Hi everyone,
I’m new to forex and looking for some advice. To be clear not totally new, I’ve been on FXCM’S Power Course, watched David Waring’s Course at Informed Trades, making my way through the school at Baby Pips, understand the vast majority of indicators and how they are derived, have traded a little on fxcm micro and generally tried to absorb as much information as possible.
I live in the UK, and have a $200 dollar account with FXCM Micro. I prefer trading very short time frames, because although I am patient, I like things to happen quite quickly and also because my account can’t really take the wider stop-losses, I would need to trade longer time periods.
Finally my questions are:
I think the FXCM Platform is great , but I don’t like the fact that firstly my account is denominated in Dollars which means that if the GBP/USD rate goes up my account is worth less, which I have to make up for with trading and secondly the only way to withdraw to England is by wire which costs $15 dollars a go. Is there a company/way with FXCM to have my account denominated in Sterling and have free withdrawals? Because as you can see $15 dollars represents a significant percentage of my account and if the exchange rate rises I’m trading against it.
Thanks for reading this marathon and any ideas are much appreciated
P.S As I’m new to Forex I’d rather not to invest more that £300, $500.[B][B][/B][/B]
You can have the account denominated in sterling if it is a standard 10k account. The micro accounts are only available in USD. Also if your account is a standard account, then the withdrawal by credit/debit card would be free.
Thanks for the reply, but FXCM only allows you to open 10k accounts with £2000, and trading 10k lots with my account size, is a sure fire way to lose money fast.
Hi
As you are in Uk look at the spread betting companies. Although not for the “purist” trader thay are simple and cheap. A big plus is that any profit made is free of tax