Hey guys! So I am completely new to the Forex trading scene and I’ve only been demo trading for three days now. So far I am just trying to absorb as much knowledge as I physically can (I’m currently just about done with engineering school, so learning is what I do!). I have been researching brokers so much that I’ve really just been going in circles and not making any conclusions. So here is a little about me and my style;
-Looking to start with small amounts of capital - $500USD
-I would consider myself a day trader and occasionally a scalper for some quick trades
-Im not looking to withdraw funds for quite some time, I want to let the capital build. Eventually though I will begin regular withdraws.
-I think leverage of 50:1 would be fine, I understand the math and managing risk at the basic level
-Currently I am using MT4 as a platform on my desktop and mobile
-I generally trade the US and London session
-The broker must accept US traders
Currently my demo account is with MB Trading, I am also looking at Oanda and Alpari. I have looked at market makers as well as ECN brokers and am just not sure which way to go. I am extremely open to any brokers that fit my style and needs.
Thanks for taking the time to read this and answer!
I think you should not even think on brokers yet! You are trading just 3 days in demo account and you should trade in demo for at least 6 months more! You should note that the most important thing for achieving success in forex market is your trading strategy and in my opinion the broker has the least important.
Thank you for the response! I completely agree with you and I am planning on trading a demo account for several months before I transition over to a live account. But I’m just trying to plan ahead so I can start demoing with the broker I would like to use long term.
perhaps you can start with your 3 days demo trading result. most member would gladly evaluate your trading result and put some advice for your improvement trading skill.
please do at least 2 months demo trading before start with real money, otherwise you’ll just ended counting your losing money.
Three days ain’t a lot…as far as the leverage goes, that’s fine as long as you maintain a good MM. On brokers, currently I use three, from tradersway, fxcm to alpari. Frankly, would prefer the first two over alpari any time…but that’s just my preference. Check out the websites, read up on what’s on offer, do the research, check out a few independent broker review sites and good luck…
So as of right now my account is at $10,460 and I started with a $10,000 account. Im really trying to focus on risk management. I made a spreadsheet that takes you account balance, risk percentage (usually 1%), # of pips wanting to risk, and the lot value (since this can change per broker) all as inputs. Then the spreadsheet will output the maximum dollars that can be lost on this trade and the value I should put per lot. This way I can quickly and easily set my stop loss. This seems to be working so far. As of right now I would say most of my trades are 30min - 4 hours.
On the contrary, has it occurred to you that a person can successfully trade demo for over 2 years but will blow off his real account in a matter of days? So it is not always about trading demo. Poster for the criteria you mentioned, you can start with a micro account with a good brokers.
This is something I have thought about but since I am completely new to trading I figured I would stick with demo trading for a bit. But once I’m ready I may start with around $50 and a micro account. I have to agree that there is no replicating the feeling when real money is on the line.
demo trading is NOT the same as real. If you really want to feel the market and learn to predict moves - it’s only real trading. most good reputed brokers get under your conditions (may be except US traders)…
Though you might need more demo practice but planning ahead is a good idea. In searching for a good broker you need to look for the one that suit your trading needs. I have my fair share of brokers but the one i prefer is profiforex. They have micro account and offer good trading platform.
I would second this…demo trading is no substitute for live trading, at most you can use the demo to learn the ropes, dry test your strategies, but in the end you would have to go in for a real acc, would suggest you start off with a micro…
Just a question - are we going to continue to play financial advisers, or are we going to answer his question?
He wants to find a broker, so that he can also use as a demo account.
You don’t use a demo account for 6 months at a broker that you aren’t going to use with a live account.
It would be a much easier transition if you use a demo account and live account at the same broker.
That might be what he wants to do. He might also want to blow through an easy $50, just so he is trading live, even if it means gaining $.05 as profit.
There are many brokers out there that fit your needs. As Member Fxmall suggested - ‘Trader’s Way, FXCM, Alpari’ are some of his recommended brokers. Others are Forex.com, FXOpen, Oanda, and many more.
For me, I use FXCM because I am in the U.S. and I have demo’d with them since 2011. I’m also comfortable with thinkorswim, just because I like their charting software. It has many technical indicators (just to play around with, but I use MACD and that’s really it) to play around and find a strategy with.
Again, Fxmall recommended checking out the broker sites, read what they have to offer, do research such as reviews, and check out independent broker review sites.
It should lead you into the right direction.
Forums are ‘okay’ for asking such questions, but many responses (other than ‘search’ & and ‘don’t go to a live account, sit on demo forever!’) are opinionated and doesn’t really explain why they use what they use.
So check out ‘reviews’ and comparison threads, and you will find people who give a reason for their review and also any problems they encountered which should alert you to proceed or not.
Yup, that about sums it up…most of the Forex forums are peppered with the same questions and in a weird way, similar responses but at least, the HG threads do not often crop up on b pips, thank god…
I think as per your needs, Finpro should suit you well. Oanda and Almari are good, even Fxpro is good, but they some minimum deposit requirements. With Finpro there won’t be any such issue, and you can also take high leverage if you need. Plus their trading station is much more advanced than the usual MT4. I myself switched from MT4 to their platform. They would be good for scalping as they give tight spreads. No dealing desk allows for quick execution. And my suggestion would be never trade with a market maker. They will only hunt down your stop losses. Trade with an ECN always. Finpro is a genuine ECN broker and my 1 ½ year trading experience with them says that should try them out.
Demo trading is very much okay because it will help you in learning a lot but i think you should try going live. You can open a micro account to really get the grip of forex market. In profiforex you can open a micro account with as low as $1.
Hi, I am just learning how to trade forex, still in kindergarten, but I have opened an Oanda demo account just to have a feel of the market. Your spreadsheet sounds very interesting, is it possible to share it? Thanks!
the best thing to do is to look under their skirt, by finding out more about the actual trading costs.
Trading cost is influenced by mainly spread and commissions, but you should also pay attention to swap mark-up and conversion loss. These cost types are less known, however
they can raise your trading cost substantially.
If you want to get a good comparison of broker costs, I’d suggest you to take a look at the TraderProofer (tradeproofer.com), they have a cost comparison engine which takes all
types of costs into consideration, you can even personalize your search accorcing to your trading style.
