So I am currently demo trading using plus 500 as the broker. I do all of my charting and analysis on trading view so do not really have much use for the charting side of the broker. But I have recently realised that when I do plan to go live plus 500 only allow you to use a mini lot as the minimum.
I have been doing all of my charting on the daily and 4 hour time frames as I hear they are the best for beginners to start with but this means that my stop loss can be fairly wide. When I plan to live trade I will only be starting with something small like $1000 USD. With the position sizes on Plus 500 I will not be able to risk 1% of my account per trade as the broker doesn’t allow any smaller lot sizes.
Can anybody point me in the right direction of a broker to use that will allow me to used micro lots for when I start trading live as I would ideally like to start demo trading on their platform so I can get used to how it is all set up.
A lot of people have recommended I use MT4 but for some reason it does not allow me to download the software on my Mac, any suggestions?
Any help will be appreciated as I am really looking for a reliable broker, I am based in Australia if that makes any difference.
Depending on where you live I would recommend FXCM. They will let you trade micro lots and I think you can use metatrader 4. Also have a look at TradeStation they have an FX platform and are also brokers. However Forex Trading is only on TradeStation Global. NinjaTrader also acts as a trading platform and a broker and you can trade micro lots with them. Their platform is quiet good.
With regards to running Metatrader 4 on a Mac you cannot do that unless you use bootcamp and windows 8 or windows 10 or run a virtual machine with Parallels 15 and again windows 10.
Yeah I was looking at FXCM so think I may just see how I go with demo on there. I mean MT4 would be good to have but if its gonna be that much of a pain to download think Ill just stick with using trading view and maybe use FXCM for taking the trades.
CMC allow much smaller trades in CFD based FX and futures, tight spreads. Most others will have a minimum contract size. CMC probably don’t place your trade they just take the other side until you regularly start trading profitably.
Tradestation US don’t do FX
Tradestation international won’t take Aussie tax based clients
you could move to Fiji ?
By seeing the brokers performance what should I be looking for? I know the things like making sure they have a licence and how tight spreads are but is there anything else or do you just generally mean how i get on with the platform?
I mean Fiji sounds great but who knows when Ill be able to get there! Think I will just give FXCM a go opened up a demo and all seems pretty straight forward
How is Mt4 a pain to download? It is pretty straightforward. I use Forexchief and I have an account that allows lowest trade lot of 0.01. You can take your risk to that minimum. I’ve used Mt4 and certain webtraders all my life.
