I very new to the FOREX and have been going through the Babypips school for the last month or so and recently started a demo account on Forex.com’s ForextraderPro, which I found the layout of to my liking straight away. But having never used any trading systems before don’t really know any others to compare it with!
I have, more recently, also downloaded GFT’s dealbook and have registered with ACM to download there platform (haven’t got round to doing that one yet!).
So I guess my question would be 2 fold, how do folks on here rate the systems I’ve mentioned and also any comments or experience of how good/bad/indifferent the brokers as well??
The first thing you should do (if you not done it already) is decide what type of trader you are and how much capital/initial deposit you have. Remember different brokers will have different margin requirements and initial deposit requirements, so this is why it is important to identify how much money you are willing to deposit and also what type of trader you are.
I believe that choosing a trading system is also difficult, which I myself have found difficult, but you can atlest first decide if you are a day trader, intrday scalper etc, you may think you can trade more than one type e.g. intra day and day in which case you would spend more time testing trading in those time frames. remember your trading system will play a part in deciding your broker e.g. if you trade the news you want good tight spreads during the news releases.
So to start off, I suggest perhaps trying a simple trading system first and after trying that system for a month or few months you can move on or continue that trading system and from this you will realise what type of trader you are e.g. risk taker risk averse your stop losses.
I beleive each trader can only truly rate a system on thier own by testing it themselves as they may work for some but not for others, so I suggest you try out a few different trading systems and also a few brokers platforms, and once you become sucessful at demo trading you will be in a better position to decide which broker is best.
Hope this makes it a little easier choosing a broker:)
but i think the best factors are spread and for beginners that broker have be easy to use. Many Direct brokers you find here (Broker-Vergleich). You can look also for other broker sites, there are many of them. Direktbroker is a special site for comparing broker.
What you need is Online-Broker. Huge assortment of broker comparing informations. And much more. This site is very good and with actual online brokers. Its each week updated.
some brokers require lots of filling out forms, and take days to get registered before you can trade. But for example, with fxopen, you can get started almost immediately, very simple.
absolutely true. the broker needs to be easy to go through. some brokers take forever and require a ton of information before anything can even be opened up with them. ive gone through trade4lessfx which uses marketiva. they open accounts quickly and they dont have unnecessary requirements.
Experience has taught ME anyway that the more regulatory information required by the broker the better!!! I know of ONE broker who will open an account FOR ANYONE IMMEDIATELY without even so much as ID being required. I know of ANOTHER one (nudge, nudge, wink, wink) that will not open an account until they have the ORIGINAL CHECKED FORMS IN THEIR HAND shipped to them!!! I’ll give you a guess WHICH one I’ve never had an issue getting my money from??? LOL!!! I’ll give you ANOTHER guess WHICH one I’ve never had to raise a dispute with about a price!!! LOL!!!
Seriously though: you have to ask yourself WHY all the big brokerage firms require all MANNER of forms to be completed etc. and why a LOT of forex brokers don’t need more than your credit card number and a copy of you ID!!! Do you think the big brokers go to this trouble because they’ve got nothing better to do in the day??? LOL!!!
I now it’s a pain having to wait but believe me: once you have a few thousand dollars in your account you’ll sleep MUCH better at night knowing that you money is safe!!!
