I am a real newbie here. My first post although I have read almost all of the posts with great interest and have gained a lot of valuable information.
My dilemma now is which broker to choose to go live! Have tried a demo account with a few brokers out there and for my tuppance worth, I actually like Interbank. But there are good and bad reviews on most brokers so I am asking all of you experienced traders to give me some objective advice.
I know a number of traders that use IBFX you should be fine as long as you are not trying to trade the news if you do you may not get filled or the price you think your going to get (bad fill).
Thank you PipPunisher for that advice. I have $10 000 to invest but perhaps I should start with $1000 or $2000 and see how I go. Is that generally what most people do? Start small and when you see that you can make some bucks trading live, add some more?
Hello [B]ForexTraderWannabe,[/B] I see that you are quite eager to make the step up to Live Trading. I hope you have a Trade Plan in place, and that you have also demo traded sufficiently to see how well you can execute that plan. I would advise you to split your initial capital into four pools of $2,500 each. It is likely that novice mistakes may cost your account, and it would be discomforting to know that you have lost all your funds through newbie errors. When you are able to show about three months consistent profit on one of your pools, you may consider merging it with another one, until your capital is fully utilized. [B]Remember that risk management, position sizing and stop-losses are key![/B]
Thank you so much xxtrizzlexx for that very sound advice! I will do just that. Yes I have a trade plan and it seems to work very well on demo trading. I also believe S/L is key as soon as you have opened a trade and then to move it up and then get it to break even when you go into reasonable profit so that you are in a free trade. I am in good profit with my demo account and I started by trading only mini lots and then when I became profitable and using “the house’s” money, increasing my lot sizes according to the profit I have in my account e.g when I had $1000 profit, I would trade one standard lot using that profit as margin. It is amazing how quickly the profits increase, but of course, your losses are bigger as well. I do not believe that I will ever be a reckless trader, no matter how profitable I may become I am not saying that I will not make mistakes and lose money but it will not be reckless and lose money because of being reckless. Does that make any sense?
I know this may sound dumb but make sure that your making consistent profits before you go live and when you do make sure you start with a very small lot.
My best recommendation is Oanda - they have lowest spread i know for Euro/USD at 0.9. As long as you dont take a trade RIGHT when news came out you should be fine.
Thank you TurtleWins and it certainly does not sound dumb. All advice is valuable to me. I will have a look at Oanda and perhaps try a small demo account with them. I have been so tempted at times to buy EA’s and Robot’s but have resisted that temptation at the very last minute with my finger on the button! I would like to become an independent master trader as defined by Bill Poulos! There is no urgency for me in going live. I just think that it could be time for me to get my feet wet! Perhaps a $500 account and trading one micro lot. I really value all the advice that I have received so far.
Greetings to you all from a very sunny South Africa. It is middle of winter here where I live on the East Coast and the temperature is 22degrees today!!
I am watching the world cup on TV! Both games on 29/06 were fantatastic. I really felt sorry for the Japanese. Spain played brilliantly in the second game and I also felt sorry for Portugal but they were outplayed! My money is on Germany and Spain for the final but then again, we cannot write Brazil and Argentina off!
Thank you JustLearning. I will do some research. there are also some pretty awful reviews about them out there but one just cannot judge whether the reviews are objective or not. I think it is pretty easy to blame the broker if you lose money!!
