Hi Everyone, I am a newbie to forex. I have a slight understanding of it, but I am having issues with learning/reading the trend on the charts. Can you guy’s help me out a bit? Also, I am looking for a good forex broker, to open an account for like 250.00. I am still on the demo, and will continue using the demo (forex.com) until I am properly educated.
I learned a lot from the school here on babypips.com. The rest I looked around everywhere online to learn as much as I could on random subjects.
I also started my crash and burn (playing with disposable money) forex account with FXCM. I do like their micro accounts, but the only thing I don’t like about it is the $5k cap.
Also, $250 seems a bit low for a starter account. A friend of mine tried a micro account with $200 and it hurt him pretty bad…to the point where he’s a bit wary to start trading again.
Hello [B]nayshun[/B]
Welcome to you from a veteran trader here.
Try Oanda as a broker to meet your requirements.
But you already have a demo!!
So you must already have a broker in mind?
It will take you at least a year to get your education together.
Trust you have done/are doing the Babypips school - very important.
FXCM’s micro account minimum is $25 so a smaller account size with them is possible. With the micro account, they also give you up to (I believe) 1:400 leverage, allowing you to do a little more with less.
I personally find their software platform to me more “user friendly,” but that’s just my personal opinion.
If you think you’re ready to move onto a live account, I would recommend switching the broker’s, whom you plan to trade with, platform to start adapting to any differences it may have with [forex.com]'s platform.
That’s only because of the way Alpari conducts it business. If you open an account with IBFX or Oanda you will not have that problem.
At Oanda, for example, you can open an account with $1 and trade fractions of a penny per pip if you wish.
I started my first account with $50, and there is no reason that a small account should have any effect on your trading success.
I was unaware of the fractional trading which you mentioned. I’m used to set lots of 1+ but I also haven’t been around much
Yeah, some brokers let you trade fractions of a lot, and others restrict you to integers only. IBFX let’s you trade as little as .01 lots, and Oanda let’s you trade any size position you wish, since they don’t use lots at all.