[B]I am next to forex and want to know of a platform that you recommend that I use to get started. I need a system that will do demo and take me by the hand. I want to trade Australian, New Zealand dollars as well. I heard about Freedom Rocks. Can you reccomend something for me please?There is so much out there that I dont know what to get. Thanks Demetrius[/B]
There are plenty of brokers that offer demo accounts. I am currently running a demo account with oanda.com, and will probably go live with them as well, since they are quite fexible with account sizes and lot sizes. Under tools, there is a forex broker guide. It doesn’t have all the brokers, but a nice sample of popular ones.
As far as hand holding and training, make sure you go through pip school from the school link up top. Take what you learn there and apply it to whatever demo account(s) you choose. Pip school here is the best resource I’ve come across for a beginner.
I would look for a broker that uses the trading platform “Metatrader 4” (MT4). Many of the larger forex brokers offer it.
Personally I have been trading with InterbankFX (IBFX) since February as a demo account and I have found they were the best I tried. In fact, this weekend I applied for my first live account with IBFX.
I have also heard good things about OANDA, they are definately the largest and most established forex broker, but they do not offer the MT4 platform.
Yarcofin
I have been trying to find your blog. where do I look. The address given doesnt get me there.
It works. If you’re still having a problem, google keywords “yarcofin” and “forex” together - blog is the third result produced.
i do not recommend mt4 its a very limited platform and i do not recomend using any of the published brokers as there spreads are normally 3 pips to start with then they give you another 3 pips on the difference of your entry price so you end up 3 on the spread then a few more as when you clicked to buy at 01 they give you 08. i am not paying pips on spread and can actually make profit on 2 pips, Only pay comms if trade is overnight. half lot i am paying 7 usd, hence profit 2 pips. open price is within 0.3 of reuested price…its a bank basically and they have there own superior platforms
I use Oanda & MT4 so they’ve obviously up’ed their game.
why use a broker? a broker is a middle man
I think the ECN brokers are good for forex traders in forex trading business. and i prefer all newbie to join ECN broker to get the direct deal with the main forex trading market with the high speed execution. and there is no chance of slippage in price and gives good profit and also no re-quote in buy or sell.
Peter Brandly, that all new traders join an ECN broker is a wonderful sentiment, but most don’t have the hundreds of thousands of dollars to join a true one. Even if they join an ECN style broker with a small account then they are dealing with a dealing desk type situation irrespective of what the broker may call themselves.