Im about ready to get in. I know im a noob but im going to keep my investments small unless I see 4 symptoms of winning. I got a 75% success with the demo account and a 81111% profit margin being very sloppy.
My biggest concern is the spreads. here are the spreads i have available to me right now among the pairs i imagine using most:
AUDCAD: 87
AUDJPY: 27
NZDUSD: 23
NZDCAD: 64
GBPCHF: 73
All over the internet i always see people using 2-3 pips
Only one i see 2-3 pips is sugar and sometimes oil
Something is seriously wrong I think and I spoke with customer service and she said that the spreads are different person to person. ( did not call her out that she was participating in some retail broker tactic and I acted all Columbo about it)
What are your guys’s thoughts on Forexbroker? If bad… is there another broker better for US citizens with less than $150 startup cash?
Regardless of broker I think $150 or less is an amount which is ok if you are learning how to trade i.e. skipping demo, opening a mini or micro account and learning how to trade, but not sufficient to operate an account with (unless you have some sort of plan where you add $150 a month and seriously build up your account). I would advice against taking demo stats as any sort of measurement as many do great in a demo account and fail horribly once they actually trade regardless of amount.
Agreed with TheLastBear 100%. Devides your success in Demo Account in half, that is what your success rate (approximately) will be in a real account. Good Luck in trying to find low spread broker. (I am still trying to find one) They all advertised as 2 pips or less, but in actuality it is higher.
that’s quite a nice demo result. i think you’re ready. using small margin for first real market attempt are wise decision, but trade seriously with real account no matter how much deposit is.
what i may concer is “she said that the spreads are different person to person” is that for real? they giving different spread to different account. i never experience such spread. and the most thing is the pairs spread are huge one. compare to my current brokers Armada markets, no scalping strategies would work on thus spread.
here’s armada spread of spesific pair, same pair as yours.
@ Ontario - Really? Commissions on a forex trade on Armada? Thanks but no thanks. I’ll stick with my broker. And the spread is also higher than what expected. Is that because it’s DEMO account? Or is it based on funding?
most ECN are charged commision, and since it fixed it would widen as market volatility. and i’ve been use several brokers with fixed spread no commision charge, but several issue happen spread widen even they stated as fixed one, mostly on news event. from what I share here, a comparison, because brokers with spread on AUDCAD: 87 AUDJPY: 27 NZDUSD: 23 NZDCAD: 64 GBPCHF: 73, are way too large, it will cost too much for a new traders, even for expert traders. and I never said to move and used Armada markets brokerage service. what I want to share is, there’s lots of brokers out there who offer better trading condition, in my opinion I share what I currently use.
for spread comparison vsit Spreads | Myfxbook feel free to compare any brokers you need.
besides, spread charged are not the only thing i looking for in choosing brokerage service.
I think it might be my phone malfunctioning with the software.
After trying Forexbroker.inc I tried Tallinex under the reccomendation of Janna and again the first trade or 3 the spreads are thin and then they become fatty’s. I am also getting the same behavior she warns about when brokers bid against you. These seem like legit honest brokers that are not trying to make you unsuccessful right. I think so. I guess I will need to speak to broker… or get a new phone.
Maybe my phone got the same problem. I keep seeing high spread, and I am not talking about 9 - 10 pips. (Even though some are that low) I am seeing 30, 40 ,50,… even 100+ pips. I still, yet, to see 2 pips and bellows like they advertised.
Even with the Myfxbook’s Spreads list, I picked the lowest one and registered a demo account to check it out. And the spreads are so big, way bigger than what was advertised.
I looked up Regulation on Forexbroker.inc and discovered that they are not even endorsed by their own country Malta (which might be a more challenging endorsement than USA)
and I am Still having trouble finding info about Tallinex. they seem very vague about their regulation ect. stating only "Tallinex operates under St Vincent and The Grenadines jurisdiction with funds segregated in a large European bank"
St Vincent and the Grenedines? They seem more shady than the caymen Islands. So i guess I need to definitely continue my search. Unless someone knows how i can find out if they are a member of an honorable regulatory body.
Not digging too deep on Armada as they wont accept me as I am a US client.
