I’ve done a bit of reading around about forex, and am planning to start my ventures into forex with a demo account. two quick questions.
Firstly, I’m an Australian, and as such, I was wondering what the deal is with opening an account in USD. Is this advisable? or OK? Or should I be opening a AUD account? I think FXCM had the option of AUD accounts, but I’m just wondering if its worth it? At the end of the day, I would want to access my “gains” down the track, and so theres no point if i’m losing half my gains to crappy exchange rates when withdrawing money If I put my money in a USD account, i’m also essentially making a forex trade even before i start trading aren’t i lol?
Starting broker which supports micro lots. Currently looking at FXSols… I’ve got about $1k ready to waste, so I’d like to open a demo account on a system that I can continue on with in a few months on a micro account. FXSols seem good… any other ones people recommend?
I don’t know the answer to question #1, but I have been using a demo acct. with fxsol for 2 months now, and have been happy with them. I actually opened 2 demo accounts with the same e-mail address. Even after 2 months of solid trading I still am not sure if I am ready to trade live.
Hope this helps a little
GFT was recommended to me.
Tymen a guru memeber here is from WA and he uses it and thinks its probably the best platform, and i have no problem with it. You sign uo with through knietic securities in sydney. It is pretty good, read tymens candlestick thread and he gets to the bit about GFT.
Totally agree with holding your account in AUD, this of course may change in the future but USD not a good currency to hold in at the moment. I have recently opened a GFT account via kinetic after Tymens recommendation and am happy with it but they dont as far as I know offer the small size you want
I am demo’ing with GFT at he moment and I have to say the platform is excellent. They have 2 account options: standard and mini. Standard accounts have a minimum lot size of $100,000 and mini accounts have a minimum lot size of $10,000.
Why wouldn’t the USD be a good currency to hold at the moment? The USD seems to be quite low right now. Has it hit rock bottom? Can’t really tell. But the value of the dollar has dropped. Wouldn’t the saying “Buy Low, Sell High” back this up? I am of course referring to Long Term Trading, which means, to convert the USD back to AUD, you’d probably have to hold it in USD for a year or so.
GFT looks interesting, but since they don’t have 1k lots available, I don’t think its for me at this point in time… I’m going to start with a demo account, then move onto a $1k capital account, so I really can’t afford 10k lots…
Considering I’ll be playing with that initial 1k for at least 1 year whilst I get some proper capital together, I’m thinking it shouldn’t matter too much as to USD or AUD account, and uh… on a punt, i’m hoping AUD has topped out for a bit now So maybe I’ll just get a USD account for now…
Are there any issues with getting a USD account as an Australian?
Also, would FXSol be the best ones to start out with in terms of micro accounts?
I apologise if I came off as rude, but I’m quite sure my reply post was following the great advice given by everyone, otherwise I wouldn’t have bothered posting.
Everyone has advised me that GFT is a great company and that they do AUD accounts which would be a good idea, however they have also pointed out that you do NOT do micro accounts (lot sizes $1000), which if you read my initial post was a requirement as I will first be trading with $1k capital, only moving to $10k capital next year. Am I mistaken that GFT does not provide micro accounts and so would not be appropriate for me?
Are there any Australian forex brokers who offer micro accounts?
In regards to USD accounts, Kelvin has pointed out that USD may have bottomed out quite a bit, and so perhaps opening a USD account wouldn’t be too bad, and so I came to the conclusion that maybe it wouldn’t be too bad to try a USD account.
Please point out the part where I “reject all of it but also answer your own question”.
Good question and thats the issue isnt it, when has it bottomed. However look at the general mess the US economy is in. Frankly I dont think its anywhere near the bottom but of course I could be wrong
I was wondering what the deal is with opening an account in USD. … Or should I be opening a AUD account?
then
So maybe I’ll just get a USD account for now…
and :
Starting broker which supports micro lots. Currently looking at FXSols
plus
FXSols seem good
So this is why I did not add to the counsel of Tonymand (a very experienced member of this forum) and Chewbacca, Trav72, Keitsuke and Kelvin.
Not that it is wrong to anwer your own question but it might be better to be a bit more specific in future so that we can give advice that is better suited to your needs.
Clearly, our counsel, although well intended, was straying a bit.
There is a difference between answering your own question, and summarising ones findings by reading what other people have replied. According to various posters throughout the thread’s advice, AUD micro accounts are not available, and so USD the only option. That is called following advice, not answering your own question.
Quite a few people here have recommended GFT, however nobody has mentioned that micro accounts are not available, and thus GFT is not an option for me. Whilst I appreciate the positive feedback on GFT and will consider them in the future, my original post specifies that I need a broker that supports micro lots.
I haven’t disregarded the advice of anyone here, and I appreicate their feedback. Its just that when someone says AUD is a good idea to have the account in, but then nobody else chips in with AUD micro lot brokers, I can’t really follow that advice yet. Is this not true?
So tymen, I will ask you my question again. Does GFT support micro trading lots, and if not, are there any other australian companies which do support micro trading? Furthermore, who would you recommend from the micro trading companies?
Thank you for all the feedback everyone, and please disregard tymen’s notion that i don’t listen to people.
If I put my money in a USD account, i’m also essentially making a forex trade even before i start trading aren’t i lol?
