Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

very cool Trading Panel EA needs some adds 19 replies

Trading EA with Potential Needs Some Help! 18 replies

EA needs some correction....Trend signals.... 0 replies

EA needs some more coding to be better 4 replies

Newbie needs some help fixing his code... 1 reply

Needs some guidance to start trading

  • Post #1
  • Quote
  • First Post: Sep 7, 2015 11:28am Sep 7, 2015 11:28am
Hey all,

So I've plan to start trading (again) But this time I would really want to know what I SHOULD know instead of failing again thanks to the schemes here.

I've traded on demo pretty much, and even had 2-3 lives account under FXCM (To be exact, ISC and CMIS which they claim they're under FXCM)

But I would like to know if there's any recommended brokers that you all are currently using? The most recent time trading under CMIS which is 2-3months ago were terrible experience. The spread was alright, but then it has 0.25$ commission for every 0.01 lot I trade, which some even cost 0.39$ commission each 0.01 lot. I had no issue like this trading under FXCM-ISC though (which is years ago). Or is every broker almost the same which such high commission/tax or whatever you all call it?

Thanks in advance for any help/tips/advices provided
Quoting LzJustin
... but then it has 0.25$ commission for every 0.01 lot I trade, which some even cost 0.39$ commission each 0.01 lot. I had no issue like this trading under FXCM-ISC though (which is years ago). Or is every broker almost the same which such high commission/tax or whatever you all call it? Thanks in advance for any help/tips/advices provided
If you are serious about trading, you have to accept the fees related to this. That's part of the deal.
MT4/MT5 EAs/Indicators/Alerts coder
Quoting FerruFx
{quote} If you are serious about trading, you have to accept the fees related to this. That's part of the deal.
Maybe I'm just used to the low fees provided by FXCM-ISC.
Quoting LzJustin
I've traded on demo pretty much, and even had 2-3 lives account under FXCM (To be exact, ISC and CMIS which they claim they're under FXCM)

Hi Justin,

I just did an internet search on the company you mentioned. While their website address bears some resemblance to ours, they are not affiliated with us. Did they tell you that your account would be set up with FXCM?
  • Post #5
  • Quote
  • Edited 7:33pm Sep 8, 2015 7:08pm | Edited 7:33pm
Quoting LzJustin
Hey all, So I've plan to start trading (again) But this time I would really want to know what I SHOULD know instead of failing again
Well some may disagree but I think learning to trade any instrument (not just fx) and their options and being able to or having someone write some code .. is perhaps not necessary but puts you ahead of most.

I believe the most optimal and safest way to trade (for learning atleast) is to hold long ITM options for 3-48 hours (atleast for beginners). I don't want to give away too much 'secrets' but the smaller the spread, the better the edge for those offering the small spreads- is something to consider. So while you may be saving on the spread a lot with tight spreads, the probability the trade is not going your way is also bigger. The options also have the benefit that no matter what happens, your "emergency stop" is set by the price you paid. Also by limiting your broker search to brokers offering options, you weed out a lot of less serious brokers.

(edit: yeah you don't have to hold 3 hours - some of the more popular options just tend to trade during hours when you might end up having to wait a bit to get a decent move and if the move is weak like lot of moves these days are, exiting prematurely could be a bit of a "self-inflicted wound")
Quoting Jason Rogers
{quote} Hi Justin, I just did an internet search on the company you mentioned. While their website address bears some resemblance to ours, they are not affiliated with us. Did they tell you that your account would be set up with FXCM?

Well, from what they claim. They ARE under FXCM, so I assume they're just an extension of FXCM. The country I am in is filled with these Forex scams, so I have no clue. But since you say they're not affiliated, maybe it is not officially affiliated? Did FXCM has any these smaller branches in other countries? If it is possible please let me know, because I still have an account in them.
Quoting fxjesus
{quote} Well some may disagree but I think learning to trade any instrument (not just fx) and their options and being able to or having someone write some code .. is perhaps not necessary but puts you ahead of most. I believe the most optimal and safest way to trade (for learning atleast) is to hold long ITM options for 3-48 hours (atleast for beginners). I don't want to give away too much 'secrets' but the smaller the spread, the better the edge for those offering the small spreads- is something to consider. So while you may be saving on the spread...

Sorry, I'm lost at Codes. I'm a newbie programmer myself that's pursuing degree in I.T soon, so I assume it's those type of "programs" that has strategy and take actions/initiate trades when it comes to that circumstances. Right? Definitely understood at the giving away secret parts. But your explanation helped plenty, much appreciate !
Give up. Get an education and learn to do something useful. You're only 19. When you can do something useful to earn a living then you can start trading with tiny amounts of money if you so desire. This is the best advice you will receive.
"If The Fool persists in his Folly he will become wise." - William Blake
Quoting fxjesus
I believe the most optimal and safest way to trade (for learning atleast) is to hold long ITM options for 3-48 hours (atleast for beginners). I don't want to give away too much 'secrets'
this is the stupidest options trading advice I have ever seen.
"If The Fool persists in his Folly he will become wise." - William Blake
  • Post #10
  • Quote
  • Edited 2:43am Sep 9, 2015 2:26am | Edited 2:43am
learn price action and forget indicators - start from the basics which many people do not do, they go for system after system of lagging indicators that do not work.....A good place to start which will take a lot of reading is the free and largest post on FF which is Set and Forget trading methodology ....

Dont be conned into paying thousands to learn a system either, systems that charge large amounts of money do so because the founders cannot trade themselves and make money milking people with great websites and fancy sales people.......
Quoting The Fool
Give up. Get an education and learn to do something useful. You're only 19. When you can do something useful to earn a living then you can start trading with tiny amounts of money if you so desire. This is the best advice you will receive.
Yes I'm still persuading for higher educations. Thank you for the advice, but I may still want to trade because I'm interested in this. Not purely for the money and leave when I have enough.
Quoting Jason Rogers
{quote} Hi Justin, I just did an internet search on the company you mentioned. While their website address bears some resemblance to ours, they are not affiliated with us. Did they tell you that your account would be set up with FXCM?
And sorry, can you message me privately to tell me more about the Mini account in FXCM? Thank you, you may also answer me what I've just asked previously in that message. Much appreciated.
Quoting iaveight
learn price action and forget indicators - start from the basics which many people do not do, they go for system after system of lagging indicators that do not work.....A good place to start which will take a lot of reading is the free and largest post on FF which is Set and Forget trading methodology ....
Set and Forget, will search it tonight when I'm done stressing out here hahaha. Thanks !
Know yourself. Trading is not for everyone. Unless you are committed to being the very best you are better off investing in someone else who has this goal.

I encourage you to read accounts of successful traders. No matter how far back you go, they all have something in common.
  • Post #15
  • Quote
  • Edited 8:42am Sep 9, 2015 6:30am | Edited 8:42am
Quoting The Fool
{quote} this is the stupidest options trading advice I have ever seen.
I don't actually trade options - as typical option trader would, I come from fx/futures background. I just wanted to have "emergency stop" incase quotes completely evaporate while I'm leveraged and options can be used to achieve that. Seems reasonable given the current market condition.
  • Post #16
  • Quote
  • Last Post: Sep 10, 2015 7:12pm Sep 10, 2015 7:12pm
Quoting LzJustin
{quote} Well, from what they claim. They ARE under FXCM, so I assume they're just an extension of FXCM. The country I am in is filled with these Forex scams, so I have no clue. But since you say they're not affiliated, maybe it is not officially affiliated? Did FXCM has any these smaller branches in other countries? If it is possible please let me know, because I still have an account in them.
Quoting LzJustin
{quote} And sorry, can you message me privately to tell me more about the Mini account in FXCM? Thank you, you may also answer me what I've just asked previously in that message. Much appreciated.
Hi Justin,

That firm you asked about is not affiliated with FXCM. I checked their website but couldn't find any mention of FXCM, though I could understand the confusion given the similarity of their URL.

You said they told you they are affiliated with us. Did they make these claims to you on the phone or by email. If it was by email could you send me a copy at [email protected] ? Thanks

To answer your other questions, FXCM has offices around the world: http://bit.ly/1M0no81

Your forum profile mentions that you live in Malaysia. While we do not have a physical office in Malaysia, we do offer support to clients in Malaysian: http://bit.ly/S4cGWr

I notice you posted this thread in the Trading Discussion forum. I don't wish to take this forum off topic, but if you have any further questions for me, please feel free to post them in our discussion thread in the Broker Discussion forum: http://www.forexfactory.com/showthre...newpost&t=8960

For example, is there anything in particular that you would like to know about the Mini account? I've also responded to your PM.
0 traders viewing now