Some new FX Trader questions

Beginner Questions
1

Hi all,

I have some questions

  1. Market Maker vs ECN platforms, what are the differences between the two (I’m aware you can extend MT4 with MQL but that’s about it)

  2. Retail Forex Trader market churn (of traders), based on your experiences… do many people come and go due to failure?

  3. Forex Spread betting vs forex trading, is spread betting effectively a tax free equivalent of forex trading? I’m aware of the ‘Gambling’ aspect but unless the bookie (broker in this case) is tweaking the prices(spread?) to add a house edge… can it be considered gambling in the usual sense?

  4. Do you think it’s possible to actually make an income using trading/spread betting,?

  5. Do you have any good resources you’d like to share?
    int

Regards,

ET

2

  1. Not worth getting into the ins and outs, just use a reputable broker.

  2. All you need to worry about is, will you succeed?

  3. Yes, again though just use a reputable broker.

  4. Yes it is, but bear in mind it takes 3 years to obtain a University degree, then you are in a position where you can get a decent full time job, Forex is much more profitable, and you dont have bosses, you dont have to answer the phone, you dont have to reply to emails, so it might be worth considering taking more than 3 years?

  5. Follow the most popular and enduring threads on this forum and you wont go far wrong, they are such for a very good reason.

I could give you long boring answers, but they’d still be the same answers!

3

Perfect, thanks for your time.

4

As you mention finding a reputable broker will help, would you mind sharing some? Being new to the market means I see nothing but noise in google about how great everyone is.

I’m currently using FXPro mobile and ECN client platform for understanding technical analysis etc.

Regards,

ET

6

Personally, I use Oanda for trading, they are one of the best.

7

another way to check for a good broker (and i hope it helps)

-open a live account with minimum deposit) - to get a feel of how depositing is like.
-trade for a couple of days/weeks, not to profit but to check their excution with live, slippage, disconnections … etc
-when done, withdraw your money, that way you can see how their withdrawal goes and how long it would take.

ofcourse go for known good brokers, I personally trade with hotforex, they are ok though i think they do not accept us traders any more. best of luck and welcome to the world of forex :slight_smile:

8

I recommend Oanda, I have been trading with them for more than 3 years, they are highly regulated.

I love how easy to use and fast is the FXTrade platform.

here is a list of the largest retailers in FX


9

It is always better to trade with Good Brokers so that we are having good amount of liquidity in the markets at any point of time.