Easy Forex, Oanda and IFCM, Which is the best?

[lagunacat]

Originally Posted by Tess

Yeah, there are platform providers out there who raise their entry (& minimum trade steps) levels out of the reach of some customers. But at least you got something to aim for as & when your trading pops up to the next level huh?

Absolutely, that is the plan! It's baby steps for me. Patience is key in this business.

[tymen1]

To Tess :

I have been doing research till 4.00 am in the morning.........now I need some sleeeeeeeeeeeeeeeeeeeeeep!

I found and studied this website which I am sure you know about......
www/293/1001127/displayarticle/1001182.html

Now I understand much more about "NDD" and "DDD" brokers. (sounds like political parties).
I now understand how the Direct Dealers are basically middlemen who never show you the true market, but in return give you a free and easy platform to trade from, complete with all manner of surprises.

I see that the ethics of some of these brokers is such that they might as well be linked with AL - QUAIDA!!

Yes I am fortunate to land first time with a good broker........so far that is.

I am very impressed with the write ups on EFX and their very low spreads.
An NDD broker with no funny tricks!
I am concerned though, that if I were to trade with them, my money would have to go overseas. Now that may sound like nothing to you but I am 20,000 km away on the other side of the planet. Perth is the most isolated city on the planet and our nearest city is Jakarta not Sydney. I like my money close by for safety.

Because I do candlestick charting I open 9 charts so that I get sufficient patterns in a 6 hour period. Now EFX has one and I do not know if they can do more..................I will have to email them with my requirements.

So I will soldier on...

Kind regards, Tymen Wortel, Perth, Western Australia.

[tymen1]

To Tess :

Ahaaaaaaaa!

The website - "The NDD forum..." was the very one that I read and was trying to post. Instead it came out with funny letters and numbers - something wrong with my mouse clicking - 4 am does things to you.

I found that site very informative - hence the late reading. There is more I will have to read on that site. I am by no means finished.

Now I am working on my candle sticks using morning/evening star patterns and piercing patterns.
I am putting a whole set of high probability scenarios together using Bolinger bands, the patterns and staged entries with fairly high leverage. So far - excellent.

When it is all ready and proven I will publish it on this forum.

Meanwhile I have noticed that there are a larger number of new people coming onto the forum on Newbie Island and asking for a good broker. It would be nice if these people did at least some homework before asking.

There are other simple questions being asked which would be easily answered if only people would read the articles in the baby pips school. Then the harder questions would come forth and these are more satisfying to answer. I am tired of answering some of the basic questions.
I never did ask those - I did the research by doing the school.

Well now I am going to close off on this thread and concentrate on those candlesticks.

Thanks for the tip on opening a secondary account!

See you on another thread!

Kind regards, Tymen Wortel, Perth, Western Australia.

[Brazillian_Cutsey]

In my opinion that broker sucks big time

[gagan]

Hi Tess,

Dunno if you still remember me but a few weeks ago you gave me an advice that support and resistance is THE thing to understand when trading forex. Today i can say i totally agree with you. I did my research and its AMAZING how support turns in resistance and vice versa. The number of times the price touches these lines and bounces back...its like someone is deliberately doing that!!! I mean you can trade using S&R and maybe one more indicator to confirm your decision. You dont really need to fill up your charts with lots of indicators. Candlesticks do help as well..especially their formation at these critical points! Thanks a lot for the advice. Now i am looking for a broker...i was with FXCM but after checking out the nondealingdesk.com forum...i have my doubts regarding them....so when i came across this thread checked out the brokers you have personal accounts with...thinking of efx group....Anyways just wanted to thank you...so THANK YOU.

Regards

Gagan

[Tess]

Originally Posted by gagan

Hi Tess,

Dunno if you still remember me but a few weeks ago you gave me an advice that support and resistance is THE thing to understand when trading forex.

I did my research and its AMAZING how support turns in resistance and vice versa. The number of times the price touches these lines and bounces back...its like someone is deliberately doing that!!! I mean you can trade using S&R and maybe one more indicator to confirm your decision.

..Anyways just wanted to thank you...so THANK YOU.

Hello gagan!

Yes, I certainly do remember, & glad you found it to be of benefit. Good for you.

It's indeed gratifying when you can actually construct & build your (trade plan) foundations on something which is solid huh? As long as you take your time & test your work thoroughly whilst becoming used to your chosen method of execution, you'll be fine!

There have been 2 classic examples the past week on the GBP/JPY @ 241.45 & 231.75, of this laid back style of observation.

225.50 ( an area of Daily s&r) has just slowed price on it's visit to this zone, therefore allowing the shorts to take stock of current positioning

Any questions or queries, just pop a comment up...& all the best with your continued strategy planning.

Thanks for the comments also!

[gagan]

Originally Posted by Tess

Oooops, I forgot to mention your comment re: Brokers.

Don't be in too much of a hurry to start swapping & changing brokers unecessarily. By all means suss out the competition & have a play around with a demo or two, but your proposed style of trading won't really be detrimental to your account in the short term.

Obviously, costs will begin to impact the bottom line, but initially I feel it's more important to gain a foothold in your strategy & trade execution process first, before stressing out about different broker platforms.

If you're comfortable & competant about negotiating around your platform providers little kinks & quirks, then maybe focus your att'n on nailing down your strategy first? I dunno, whatever you feel comfortable with.

Whichever mode of progress you choose, I'm sure you'll get the results you wish for

Hi Tess,

You see when i opened an account with FXCM couple of months ago, i just funded it with couple of hundred bucks only. That time i just wanted to get a feel of things and i didnt mind losing that much, as long as i learnt something. But now after preparing my trading plan i am going to invest a couple of thousand so that i can use some money management techniques!

So the question is after reading all that stuff about FXCM in the nondealingdesk.com forum do i really want to send my money there!!! I dont mind losing money IF i make a mistake in my trading decisions BUT it would piss me off if my broker created a spike and it triggers my stop loss (Well thats what the guys at ndd forum say about these so called "bucket shops".

I totally agree with you when you say that its important to get the trading plan right first. But that being said would one really invest money in a firm which can screw you up!

Im totally confused if i should stick with FXCM and get my trading plan right or get a new broker and then work on my trading plan.

Regards

Gagan

[Tess]

Originally Posted by gagan

So the question is after reading all that stuff about FXCM in the nondealingdesk.com forum do i really want to send my money there!!!

I dont mind losing money IF i make a mistake in my trading decisions BUT it would piss me off if my broker created a spike and it triggers my stop loss (Well thats what the guys at ndd forum say about these so called "bucket shops".

I totally agree with you when you say that its important to get the trading plan right first. But that being said would one really invest money in a firm which can screw you up!

Sure, I understand exactly where you're coming from gagan, & you're right to question these kinds of potential quirks.

I can't really tell you what to do. All I & others can do is to highlight the alternatives, point out the pro's & con's & leave folks to arrive at their own decision.

Personally, I wouldn't touch them or any other deal desk shop with the proverbial barge pole - but that's me!

You gotta make your own decision based upon all the available information & cut your cloth according to the aims & expectations of your trade plan & development as a trader.

I think as one progresses & gains experience, some of these issues tend to answer themselves

[gagan]

Tess,

In one of the earlier posts you said that you had an account with EFX group. Could you tell me what charting software do you use with their feed? Or have you subscribed to their intellicharts?

And yea i know i have to take a plunge and make a decision on a broker. Im seriously thinking of going with EFX after i went through the ndd forum...Think i need to do more research on them!

Anyways thanks for your comments..

Regards

Gagan

[tymen1]

Dear Tess :

There is a thread on this section RATE MY BROKER called "Interbank FX a scam".

This thread is in great need of your expert input!

Could you have a look?

Kind regards, Tymen Wortel, Perth, Western Australia.