Ok, so I’ve been using FXCM’s demo account for a coiple of months now and as a beginner I pulled up my account from 50K to 135K. Mostly by being lucky I guess;) .
Anyway, last night I read a bit on forexbastards and have found out that FXCM gets lots of bad reviews:confused: . They supposed to be teh biggest in the industry, am I right here?
Most complaints were about them actually working against you, teh platform that mysteriously freezes up when you want to cash in your profit and so on…
Does anyone here have any live account experience with them, since I am planning on opening a live account and managed account with them.
That’s just it, my demo account is going fine as well. But after reading the reviews on forexbastards I’m not so convinced anymore.
If you went from 1000 to 200 things aren’t going that well?
Hope it gets better for you. I’m really getting my doubts about it all after reading that forex bastards site. Maybe Ill just let them manage an account.
Joey, I was wondering why are you demo trading with a $50,000 account? Do you plan on opening an account with $50,000? If not then why not goto a site that will allow you to demo with an amount that you plan on starting with? That is one problem with FXCM. Another problem is that you cannot use the good charting software until you have a larger account.
Well, FXCM wa the first demo I ran into, in the mean time I opened another demo with alpari mt4, easier to use and started with 5000USD, the amount I’d be willing to put in to start of with.
WHat’s teh deal with FXCM/s software? Can we only use it of we have a big account?
Bazooko, FXCM will open a Demo with what every you want, i was trading a 5K account, but it really shouldn’t matter on if its 5k or 500K, If you can make money-- you can make money… I traded a 5k on demo…now i only have a 1000.00 account live…i am taking it small.
I can afford to lose 1000.00… right now …thats it.
I guess the question here is CAN you make money doing this, If your making money in DEMOLAND then you probably can make money in LIVEWORLD.
They are different but not much
They may not use the same feed and have different algorithms. For instance on Oanda when they vastly increase spreads at news time on the live platform they do not on their demo. So in addition to the psychological issues never assume that it will be the same live and start small
First I thought FXCM to go live, then Alpari, then again ALpari does admit that it takes them 20 to … seconds to close a live position.
In that time your profit can be gone.
At least you are asking the right questions and are aware of some of the issues. Apart from news time when liquidity can dry up you should expect instantaneous execution of your order. I have in the past used MG Forex and Oanda without problems of execution outside of news and now use MB Trading and an ECN broker
It really worries me, I remeber 6 months ago when I started my first demo it was all good. Why? Coz I didn’t know anything yet and hadn’t read any forums yet. Now, really looking at other investment possibilities.
Jeez, if I want to lose my money I might as well go to a casino and have fun while doing it;).
Jeez, if I want to lose my money I might as well go to a casino and have fun while doing it
I would say if you don’t enjoy pitting your wits against the
forex market then the best decision you could make is
to go to a casino & have “fun” :lmao:
I personally have never received a great buzz from throwing my
money down the toilet.
At least you are asking the right questions and are aware of some of the issues. Apart from news time when liquidity can dry up you should expect instantaneous execution of your order. I have in the past used MG Forex and Oanda without problems of execution outside of news and now use MB Trading and an ECN broker
Unless of course you can invest your money in an ECN like Tony has said,
then you need to take a chance on one of the “uninsured” brokers.
I use Oanda, to this point in time I have not had occasion to complain.
If there is a better “broker” on the 'net I have yet to read about them,
that is at the level I am at. Where else would you be allowed to learn so
much about such an interesting profession on a shoestring.
The best advise I received was “never invest any amount of money
that you are not prepared to lose” This tenet I have carried over from
HYIP & Autosurfs, it still applies today.