Good evening!
New as new can be on here.
I been Practicing and Reading on here since September 08’
I opened Demo with FXCM using the micro trading station they offer.
Today, I opened a 50k demo with GFT only to mess with their trading platform.
After mindlessly clicking on everything that has a button, I like it.
What’s YOUR take?
I like to scalp! and I like to do intraday trades for now.
Thanks!
Volcom
My take is that I like GFT, especially the platform, but it is still a dealing-desk operation. That’s fine, but for scalping I would only ever use an ECN with straight-through order processing, simply because the transaction costs with dealing-desks are a lot higher and when you’re scalping, a requote could mean the difference between a huge profit and a huge loss.
two things, of which one is the only important one
FIRST — will you be trading for real with 50K ? If not, please enter into enough BAD trades to reduce your equity DOWN to a realistic level.
Understand that 50K is now the defacto standard for brokers “demo” accounts because they know only a very FEW will open with that much money, and the equity provides a “cushion” to the newb that invariably lulls them into a false security as they see just how MUCH they can “so easily” make — well, you arent gonna make that much, and when you put forth your real money, youre gonna find yourself in real trouble !
the second is what akeakami has said about requotes, which is an absolute DISASTER if youre scalping, so for that purpose (although you will find every now and then that youre bid will not be accepted because the market moves away from you ((usually to come back again)) the ECN is far superior !
but be honest to yourself and get the equity DOWN to where you will be starting so the demo comes as close to what will be your real trading as possible !
enjoy and trade well
mp
Darn! MP. you swoopped in here under my nose.
I’m messing with a 5k demo from FXCM. Like you said, 50k is false security!
I started by reading before doing the demos instead of the other way around. I been hearing some bad reviews about FXCM.
What’s a great site to compare brokers with ECN?
FXCM wont let you scalp
This becoming a headache…
I love to scalp for 5-20 pips. but this is not the majority of my activity.
They have a 5 min holding rule.
Hello,
I have a micro account with FXCM, and I routinely scalp, sometimes 1 or 2 pips, and in trades lasting less than a minute to 5 minutes or so. Does their holding rule, or ‘no scalping’ policy apply to all accounts (micro, mini, and standard)? I’ve had no problems thus far, but I certainly do not want to have any going forward.
Thanks in advance.
I had a account with them and they told me that I was not a allowed. I dont know there specify policy. But they will refund you account if they cant make a trade oppisite of yours because they are a real dealing desk. Every time you make a quick win its money that they lose instead of hedging the order in case you might win.
What? FXCM is also Dealing desk too?
MBtrading seems like the answer.
they are on the micro accounts — supposedly NOT on the normal and higher level accounts.
mp
They also offer larger account sizes, and one would hope that they offer a more stable spread at the mini and full lot accounts, as their variable spreads are at the point of “bait and hook” for newbies not paying attention to what is really going on… This is an unscrupulous technique to lure you in and nothing more.
Ok, I have no experience with GFT, so have nothing to spout off about concerning them. I haven’t had my coffee yet, so… forgive my last post’s apparent bias.
The variable spread used by FXCMMicro is a very dangerous and mysterious creature. I have seen spreads on the EUR/USD range as high as 22.3 down to 1.3 while in a single trade. I can only assume this is based on volume and volatility, or atleast I would hope that is what it is.
On the other hand, I also have a “magic” “screw the trader” switch that they have just to make their end for the day. I am a synnic at best when it comes to fxcmmicro, but I do have an account with them, so…
when a broker is willing to put out free live trade accounts in whatever the amount size, they fully intend to get that money back and will inevitably “hook” in a few newbies crossing over from the poker and blackjack tables to the forex market. That was my referrence to the whole “bait and hook” theory. If you can’t afford to put money at risk in order to make more money, FOREX IS NOT FOR YOU.
Do your homework. There are brokers that offer fixed spreads, and I’m sure, at a level of a mini account or full lot account, FXCM would be willing to negotiate fixed rate spreads for you, atleast I would hope so.
Am thinking of a new closing statement,
how about… Contentment be to all, and good pippin,
Chubs