hey guys, first post here on the forum and had a few questions for those of you who have more experience then myself.
Ive been trading on demo accounts for the last few months, averaging 80pips daily. Its now come time for me to see if I can actually make some money… Im a university student and would love to have a good source of income for spending money and food.
anyway, my real question is a good forex broker… ecn preferably that has good spreads for an initial deposit of less then 500. The main issue for me is the fact the broker needs to offer either offer java or web based trading ( I only have access to a mac). The best java based trading software I have used so far is dukascopy’s jforex java system.
The broker I like best is Oanda. They have a java-based platform and also support Metatrader, which you could run on your Mac through something like Virtualbox.
wow disregard that, looks like there is NO min balance requirements. the max 50:1 leverage is a bit low considering I have little capital… but prob much safer for a newbie like myself thanks for the input dusktrader… ill be seriously considering this as I am canadian and there regulated here
Ok son. Chill out. Forex is not for that. If you think that you made 80 pips a day in a demo it does not mean it will happen on real life. If you are a student finish college, meanwhile find a half time job that helps you with your studies because forex will not put bread into your hands. However you can dedicate to refine your trading skills while you are studying. Let me guess, you don’t have a clear idea of what risk reward is right? I assume that you are not using stop loss, BIG MISTAKE. Sorry that is how thing are.
haha well I was somewhat waiting for a comment like this. I only stated my average pip gains so people would jump all over me telling me how to trade first… You seemed to have formed a lot of conclusions as to how I trade from what I posted above. I you want a little background about myself… I have been a trading assistant and possess trading authority over a very large equity account for the past 4 years… so no, risk reward is not a new concept. I will grant you, forex in general is new to me… but I see no issue in attempting to trade while in university… and the comment about not using stop losses :34:
but thanks for your input there Mr Gone… you sound very insightful… lol
It is not the same to watch than to do. You are talking like a trend analist, they can “predict” a trend but they suck as traders. Be humble, one thing is to know what risk is and very different is to be smacked for the results of the risk. Be humble, or market will humble you. You realy sound like me on my early days.
My preference up until recently has been Oanda, their new requirements have me looking overseas.
The Mac thing is a problem… I did a seacrh on google ‘metatrader for mac’ and there is some methods for installing metatrader on your Mac, I have no idea as to whether that would be feasible for you, but something you can refer to.
My thoughts are that you can google for forex brokers to find a platform that you like.
80 pips a day is a nice number, I think you could compound that into a nice income with good money management.
Mr Gone is correct! The fills you get on demo are NOT the fills you get on a live account. (a fellow trader entered a market order and got a fill 60 pips from where he wanted to enter just last week using Oanda) And your emotions do not come into play ether. However for a Mac user Oanda is a good choice. Good luck
They have a pretty good track record! Solid company run by Tim Thomas, Zdeno Chara, Johnny Boychuck, Patrice Bergeron, Brad Marchand just to name a few
I do realize its a different ballgame and i’m not saying i’m going to walk right into it and become an all star… I just think I have done enough of my homework and have enough of a basic idea of what im doing to give it a shot live… but judging by the insane failure rate for new traders I know where you guys are coming from, i just dont like being written off as a moron lol. I assume your friends bad fill was while trading the news? which I stay away from. thanks for the good wishes
Thats more of an exception traderbary. If a broker gave me an order 60 pips away from the price I bidded on, then I would have issues with the broker. I suspect that your friend was probably exagerting. If a broker was constantly orders 60 pips away from the price they indicated then I think your friend is mentally challenged for continuing to use it,
Why is everyone insisting on writing you off? Oanda is a great platform (I trade with O) with no minimum balance requirement or as low as 25 dollars can’t quite remember. But do not expect anything like Jforex trading system which is IMO much better. As others have said oanda also has meta trader if your used to the Jforex trading system then meta trader will be easier to adapt to than oanda’s java platform. Either way sounds like you have more experience than 99% of the newbies at this forum which gives you a great head start. Best of luck to ya.
Oanda is good but only offers standard accounts. With mini accounts you can practice with real cash however in standard accounts spreads are lower and orders are executed more fast.
I have a micro account at Oanda (actually I think they’re all the same at O). You can trade down to pennies with Metatrader, or sub-pennies with the java platform.
I have an account to easy forex and I can say they are good. Also I heard good things about Oanda, I have some friends working with them and I can say that are ok.
i find Alpari good. Oanda are ok most of the time, but I do find their slippage/spreads can be pretty bad when the news kicks off… ie 20+ pips spread on the major pairs. Alpari seem much better especially when reacting to stop orders.
