I have a $10,000 USD budget for Forex Trading. Which broker should I choose for deposits and trades? After checking multiple forums like Babypips, ForexPeaceArmy, ForexFactory, and EarnForex, I learned that all the retail brokers work with Market Maker models, and none of the retail brokers are 100% legitimate, including regulated ones or the most popular ones. I learned that it is good to diversify trading capital into multiple forex broker accounts and keep withdrawing profits on a regular basis.
After testing my EA for several months in Demo and Real cents account, I want to go ahead and start with a real standard account. I cannot afford to lose my hard-earned money of $10,000 to a scam forex broker. My algo strategy requires a minimum capital of $10,000, as I recorded a maximum drawdown of $4,000 to date. Therefore, I cannot diversify my trading capital of $10,000 into multiple brokers, so I have to choose one.
I have some brokers in mind like ICMarkets, FBS, and HFM (formerly Hotforex). What do you suggest? Which one should I choose? Feel free to suggest any other best brokers apart from the three I mentioned.
I would first suggest you google Forex brokers in the country where you reside. Then where regulated and where client monies are held in banks apart from their own.
Unfortunately, IMO, there is not a perfect broker suitable for all retail traders.
If you have $10000 that you can’t afford to lose and have an algo that had 40% drawdown over a short period of testing, I wouldn’t bother putting your money anywhere other than in a bank. It’s very likely you’ll lose more than you make, and your system is in no way proven yet.
Just wait until you’re $4000 in drawdown of real money, my experience is that if you get to that point, your account is going to be blown soon after, either from the move against you continuing or you gambling to try and recover. This is why the best traders cut their losses early.
I cannot afford to lose to a scam forex broker. $10,000 is significant money for me, and I know trading comes with risks. For this reason, my EA always has a 50% cut loss. If the drawdown reaches above $5000, it will close all orders and stop the EA from taking any new trades.
Yes, my system is not proven profitable yet. I have tested it with over 20 demo accounts and 10 real cents accounts. After blowing several demo and real cent accounts over the last 6 months, I have come to this conclusion.
Three cent accounts are running smoothly with a monthly return of 9-15% and a drawdown of up to -4000 US cents. The reason I have taken the hard step to arrange $10,000 from my savings and old investments is that it is challenging to determine how long one should test. Even if I test this system for another 6 months, it still cannot guarantee future returns.
I have tried Futures and Options and i always lose. It hard to understand and In Future and Options there is no proper tools like Metatraders where we can analysis, add EA and Indicators.
The EA uses a News filter to determine when to trade and when not to, as well as the strategy to employ and the optimal time for trading. This is the most critical EA that I have developed with the assistance of several developers and my own coding.
Utilize the news filter to decide whether to take a new trade or not.
Employ the news filter to determine whether to close negative P/L or not.
Initiate a trade for scalping, and if unsuccessful, employ martingale techniques for recovery along with hedging in the opposite direction.
Calculate lot size based on the previous lot size, P/L, pips distance between one trade and another, and determine new Take Profit and break-even points.
If the EA identifies a strong trend, it uses reverse martingale (Anti-Martingale) and continues placing trades in the trend direction.
This EA relies on a significant amount of real-time data based on the News filter and Market Velocity. As a result, it may not yield good results in backtesting. The only reliable way to test this EA is to run it in multiple demo accounts or real cent accounts with different currency pairs for several months to evaluate the outcomes.
You know what? I’ve studied charts where some trades pullback to their entry and have a 50% drawdown. So, I can’t say I don’t understand completely.
However, that’s not my entire account–it’s one trade, and the drawdown is in profit, not in my remaining balance. BUT, you’ve tested it, and you believe in it.
Go for it with IG markets. IG is a great broker with great charts.
From what I can understand here, you only want to trade forex and you’re interested in MT4 platform only?
Did you develop this ea yourself (or have it developed using your criteria)?
How long have you been trading?
I apologize if you’ve addressed these questions in previous threads, but I have not gone through to check.
You need to search for brokers regulated in your country. I can recommend OANDA who I’ve used for over 5 years with no complaints and you have your choice of MT4, TradingView as well as their own platform, but I can’t tell you if they’re regulated in your country.
My gut is telling me you are not ready to dive into this quite yet. But if you keep your position sizes to a minimum then your chances of survival are better.
Futures contracts are much bigger anyways so $10k would not take you very far using an EA.
Have you tried manually trading futures? It is not much different from fx but it is much more regulated than fx. So, if you can’t trade futures then your chances with fx are not good.
All profitable EA and Business is complex. I did not says my EA is well tested or proven and vise versa. Will share performance of my EA after running for months in real standard account.
Not just MT4, i am interested in Both MT5 and MT4 but as my EA is coded in MT4 and it only work in MT4.
I have developed this EA with help of several freelancer developers and i have coded too some part of the EA. The strategy is inspired from one of the trader i know. He grown $1000 account into $90,000 within a year.
There is no Retail Forex broker regulated in my country and my country banned all the Forex brokers which is not regulated in my country. All through there are some Brokers which provide to trade on selected pairs but they do not have Meta-traders.
Futures and Options are two different derivatives. I have traded in Options like Tesla, Banknifty, etc manually not Futures.
With ICMarkets?. I already attached the screenshot of mail. They do not accept Hyperactive EA or High Frequency trading.
Can you explain more what you mean by Portfolio. I know portfolio is collection of investments and assets. The term The power is in portfolio, not in one strategy is confusing. What you really trying to say? In Trading account it all about strategy, money/risk managements, entry/exit, and price actions.
Now i got your point and i totally acceptable. For, now i built one good strategy, in future i will try to add more strategy testing and diversifying it
Between, the main question you did not answered. Which broker should i choose?
