Pipcrawler's Thoughts on Setting Newbie Expectations

[Valkryder]

Originally Posted by newbie1983

I am fairly new to forex trading and have been doing very well on my demo accounts...i was using interbank fx for a while and read some bad reviews about it. I just downloaded MRC. I was just looking for some suggestions for a reliable forex broker in which i can start with a micro account. Thanks

I use IBFX for my demo. So far no troubles. What "bad reviews" did you read? I am thinking of opening a live account with them.

[newbie1983]

Heard that they requote...and they don't always close the tp trades

[phil838]

Originally Posted by newbie1983

Heard that they requote...and they don't always close the tp trades

All brokers requote if you have your maximum deviation set too low. I have mine set to 5 pips and have never had a requote from IBFX.

I've also never had them ignore my TPs.

[gejunyin]

I already wtih IBFX more than a year. So far is so good. Yes... not all broker is perfect. But I do trust ibfx. It's a matter of preference.

All brokers requote if you have your maximum deviation set too low. I have mine set to 5 pips and have never had a requote from IBFX.

I've also never had them ignore my TPs.
Reply With Quote

Thx Phil. Just realized the basic stuff that I could do and ended with amazing result.
Thx

[annmakervich]

Thanks for the post and all the wonderful trading tips. Can you suggest a website which provides free tips and more specific examples of how to be a successful FX trader. I know that there are lots of signals websites out there but I am looking for something that provides free news and analysis just so I can begin to learn to trader FX. Much appreciated!

[beartrader]

FXCM has lots of good stuff and tutorials.
Most of FX trading is common sense - try to avoid the unepected, in the beginning, don't bet on what you think an event or announcement will be unless you can afford to lose big, many brokers will sweep your stops no matter how far away they are, never place an order when the spread is fat, double down rarely works, the gap up or down will always be more than you dreamed (broker sweeps again), stop hunting is a regular game, and follow the trend until it gets tired - then stand back and wait for the next trend to show itself - never ever try to guess what the next trend direction will be when the market is flat.

Good luck

[boom1]

but better known as Newbie Island

[ThePhoenix]

Originally Posted by beartrader

FXCM has lots of good stuff and tutorials.
Most of FX trading is common sense - try to avoid the unepected, in the beginning, don't bet on what you think an event or announcement will be unless you can afford to lose big, many brokers will sweep your stops no matter how far away they are, never place an order when the spread is fat, double down rarely works, the gap up or down will always be more than you dreamed (broker sweeps again), stop hunting is a regular game, and follow the trend until it gets tired - then stand back and wait for the next trend to show itself - never ever try to guess what the next trend direction will be when the market is flat.

Good luck

Brokers do not sweep stops or stop hunt. At least the ones that aren't bucket shops. If anyone stop hunts it's institutional traders, no the broker.

Pick a few of the best known brokers and run a charts from each, you'll find that the prices are virtually the same.

Brokers stop hunting, is a myth perpetuated by complaining losers.

The market sweeps and gaps on it's own without any help from brokers.

[beartrader]

You must be a broker - stop hunting is a regular game - call it bucket shops - it happens - and in case you've never noticed (becuase I assume you've never used a IP packet capture device to explore this) some brokers widen the spread huge amounts 20-50 pips no unseens for just a few milliseconds (so you can never see it) 200 miliseconds before a news item - like non farm - and other econ numbers. Poof - you're out.