I Have now signed up with CMC and will be starting live again in the week, after quite a time trying to find a broker. CMC seems good
Ok - I have a CMC account funded with $100 US which is NOT an MT4 account
then i also have an MT4 CMC account funded with NZ$1000 which will be my main trading account - on mobile. Still trying to get it set up for use
My hundred account is currently $3 down with a small position open
Hundred account is at 106
thousand account at 1080
my hundred account was at 108 and then i blew it. total loss. Got overexcited and went all in. i was wrong.
On my thousand account i had reached $1900 which was not too bad. I then added 5k to make $6900 to start trading slightly larger
Next thing I wake up to find all my money gone and my account balance $-202 000, and margin call emails sent to me.
Yes - i almost had heart failure. I imagined we had a replay of the Swiss Franc drop some years back
But i looked and there had been no dramatic moves
Turns out it was a software stuffup at CMC markets on their MT4 platform - it took them a day to fix it, no emails sent out explaining anything, and i end up with a thousand missing.
If I was with Oanda - this would never have happened - but the finacial markets authority in NZ forced me to change to a broker lisecenced by them - and this is what happens.
I have sent email asking for my other 1000 to be given back to me and then im looking for a new broker
and they also have not removed the faulty history items - showing trades closing out at negative 50k, 20k, etc - so my entire trading history and stats have been destroyed and they take no responsibility - unbelievable
Woe. I totally got lost in trading and didnt come back to my trade journal for 9 months, 10 months. OK so heres the update. after that muckup wiith the trades - they started me off on a new account, and after some scrounging they gave me $200 - so at that point i had $6314 or something, over the next months i managed to slowly grow, and during the corona volatility i made maybe $1000 to $2000, and by June this year i was at $14600. i decided to withdraw $11000, simply because now i am trading with clear profit and all my own money withdrawn. I think im at about $9000 profit so all things considrered im happy with the results. so that was $6k into $14k in 8 months.
I then added $100 into my CMC account (non MT4) just to get used to the interface - thats going ok - i think im at $108 in 2 weeks
and now i have just transferred $1050 into Plus500, and on the interface they said you would get $200 extra if you deposit $1000. lets see if they stick to their advertising. right after transferring i saw there are facebook groups claiming Plus500 is a scam. Which sounds odd, anyway - lets see how things develop on that one.
Then the last one i need to transfer to is IG, and then i feel my eggs are spread in enough baskets without going ridiculous. I can easily trade on 4 platforms (3 companies)
with my reduced equity, i predict the profits for the next 10 to 12 months may be in the region of $5000.
i am not exactly impressed by usage of Plus500 so far, least of all their supposed bonus system - and thats ok - they will simply loose me as a client, but i will give it a go for a month or 2. Im starting with IG soon
CMc who im trading with every day are fine - no hassles - apart from theor pricing stuffup a while back
Pen down all your trade activities. Go for a demo account. Get your theories and your basics and your mood right, and go live. And don’t choose a broker over a whim or a fancy. Study. Research. Compare. Choose.
P.S. FXCM, XTB are my recommendations.
Me since 2017 but am 30