Hello all,
I am new trader and I am going to open an account with a broker as I met a guy that is client of my sister(she has a tourist office) and seems trusted.
I want to ask all of you what you think about this broker but in another site(elitetrader) my question was considered “advertisement” and I was banned.
So I will first ask:
Is it ok to open a discussion about a broker or it is considered advertisement?
I believe its ok as there is a Forex Broker discussion area where you can open a threat for discussion, however the best judge will be yourself, go and try it firstly with demo then with a small deposit. Also look for their regulators and service.
So you want to trade forex based on a client of your sister’s tourist office who seems trustworthy? What exactly did the potentially trustworthy traveler tell you? Out of curiosity if you don’t mind? Did he show you actual proof of what he claimed?
Hi Deme256 you will hear a lot of people saying that this broker is good that broker is better. Really if you are really interested in starting trading you should do a good research and then start trading with demo accounts.Ok you may trust that guy you told you so but you should try yourself as a trader and develop your trading skills with patience.
Good luck if you already start trading.
Look for a regulated broker.
Better if its an STP/ECN
Heck, you can discuss brokers ad infinitum…but there’s a very thin line between an advert and a real experience. For example,.I used three brokers, tradersway, fxcm and alpari and have shared my experience of using these guys on the boards…esp alpari which has gone belly up. So posting threads about broker experience or recommending one based on your experience is ok but what is not ok is blatant advertising…there’s a section for that here, I think…
On using brokers, would suggest that you check out a few independent broker review sites, research the brokers in detail, find out what’s on offer and get started with a demo. Actually I am in the process of sorting out brokers myself, to replace that scum alpari…so would be opening an account by tomorrow or day after. Either way, good luck and remember, you will need to do the grunt work…
Do some research on any potential broker.
Is he regulated in your country of residence? If not, stay well away.
You can Google reviews but be aware that many reviewers may have an axe to grind while others may be paid to make positive reviews.
There is a good brokers section right here, forexpeacearmy is another good place to look
In forex though there are many broker that are regulated but in finding a good one most new traders find it challenging. You can not depend on only that broker. Why not dig in more and make other research of other broker then you can demo trade with them. And in finding a broker you have first understand you need as a trader so you will know what to expect.
Do you find forexpeacearmy trustful ? I think they are not so trustworthy as i have read some articles that claim they are scam and the use their reputation to threat some brokers.
First time ive heard that, do you know any examples that you can link to so I can have a look?
For example have a look on the link : Be aware of Forex Peace Army Scam InvestTechFX where you can find Forex Trading News
Is Forex Peace Army a BIG SCAM ??? @ Forex Factory These are just some of the top google search that came up.
Thank you all for your replies.Sorry for the delayed answer but I had connection issues the last 5 days.
I want to answer to LastBear first.
Although your question was in a sarcastic tome , implying that I am just a fool that trusts anyone , I will answer.Yes , he send me a lot of proof from trades he did and he also gave me 2 signals on EUR/USD and GBP/USD.The first surprise was that the 2 signals were opposite(sell EUR/USD, buy GBP/USD)although even newbiews now that these 2 pairs correlate and they rarely go on opposite directions.The gbp/usd trade caught the take profit level easily(I placed both of the trades on my demo account in FXCM) , while the eur/usd caught that level one day later and after wandering on loss(and in some cases on big loss) for most of the time.The second surprise was that both trades had no stop loss.
Not using stop loss was by far the biggest surprise.All newbies know that profitable trading means maximising the wins while minimising the losses.But looking around the Internet I doscovered that stop loss is not used by all succesful traders.For example, take a look at this:
(I can’t put the link because I need 5 posts so I will put it later)
Is this guy really a millionaire trader?I don’t know , maybe he is just a scam , but his trading strategy is interesting , to say at least , and he seems like he knows the subject(which is the case for every scam too, in fact scams seem that they know very well how to trade although they usually never do)
The screens he send me from his trades are impressive , but we all know that anyone can easily make screens like these.The signals he gave me were only 2 , even a newbie can have 2 wins.
The broker has good reviews around the Internet except FPA(FOREX PEACE ARMY) that calls them scam.
But others call FPA scam(thank you Fisher).
So whom am I suppose to trust?
I decided to give it a try because the amount he was asking was not crazy high ,only 1.000 dollars( how much lower anyone can start?) and God help me.
My first 2 live account trades were winning.His signals till now are laser accurate but that of course means nothing.It’s too early for any conclusion.
In the meantime I am trying to learn to trade by myself and still have my demo account in FXCM were I try some things.
I will keep you updated.
Again , thank you all.
Personally I do not think that any broker review site is all that truthful either…the point being that these sites can give some hints but you need to do the research yourself…check out the brokers listed there, find the ones you’re interested in and set up a small account to test them out…just a suggestion.
Thanks for posting the links, will check it out in a bit.
On the not using SL, a few professional traders do trade without SL…but they have years of trading experience. It’s your call but would seriously suggest that you start using SL’s…
I hope you continue to have success and it doesn’t come back as a failure in the future, thanks for the update
He trades only eur/usd and gbp/usd till now.
3 more trades caught the tp level he gave me easily.
1 more is wandering on losss right now.
Sell eur/usd at 1.09590 , tp at 1.09490 , took the trade at around 12.10 pm (Athens time).
Saw with terror the price going up to 1.09890 but now is dropping.
New terror awaited me as the price went up to 1.1
1.09490 seems like a distant dream but it is dropping again.
Let’s hope it won’t do new high and the trend will change now for good.
Okay, not to state an obvious point but you may want to lay off the “new terror” bit…that’s overdoing it, with maple syrup…
Yes, that is true but I am very inexperienced and you could express it more polite.
Watching the charts more carefully and trying to understand price action makes me realise that these things are actually usual.
On the other hand , if I am overdoing it you still have the chance not to read it.
Last time I checked noone forced you to read my posts.
Don’t worry , I won’t cry if you stop reading my posts.
I promise.
You haven’t been much of a help anyway.
I was being polite…sorry if you had to get all offended at what was a simple post. And had you read my post, esp between the lines, you would have realized that I was telling you to lay off the emotions, when trading for obvious reasons…sigh
And no, I neither need your permission or your approval for posting on the boards but in the future if you expect some hand holding well, you’re in the wrong profession…