<beg beg beg> i’m new here to babypips and even newer to ForEx. But i feel that i have a nack for this stuff and wish i knew about it sooner. I’ve spent a week searching for a (my first) broker. And am becoming nervous about the whole thing. Every forum, people have different opinions about everything, especially when it comes to choosing or ranking a broker.
I prefer to deal with top tier entities or at least brick and morter real companies instead of virtual organizations. But the big ones i’m finding require more money to open an account than i’m (really my wife won’t unhook my leash for a few minutes!) willing to risk. And the next step down, guys like GFT, forex.com, fxcm etc etc, have such bad reviews I’m affraid when I have significant funds in their account they’ll close down and wont get my money out in time, lol. What do I do?
So, I’m begging you beautiful senoritas (ok and the guys too i guess) to drop me some names of firms you’re using or recommend with up to $500 mini opening requirements.
Also since i’m begging anyway wouldn’t it be better to sign up with someone who charges a commission instead of *no commission? then i don’t have to worry about conflicts when the time comes to go big?
well anyway thanks for any help in this matter it would be greatly appriciated and i never forget favors (speacially tips, after i open a friggin account of course) and thanks to babypips! but soon you should extend to “megapips - for seasoned successful traders or the alter-egos of wannabees (like me) only” i know the slogan is a bit lengthy but i want royallties!
also i am accepting applications for a (or a few) senorita mentors!
i’m 6’1" 190 lbs brown hair blue eyes look like tom cruise**
and yes i have already read every post and reply regarding this subject in here but still not alot of confidence in the mixed reviews. but i haven’t seen replys from senior members tho…, also are us citizens allowed to open accounts abroad or is there some type of sanctions going on? and is it a bad idea to give my business to non u.s.a. firms?
how about another with a bigger margin? i know i should stay with low margins but i really like the idea of 1:400 probably stupid but still, is there a compromise. or should i just shut up and listen and try 1:50 first until i prove myself with real money first? sorry for bugging you guys. but i’m trigger happy and ready to get it on:)
You can always use Oanda’s FREE unlimited demo/game to prove to yourself that you can handle 50:1 leverage before attempting 400:1. Some would consider this Oanda’s biggest problem but I like only having 50:1 since it’s more than enough leverage for me. I was all ready to go also and they I had a reality check when I switched to real $$$. Also margin is just the money that you are required to put depending on the amount of leverage you choose. For example if you want to trade at 50:1 leverage on Oanda than they would require 2% of the funds on margin. If you only wanted to trade at 10:1 leverage than they would require 10% of margin . Babypips has a good class on this. Good Luck on whatever you choose.
I use forex.com. However, I haven’t seen any post on this brokerage firm on babypips so I don’t know if it’s any good. Frankly, I’m satisfied with what I get besides the limitation on the charting softwares provided. There is no 400:1 leverage but there is 200:1. Minimum requirement to open an account is $250.
Their 24 hour live support is nice and always seems to have someone there. Hope this helps
I agree with TopGun on newbies going with Oanda, at least to start. The trade size flexibility is just want the small trader needs to be able to take on positions without having to risk too much with fixed lot sizes. Also, Oanda’s live accounts allow you to go up to 100:1 leverage.
As for using 400:1, think about this. At that leverage, were you to use your full balance as margin, it would only take a 0.25% move against you to wipe your account out completely. That’s about 30 pips in USD/JPY, for example, which can happen in a very short period of time.
Are you sure Oanda live accounts can go up to 100:1? I am using a live account and the most I can set it to is 50:1 and even their documentation only says 50:1. I just want to make sure that I am not giving out wrong info by saying their 50:1
I stand corrected! Just checked and you are right. The max if 50:1. Strange, I could have sworn once upon a time I was able to make it 100:1. Oh well.
That said, I’m with you. I can’t recall ever even contemplated a true 100:1 position. My more position oriented approach is as least partly responsible for that. If I were a day trader, I [I]might[/I] employ more leverage.
I’m not yet a seasoned trader, and I haven’t ran the gauntlet of brokers to see who’s the best, but I’ll say I’ve heard good things about Oanda. I’m running a demo account with them now, and the man who got me into the Forex is still using that service. I believe he’s been talking about opening an account with something called VT Trader as well (they have some options he likes, or something), but he says even if he does, he’ll still trade with Oanda as well.
The biggest complaints I’ve heard about them so far is the lack of a four hour chart (not an issue for me) and the lack of automatic trailing for stop losses (again, not really an issue for me, at least not yet).
Have you tried FXsol? You can trade $1000 lots, I forget if thats mini or micro or whatever. They allow multiple choices of leverage up to 400:1. I’ve traded with Oanda and when I go to trade with a 100:1 broker like EFXgroup with a $400 account minimum and trade $1000 lots on up, the gains and losses( I was in a slump) are mindboggling. Its difficult to switch mindsets with all these different leverages.
Enjoy, may you breed many babypips for your accounts.
Are you up on what to expect at tax time?
i tried forex.com and fxcm.com fxcm seems to be a solid platform with minimum problems… forex is alright and got great commentary but may be blocked on some firms firewall and sometimes it freezes …
You are welcome to forex, really good options to choose from in the posts so far, this is why i like forums, you get good guide to success. when i was about to start, i made a proper search and it led me to Profiforex, their low transaction cost really attracted me. And good trading platform, but really impressed me is their execution speed. Well you can always do your search, wish well.
. Babypips has a good class on this. Good Luck on whatever you choose.