New and need some help

Hi guys, I’m new to all this Forex stuff. I’ve spent days feeding on information provided in this website, and have finally graduated babypips’ school! yay! :smiley: While I feel excited to start trading, I’m utterly lost. Some of the questions include:

  • Which Forex Broker should I start with? A local broker? Is locallity even important in my choice of broker? (I’m located in Australia btw)

  • How does opening an account with a broker work? Must I have a bank account in the broker’s local region? Or is the money directly deposited into the broker themselves?

  • All the demos ive tried so far doesn’t have the choice to have AUD as the default currency. They are usually USD, GBP, and EUR. I’ve been using USD. This means that my balance will be subject to the fluctuations of AUD/USD? I can lose half the value of my balance should the USD fall in value yes?

I’ve got alot more question, but I can’t seem to remember them. If you guys have any other tips for super newbies, they are most welcome. Thanks in advance.

oanda allow aud doller balances, that should solve all your problems in 1 hit

You dont need a bank account in any paticular country, as long as it is not one that has UN trade sanctions against it. So if you are in Australia with an aud$ bank account you are fine.


Demo at least 3 different brokers. Make sure at least one of them is an ECN. Decide for yourself which one you are most comfortable with.

Find a system that may best work for you. Some systems accepts AUD as base currency and its best to use it other than USD. You are correct in your assumption that you may gain USD but eventually loss it if converted to AUD. Trade in a demo account and go back often at the school of pipsology if you have second thoughts on your trade. You cannot master it in one reading. Best of luck.

There’s a Swiss broker that allows you to have your account in any forex currency. I don’t have enough status to give any details. They are easy to find on the net.