hi. i am new to forex trading ive been using various demos. but i am confused on which to choose. the demo i like also with the broker are
MGForex and DFX trader… dfx trader has benefits that sounds good. but i am skeptical for the reason that its over seas, and didnt ask for much info such as copy of id, proof of citizenship. can this be something bad? mg asks for this, they also called me today as i got approved but i havent funded any account. im choosing one by the way… so i anyone can can me an advice from either both. or is there one with a low spread that is good and has no problems of taking ur money…
Welcome to BabyPips…I think you will find it an awesome resource and there are many people here that can give you lots of advice.
I will try and offer some advice that I have picked up in my little bit of experience…
There is a story about Alice in Wonderland who is following a path, which eventually comes to a fork…at the fork is the Talking Rabbit. Alice turns to him and says “Which path should I take?” to which the Rabbit replies “Where do you want to go?” Alice thought about this for a moment and replied “I don’t know”. The Rabbit responded “Oh, well in that case, either path will take you there”.
I am sure that the analogy is pretty clear…if you do not know what your requirements are for a broker, then it doesn’t matter which broker you choose, because they will meet your requirements.
Here is a list of some things you need to consider before choosing a broker :-
[ul]
[li]Choice of Trading Platform
[/li][li]ECN/STP or Market Maker
[/li][li]Leverage - you shouldn’t need more than 1:100 but thats your choice
[/li][li]Minumum size of deposit
[/li][li]Minimum trade size
[/li][li]Competitiveness of spreads and commission, if applicable
[/li][li]Methods of deposit and withdrawal
[/li][li]Level of support offered
[/li][li]Regulatory oversight, if desired
[/li][li]Hedging or no hedging capability
[/li][/ul]
You did say you are new to fx and I am not how long you have been demo trading but if you do not understand what these issues are, then you should not be opening a live account yet.
A good way to develop a feel for a broker is to browse these types of forums and see what people are saying. People will often disagree but it will give you insight into what you should be looking at.
In terms of the paperwork required by the brokers…go back and read the terms and conditions…you will find that often a broker will open your account instantly and you can fund it straight away…BUT you cannot withdraw until the formal documents have been submitted and accepted by the broker.
In terms of the broker that phoned you…lol, well you better get used to that because they going to keep on phoning you until you fund that account…and most of them do it.
Well i pretty much know everything there execpt ecn/stp and i skipped what hedging means. but i well read up. im a student trying to earn extra money by just working part time instead of full time… and ill tell u, i might be new, but i read up alot of things on forex more then i do with what im studying for. and on demos i did more wins then losses, and big wins. so i think i can do fine in the real world. lucky i made $1000 within 2 days. afterwards just $60 - 100… thats all i need. but thanks for the head up …
Actually you are right…my intention was not to patronise you, so perhaps my post was not totally appropriate:o. It is sometimes a challenge to pitch information at an appropriate level with little informatsion to go on.
Anyway, let us know how it turns out with whichever broker you proceed with.
Ahhh yep so i finally opened up a real account, at around 3.54 pm eastern, made my first trade . by 7:00 after class i made my first 50 i started with 10:1 on a 300 account. thats it for today. im going to eat little by little once getting a certain ammount i well raise leverage. probaly to 700. 20:1 and so on and so on. i well still take classes and become a better trader.
i ended up with fxsolutions to start off with… but now after a good month of trading ive learned few things. also what i want from a broker as well. spreads is one of them,leverage and methond of payment/withdrawl, no help desk just to name a few… im searching for one as we speak.
witsnpips why so many brokers? ive read reviews of both ibfx and fxopen its so so… whats good about having more then 1? im thinking of getting fxpro. but still reading and maybe post something here for opinions.
u don’t HAVE to have more than one broker, but personally I do, because it’s just useful to test out different strategies on different brokers, keeps things more organised.
