Myself i been trading now for a tottal of 4 years first year blowed acounts etcthen whent 2 year pure in simulated trading. Now after finnaly 4 years i became profitable around the 3 year but still had lots of improvements needed regarding money management psychology drawdows now i have for myself a pretty soldi way of trading doing around 4 a 5 trades a week having a average return of 10 a 8 a month dont look for high % did that in the past and had some trust but on the overal failed.
Now here is the question i wanna open a acount with 20k and try it live now here is the thing i read so many negative things about brokers so i am scared to even put my money in 1.
So i wanna ask i people honiest people please can gice me some good brokers i would apreciate it enorm.
Jason,
You need to check out online, do the research and sort through the rest. I continue to use Trader’s Way and so far, have not run into any issues with them. Yes, there’s quite a bit of horror stories doing the rounds, so it pays to do the research. While others may have their own favorites, it is essential that you take an informed decision based on your research rather than depend on what someone else said, good luck!
And Jason, start with a demo, test the broker for a few weeks before depositing any real cash…just a tip.
Oanda is good. I traded with them a lot, and they are credible. Only watch out for early opening hours in the week, when their spreads are way untradeable compared to IBFX and others.
I also used IBFX.
If you have a lot of funds, go for Interactive Brokers. I no longer trade forex, other than to hedge my currency to my home currenncy. For that, I use Oanda.
Depending on your location there are a couple reputable global brokers.
I would recommend you first look to see if there is a broker representative in the country that you live in. This would make it easier for transfering funds in and [U]out.[/U] If they are residing locally in your country or nearby then it would mean that they have got it figured out.
The out part is important because you want to know that you are able to easily take money out of your account when you have winnings. Most brokerages already have easy ways for you to transfer money in. :22:
Here are a few that have global presence which are quite reputable - I have out the 2 brokers that I use with an asterisk.
I have not used the last 3 after that but I know of people who are using them and they are very happy with them.
GFT ()
Igmarkets ()
FXCM
IBFX
oanda
All the traders above except for IGmarkets allow you to trade from Metatrader which is a very easy platform and great platform for charting.
My GFT account also allows me to trade in micro-lots (0.01 of a standard lot) which is great for when you start trading in a live account. You might want to check this out in the other brokers.
Hey Jason, good brokers take time to find, i think its better do some online research and get reommendations from all sorts of sources. British or American based company are very reliable cuz they have very strict finance monitoring systems. Also its depends where you locate and what language do you use.
If more questions, please feel free to contact me.
Good Luck
Nero
Recommending a broker to somebody is not easy, since every trader has her/his own trading style; hence everybody’s requirements are different.
I’d advise you to undertake your own research, observing due diligence.
You can start by using the ‘Cyber Search’ of 100 Forex Brokers; it allows you to enter specific search criteria (country, broker type, regulation, minimum deposit etc) which you consider important.
After you have assembled a list of brokers that look promising to you, check out how other traders reviewed their performance on websites like ForexPeaceArmy, ForexFactory or the PipGroup’s very own ReviewPips.
[U]Addendum to above post[/U] (as a separate post, because some forum bug messes up all the links if I try to edit it):
Finding a broker also depends on your nationality and location: if you have the bad fortune to be a US citizen, your choice is rather limited … to brokers who are subject to CFTC’s folly and megalomania.
A list of exceptions, i.e. of offshore brokers still accepting US customers can be found here or (from March 2012) in the OP of the linked thread.