I’ve been using metatrader with a demo account for a few months and I think I got my method down. I’ve also been reading this site a lot and have read the school a few times. I’m not trying to make tons of money because I can’t afford to lose much right now. I work 8-5 and have been watching it in the evening and have been making about $50 a night with my volume at .10
Like I said, I’m not trying to make tons and I’m sure there are a lot of you that don’t want to risk too much. This is just something I want to do for a little extra cash per month. Once I get my balance to a higher level I will bump my volume up a little at a time.
I’m wanting to open a mini account by putting $300-$500 to start. What brokers that use metatrader can I use? I know a lot of brokers have a minimum deposit that is much higher.
Hi Chucka,
Since you’re familiar with meta trader platforms, I’m also new to forex but I use Northfinance, it is another meta trader platform. I am aware they take as little as $100 to start live trading.
Broker advice seem to be the most asked on any forum and most of the time it is met with nothing but broker trashing by amateurs and newbies who lost, not because broker was horrid but because they themselves were horrid. That’s a fact most of these traders will never admit. Have said that, it is impossible to determine which broker is best by asking around, you have to pick one and take the plunge. Clearly, you cannot go wrong with the top 3 or 5 most reputable and long standing firms out there but it is your personal choice.
Everyone will have something crappy to say about every single firms out there. So are they all crappy or are there only crappy traders out there? I believe latter is more true than former. Pick one from the most visible top 3 and try out each of their demo mode. FXCM, InterbankFX, and FXDD. FXCM will have MetaTrader 4 platform sometime in April/May. Happy trading.
One note about Northfinance. Most of my trader friends, including myself, do not like firms that offer so much gimmicky stuff, not to mention offer so much stuff to trade; offers high leverage 1:500 while the deposit requirement is so low $100, & trade Forex, CFDs, Futures, Stocks, Metals. They want newbies to join them with $100? Come on.
Hi. I run my MetaTrader 4 on a dedicated server. I do manual trades in concert with expert advisors. Web based platform don’t work for me. I’ve also had lousy experience using web based platforms doing stock option trades. It just is not reliable.
I am a newbie too. I am using FXCM and Forex.com’s demo accounts. I would say both are good. Forex.com’s Java platform is good and you can trade from anywhere but for FXCM you need to download software. I am considering opening in both.
Broker…broker…shmoker…muckler. This seems to be the daunting question for someone who is new at Forex. Not to say I am pro by any means, but the negativity that you read on mutliple websites and review forums seem to way heavy on your opinions. Keep in mind the negativity you read should not be consumed as 100% correct information.
Think of this scenario, you go to the Market and you buy some milk and eggs(assuming you are not lactose intollerant or watching out for high cholesteral) and the grocery clerk bags your stuff and smiles at you and helps your stuff the car, and says have a nice day. As you are about to get in the car, the grocery clerk waves good bye, and you feel all gitty inside. Well first of all this may very well happen, and would you ever share this story to everyone you speak too? Hmm Probably not, because it is the negative things we are most likely to express, negative feelings, feeling cheated, feeling as though we had more to gain and because of some undispickable force we were never to gain from it. Take this scenario, you go to the market to buy some milk and eggs, and the grocery clerk slams the gallon of milk on top of your eggs and probably crushing a few unborn chicks in there, and snaps the plastic bad out of the bag holder and swings the bad completly sides ways and over (like a head and shoulders move) into your cart and doesn’t smile and walks away chatting on his cellphone. You stand there in oblivion, wondering did I just experience that, that little Punk! You get to your car and notice egg yolk mixing in the bag. Now would you more likely share this experience with someone that day? I would think yes.
So the whole point is… because I work in sales and I know the rule of them, people are more likely to share a negative experience then a positive experience. Now I know buying milk and eggs has no direct relation to choosing a broker, but I believe you make the most of your broker, and the potential they have to offer. I see a lot of negative comments on FXCM/GFT/Forex.com well these firms sure advertise a lot, and they seem to be everywhere you search, so they probably attract a ton of newbies, and that in turn would subject them to more negative comments. Here is the best part it cost 0$ to test drive them, and you can test drive them as long as you want. I hope I made myself clear, broker decision requires tons of research, and practice accounts so you can gain your own observation and maybe less advice of other peoples opinions who have failed with a broker.
Let me cut thro the waffle and get straight to the point.
[U]As I see it you have 3 choices:[/U]
Trade specifically with a bucket shop broker that uses Metatrader - there are a few of them.
Trade with a broker like Oanda (bucket shop) that has a good reputation but poor charting. Then use Metatrader to do all your charting and plotting of your entries and exits. With Windows XP or Vista you minimize the program you are not using for the moment. (both programs are open).
Go all the way to an [U]ECN [/U]broker such as EFX. ECN brokers are not [U]not [/U] bucket shops, therefore you are trading on the interbank system and not in the little pricing world of the bucket shop broker.
at you and helps your stuff the car, and says have a nice day. As you are about to get in the car, the grocery clerk waves good bye, and you feel all gitty inside. Well first of all this may very well happen, and would you ever share this story to everyone you speak too? Hmm Probably not, because it is the negative things we are most likely to express, negative feelings, feeling cheated, feeling as though we had more to gain and because of some undispickable force we were never to gain from it. Take this scenario, you go to the market to buy some milk and eggs, and the grocery clerk slams the gallon of milk on top of your eggs and probably crushing a few unborn chicks in there, and snaps the plastic bad out of the bag holder and swings the bad completly sides ways and over (like a head and shoulders move) into your cart and doesn’t smile and walks away chatting on his cellphone. You stand there in oblivion, wondering did I just experience that, that little Punk! You get to your car and notice egg yolk mixing in the bag. Now would you more likely share this experience with someone that day? I would think yes.