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Picking a broker.

  • #1
  • First Post: Oct 6, 2006 11:03am Oct 6, 2006 11:03am
Hi,

I am relatively new to Forex. I have been running demo accounts for quite a while and also tested some other commercial singal services/software. What seems to be working for me is running an account with ACM and using the Nostradamus service/software to point me in the right direction. It has worked out quite well without significant losses an about $150 a day in profit on average for about a month now.

I have tried about 10 brokers, but I like ACM's trading software best. They also have a WAP service that works well with my Blackberry. They do not have the best looking trading software, but I feel "at home" using it for some reason. More so than with a lot of the more fancy solutions I have testet.

Is ACM a good broker according to the experts here? If so what would be the downside (if any) choosing them for a $5k account moving forward?
//C
  • #2
  • Oct 6, 2006 2:49pm Oct 6, 2006 2:49pm
Had em over a year ago, but I didn't have DSL, so the trading platform had some problems, I have DSL now, and doing a Demo again, I have a minor problem with the platform, but I can deal with it,

I like their format, and what you click is what you get!
I'm only a bird in a gilded cage
  • #3
  • Oct 6, 2006 3:15pm Oct 6, 2006 3:15pm
Quoting TheRumpledOne
There is NO FIXED SPREAD in FOREX.

If you are paying a fixed spread then you are being ROBBED!
Only deal with a broker who will give you REAL TIME FOREX LEVEL II so you can see what the real spread is!!

If you didn't know about Level II then IGNORANCE is costing you!
I know that ignorance will cost me. That's why I am asking here, and why I am currently on a demo account. I am trying to learn.

Maybe you could give me an example of a trader that gives real time Forex level II? I did a search and got some hits, but since I am ignorant I am not able to determine what to look for.

This site has a section with recommended brokers. They all seem to be in the same area spread wise except for COESfx which is "a pure ECN". They seem a bit cheaper, but I saw something about them not being reliable in one of the forums here.
//C
  • #4
  • Oct 6, 2006 3:19pm Oct 6, 2006 3:19pm
Quoting minnesota-goose
Had em over a year ago, but I didn't have DSL, so the trading platform had some problems, I have DSL now, and doing a Demo again, I have a minor problem with the platform, but I can deal with it,

I like their format, and what you click is what you get!
I really like the "what hyou see is what you get" concept also. A couple of the others I tried I always ended up a bit below what it seemed I would be getting initially.

The only problem I have seen is a few minutes of down time, but I assume that woluld only be on the demo accounts.

I am on cable so speed is not a problem.
//C
  • #5
  • Oct 7, 2006 2:03pm Oct 7, 2006 2:03pm
Hi,

From what I understand,

(IF I MAKE MISTAKES SOMEONE COME IN AND CORRECT ME)

ECN, - means that you would be placing your orders directly with the central banks etc of the different countries NZD/JPY whatever.
It's taking the dealing desk out of the way in the brokerage you are in. Hypothetically this means trades get placed faster and at real market levels.

Now Examples:
FXCM
&
MBtrading,
the two I am starting out with demo accounts and trying out.

FXCM has a fixed spread, and a dealing desk. they are a, "market maker" like 95% (I believe) of the brokerage houses.
-
IF you believe the other guy fixed spread is bad.- I usually see it as being more expensive then the spread on MBtrading but not always. (even so I view the real spread as a market indicator – since I am greenwood I don’t know what to do with the info yet ;-) )

(hell keep multiple accounts and when you want to buy into a pair shop around and see which one is less right now. ;-)

ECN's or non market makers, /no dealing desk. brokers like MBtrading,
do not step into the middle of you and your trade, and decide who your guying to buy from, - themselves or others or the bank. direct bank exicution.

I assume this is "level II", Though I never heard the term before.

I really am just reporting what I have picked up in the last week from asking questions from reps. so this could be crap or it could be right. -

Someone verify. ;-) I haven’t chosen a final platform either
DM
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It's all Good.....
  • #6
  • Oct 7, 2006 2:42pm Oct 7, 2006 2:42pm
Allowing myself to spread the predigests of others, -
fixed pip spread / trading desk brokers,
going to watch you,- then decide if you do well, - not take your trade, or give it to someone else, or raise the price on you.
In other words they're competing with you.
If you do poorly they'll take the trade right away, and know that you'll probably be making money.

I don't know if that kind of attitude is at all right or just someone else's predigus.

You will be trading against the company and inside their "market" instead of just plane Forex.
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(counter argument – basicly, fixed spreads are often less expensive) {maybe}


Does this make any since to anyone???
or is just propiganda spread by one company against the other?
?

DM -- learning is good
It's all Good.....
  • #7
  • Oct 7, 2006 2:45pm Oct 7, 2006 2:45pm
Quoting HiddenTreasures
Hi,

From what I understand,

(IF I MAKE MISTAKES SOMEONE COME IN AND CORRECT ME)

ECN, - means that you would be placing your orders directly with the central banks etc of the different countries NZD/JPY whatever.
It's taking the dealing desk out of the way in the brokerage you are in. Hypothetically this means trades get placed faster and at real market levels.

Now Examples:
FXCM
&
MBtrading,
the two I am starting out with demo accounts and trying out.

FXCM has a fixed spread, and a dealing desk. they are a, "market maker" like 95% (I believe) of the brokerage houses.
-
IF you believe the other guy fixed spread is bad.- I usually see it as being more expensive then the spread on MBtrading but not always. (even so I view the real spread as a market indicator – since I am greenwood I don’t know what to do with the info yet ;-) )

(hell keep multiple accounts and when you want to buy into a pair shop around and see which one is less right now. ;-)

ECN's or non market makers, /no dealing desk. brokers like MBtrading,
do not step into the middle of you and your trade, and decide who your guying to buy from, - themselves or others or the bank. direct bank exicution.

I assume this is "level II", Though I never heard the term before.

I really am just reporting what I have picked up in the last week from asking questions from reps. so this could be crap or it could be right. -

Someone verify. ;-) I haven’t chosen a final platform either
DM
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<!--[endif]-->
Thank you for all the info! Since I asked I have found yet another broker that offers 1 pip spread on all the majors. None of the others I have seen do that. They are called Crown Forex and is Switzerland based. I set up a demo account, and yes, I can see that the spread is 1 pip on all the majors. They use a well known trading platform. With a low spread like that I feel it must be a catch, but I am too fresh in this biz to know!
//C
  • #8
  • Oct 7, 2006 3:08pm Oct 7, 2006 3:08pm
Quoting cdysthe
Thank you for all the info! Since I asked I have found yet another broker that offers 1 pip spread on all the majors. None of the others I have seen do that. They are called Crown Forex and is Switzerland based. I set up a demo account, and yes, I can see that the spread is 1 pip on all the majors. They use a well known trading platform. With a low spread like that I feel it must be a catch, but I am too fresh in this biz to know!
1 pip spread on majors must be a joke It can not be real broker.
  • #9
  • Oct 7, 2006 3:15pm Oct 7, 2006 3:15pm
beware beware beware
  • #10
  • Oct 7, 2006 3:40pm Oct 7, 2006 3:40pm
Quoting dontjump
beware beware beware

Take a look here:

http://www.crownforex.com/
//C
  • #11
  • Oct 8, 2006 12:29pm Oct 8, 2006 12:29pm
Do you usually get the Bid or Ask (what you click is what you get)???
I'm only a bird in a gilded cage
  • #12
  • Oct 8, 2006 12:33pm Oct 8, 2006 12:33pm
I may give that Crown Demo a try, em
I'm only a bird in a gilded cage
  • #13
  • Oct 8, 2006 12:33pm Oct 8, 2006 12:33pm
Quoting minnesota-goose
Do you usually get the Bid or Ask (what you click is what you get)???
I haven't tried trades yet since I just discovered them, and this weekend including Monday will be quite dead. I will do some testing on Tuesday to see if I'm really getting the 1 pip spread in trades. Another issue may be that they give you the 1 pip spread in the demo account, but when you get a live account they charge more. No way to check that without going live with them I guess.
//C
  • #14
  • Oct 8, 2006 6:39pm Oct 8, 2006 6:39pm
This site might help you to choose a broker : BrokersMatrix
  • #15
  • Oct 9, 2006 9:37pm Oct 9, 2006 9:37pm
Quoting minnesota-goose
I may give that Crown Demo a try, em
Since today was a day of Norht Korea testing nukes and holidays in the US and Japan I stayed out of real trading. However, I played around with Crown Forex and have to say that their combination of MT4 and 1 pip spreads is really compelling. I am still sceptical though since I have a feeling they may not be in business very long with that kind of pricing. The spread they announce seems to be real, at least today it was on a demo account. They are a Swiss outfit and regulated by the laws of Switzerland. Does anyone know how Swiss regulations compare to the US? What's the reputaion in general for Swiss brokers, and how easy is it in Swizereland to get away with shady business practices in the broker area?
//C
  • #16
  • Oct 12, 2006 1:12am Oct 12, 2006 1:12am
I have been using Forex.com for a while now, but they don't offer enough features. I will prolly try ACM
  • #17
  • Oct 14, 2006 11:56am Oct 14, 2006 11:56am
So what's the update on Crown Forex? Anyone tried them yet?
Binary Options Trader
  • #18
  • Oct 15, 2006 4:27pm Oct 15, 2006 4:27pm
Quoting cdysthe
Hi,

I am relatively new to Forex. I have been running demo accounts for quite a while and also tested some other commercial singal services/software. What seems to be working for me is running an account with ACM and using the Nostradamus service/software to point me in the right direction. It has worked out quite well without significant losses an about $150 a day in profit on average for about a month now.

I have tried about 10 brokers, but I like ACM's trading software best. They also have a WAP service that works well with my Blackberry. They do not have the best looking trading software, but I feel "at home" using it for some reason. More so than with a lot of the more fancy solutions I have testet.

Is ACM a good broker according to the experts here? If so what would be the downside (if any) choosing them for a $5k account moving forward?

Try CMSfx . They have a great platform.
When is obvious to the public, it`s obviously wrong
  • #19
  • Last Post: Edited 5:36pm Oct 27, 2006 3:33pm | Edited 5:36pm
Quoting Yoda_Glenn
So what's the update on Crown Forex? Anyone tried them yet?
FYI found on another website...

{Link deleted}

jo
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