begging to senior members (or seasoned traders)

[jobrandco]

prefer to beg seasoned senoritas instead tho

<beg beg beg> i'm new here to babypips and even newer to ForEx. But i feel that i have a nack for this stuff and wish i knew about it sooner. I've spent a week searching for a (my first) broker. And am becoming nervous about the whole thing. Every forum, people have different opinions about everything, especially when it comes to choosing or ranking a broker.

I prefer to deal with top tier entities or at least brick and morter real companies instead of virtual organizations. But the big ones i'm finding require more money to open an account than i'm (really my wife won't unhook my leash for a few minutes!) willing to risk. And the next step down, guys like GFT, forex.com, fxcm etc etc, have such bad reviews I'm affraid when I have significant funds in their account they'll close down and wont get my money out in time, lol. What do I do?

So, I'm begging you beautiful senoritas (ok and the guys too i guess) to drop me some names of firms you're using or recommend with up to $500 mini opening requirements.

Also since i'm begging anyway wouldn't it be better to sign up with someone who charges a commission instead of *no commission? then i don't have to worry about conflicts when the time comes to go big?

well anyway thanks for any help in this matter it would be greatly appriciated and i never forget favors (speacially tips, after i open a friggin account of course) and thanks to babypips! but soon you should extend to "megapips - for seasoned successful traders or the alter-egos of wannabees (like me) only" i know the slogan is a bit lengthy but i want royallties!

also i am accepting applications for a (or a few) senorita mentors!
i'm 6'1" 190 lbs brown hair blue eyes look like tom cruise**









**his dog

[jobrandco]

and yes i have already read every post and reply regarding this subject in here but still not alot of confidence in the mixed reviews. but i haven't seen replys from senior members tho.., also are us citizens allowed to open accounts abroad or is there some type of sanctions going on? and is it a bad idea to give my business to non u.s.a. firms?

[jobrandco]

mm or ecn? for someone that will trade full time...

[topgun]

For a new person just starting and with your low capital you can't wrong with Oanda. I love the flexibility of trading any lot size

Topgun

Forex Broker Comparison

Originally Posted by jobrandco

mm or ecn? for someone that will trade full time...

[jobrandco]

how about another with a bigger margin? i know i should stay with low margins but i really like the idea of 1:400 probably stupid but still, is there a compromise. or should i just shut up and listen and try 1:50 first until i prove myself with real money first? sorry for bugging you guys. but i'm trigger happy and ready to get it on

[topgun]

You can always use Oanda's FREE unlimited demo/game to prove to yourself that you can handle 50:1 leverage before attempting 400:1. Some would consider this Oanda's biggest problem but I like only having 50:1 since it's more than enough leverage for me. I was all ready to go also and they I had a reality check when I switched to real $$$. Also margin is just the money that you are required to put depending on the amount of leverage you choose. For example if you want to trade at 50:1 leverage on Oanda than they would require 2% of the funds on margin. If you only wanted to trade at 10:1 leverage than they would require 10% of margin . Babypips has a good class on this. Good Luck on whatever you choose.

OANDA FXTrade - Margin Rules

Originally Posted by jobrandco

how about another with a bigger margin? i know i should stay with low margins but i really like the idea of 1:400 probably stupid but still, is there a compromise. or should i just shut up and listen and try 1:50 first until i prove myself with real money first? sorry for bugging you guys. but i'm trigger happy and ready to get it on

[fuside]

I use forex.com. However, I haven't seen any post on this brokerage firm on babypips so I don't know if it's any good. Frankly, I'm satisfied with what I get besides the limitation on the charting softwares provided. There is no 400:1 leverage but there is 200:1. Minimum requirement to open an account is $250.

Their 24 hour live support is nice and always seems to have someone there. Hope this helps

[rhodytrader]

Originally Posted by jobrandco

how about another with a bigger margin? i know i should stay with low margins but i really like the idea of 1:400 probably stupid but still, is there a compromise. or should i just shut up and listen and try 1:50 first until i prove myself with real money first? sorry for bugging you guys. but i'm trigger happy and ready to get it on

I agree with TopGun on newbies going with Oanda, at least to start. The trade size flexibility is just want the small trader needs to be able to take on positions without having to risk too much with fixed lot sizes. Also, Oanda's live accounts allow you to go up to 100:1 leverage.

As for using 400:1, think about this. At that leverage, were you to use your full balance as margin, it would only take a 0.25% move against you to wipe your account out completely. That's about 30 pips in USD/JPY, for example, which can happen in a very short period of time.

[topgun]

Rhody,

Are you sure Oanda live accounts can go up to 100:1? I am using a live account and the most I can set it to is 50:1 and even their documentation only says 50:1. I just want to make sure that I am not giving out wrong info by saying their 50:1

Originally Posted by rhodytrader

Also, Oanda's live accounts allow you to go up to 100:1 leverage..

[rhodytrader]

Originally Posted by topgun_68

Rhody,

Are you sure Oanda live accounts can go up to 100:1? I am using a live account and the most I can set it to is 50:1 and even their documentation only says 50:1. I just want to make sure that I am not giving out wrong info by saying their 50:1

I stand corrected! Just checked and you are right. The max if 50:1. Strange, I could have sworn once upon a time I was able to make it 100:1. Oh well.

That said, I'm with you. I can't recall ever even contemplated a true 100:1 position. My more position oriented approach is as least partly responsible for that. If I were a day trader, I might employ more leverage.