Where do I go from here

Beginner Questions
1

Hello all!
I am new to BabyPips but not very new to Forex. Not trading live yet but thinking about it.
After a while I got to some kind of proficiency in gaining pips in simulator. I used LFH Trading simulator and MT4.
The method I use is on 1 hr chart and involves rather small moves. I used demo account from Forex.com.
I looked up BabyPips and found out that I should use ECN broker rather than market maker like Forex.com.
Do you guys want to add anything to it? I am based in the US.
Anything else I should be aware of?

Any suggestions please let me know.

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2

Hi there and welcome to the forum :slight_smile:
There are several notes:

  1. Yes, better use ECN broker to avoid conflict of interests.
  2. Make sure that your broker accepts US citizens (or residents of USA), as I know there are restrictions by some brokers.
  3. Have in mind that there is one major difference between Demo and Live account – on Demo there is no slippage = in Live you may not get same executions sometime.
  4. Better use a Demo account without a simulator or other tool but for testing/developing your strategy manually. I know it will take longer but IMO that us the safer and more trustworthy way.
    Regards and good luck :wink:
4

Hello Mac,

Like above newbie said, it is actually better to look for the ECN brokers rather than the market makers. As ECN brokers provide direct spreads from the liquidity providers and there are no markups & requotes.
Also usually, there are some offshore restrictions on the acceptance of the US clients so make sure that your broker accepts US citizens and he is not forging. Do check for the regulations and legislations.
Going from demo to live involves lot changes, from slippages, psychology, money matters. So, first gain as much as you can and then go for live trading with utmost confidence.

Do well and I wish you good luck for your further live trading. :slight_smile:

5

This is where many traders fail, checking the details of the brokers carefully. Especially the terms of agreement, we should never neglect that part as it can reveal many things that will make us avoid misunderstanding in the future with the said broker.

6

Yes, this is what I meant to say. Knowing about the regulations of the broker is must, as regulations give one sense of security. Yea same goes with agreement to trade, reading it properly would eventually help us only.

7

This is the reason why I don’t comment most of the time on threads where people complain about a said broker, cuz we might not really tell the root of the problem.

8

I understand. But all we can do is helping them with their problems as much as we can.

9

Sometime result on demo account might different with real account, but if on demo account already having good return gradually this is already good trained, and might also good if amount capital in demo equivalent with money that want to invested later in real account

10

Obviously, demo might not give you exactly what you get from a real account. But you definitely can get something meaningful from it.

11

Unfortunate for you! There are several good ECN Brokers who doesn’t allow US traders. :frowning:

12

Thank you all!!!
So I opened a (non ECN) demo and of course first problem I am hitting is spreads. On lower timeframes the math is just not working.
I am trying higher timeframes where spread is not that important as the moves are bigger.
It presents another problem. Things are happening too slowly. I would have to be at the computer 24/7​:grinning::grinning::grinning:
Impossible.
Well I will keep on trying​:smiley::smiley::smiley::smiley: