendation if I end up losing my money):stuck_out_tongue:

8

that was meant to be micro not mirco

9

As I have stated above you will not go far wrong with Oanda,
there is no mention of micro, mini, full, etc. because you trade in
units.

When entering a trade you can specify how many units you
would like to trade, this then shows pip value/those units.

ie Eur/Jpy 10 000 units = pip value $1

when you place your stop loss & take profit it will
also give you predicted profit/loss.

As usual with all platforms is it best to “mess” about with
them to find the optimum levels for your needs.

10

interbankfx has micro accounts. minimum deposit is $250 and they use mt4.