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best broker for beginners?

  • #1
  • First Post: Dec 10, 2006 10:47am Dec 10, 2006 10:47am
I currently use FX solutions and am happy with that. However I have a friend that wants to start learning about Forex and simply put in about $500 to start off with a mini account. What brokers do you reccomend for a beginner with a mini account?
  • #2
  • Dec 10, 2006 10:48am Dec 10, 2006 10:48am
Oanda
  • #3
  • Dec 10, 2006 11:57am Dec 10, 2006 11:57am
I 2nd OandA
Profit is where readiness meets Opportunity
  • #4
  • Dec 10, 2006 12:15pm Dec 10, 2006 12:15pm
Thanks, I have set up a demo account to veiw that platform and try to make sense of it myself. I have also set up a demo on EFX to check that one out. These platforms are all really different. I have always used fxsolutions so I had no idea.
  • #5
  • Dec 10, 2006 1:41pm Dec 10, 2006 1:41pm
oanda and fxsol.
If I Go Broke Trying Then I Will die happy.
  • #6
  • Dec 11, 2006 10:17am Dec 11, 2006 10:17am
I am just begining in Forex trading and was looking for a broker when I found this thread. I was wondering what makes OANDA and FX Solutions better for beginners and if there are other brokers that are better suited for more expirienced traders and why?
  • #7
  • Dec 11, 2006 10:53am Dec 11, 2006 10:53am
I would agree with others that Oanda is perfect for beginners and here's why:

1. The spreads are tighter than most retail brokers
2. They pay interest on your account
3. They allow you to trade very small units
4. If you do hold a trade overnight I think you are not charged a premium for doing so unlike some other brokers although I am not 100% sure about this.
  • #8
  • Aug 21, 2007 10:31am Aug 21, 2007 10:31am
I want to know if as a fx beginner I can use FXCM as a broker.

Thanks.

fxsuccess
-----------------------------------------------
Quoting dawnrenee2000
I currently use FX solutions and am happy with that. However I have a friend that wants to start learning about Forex and simply put in about $500 to start off with a mini account. What brokers do you reccomend for a beginner with a mini account?
  • #9
  • Aug 21, 2007 3:18pm Aug 21, 2007 3:18pm
Quoting Monaco
4. If you do hold a trade overnight I think you are not charged a premium for doing so unlike some other brokers although I am not 100% sure about this.
They do, actually. They add / deduct the swaps when you close the trade.
"Even the word impossible says that I M possible"
  • #10
  • Aug 28, 2007 12:37am Aug 28, 2007 12:37am
MBtrading for after spike trades.
  • #11
  • Aug 28, 2007 1:08am Aug 28, 2007 1:08am
oanda would be great if they not lift too much spread during news that much

it about 20-30pip for g/j
  • #12
  • Aug 29, 2007 10:39am Aug 29, 2007 10:39am
I trade futures and am trying to migrate some of my activity over to forex. I trade futures with IB and do not feel comfortable trading forex with them as well. To be honest I would prefer to move away from eminis altogether. Anyway I am looking for a good broker possibly linked with Metatrader - I dont know not sure yet.

Anyway any suggestions or help would be much appreciated
  • #13
  • Nov 18, 2007 5:25pm Nov 18, 2007 5:25pm
Quoting Darkstar
Oanda
For beginners? I am just starting out as well and the Oanda platform is not my favorite compared to MT4. But either way I can always just use the charts from an MT4 demo account. I think I remember someone saying that ODL has the most accurate chart feeds.

I am asking you because you seem to be pretty knowledgable about forex trading.

Also, my first goal is to just stay positive and slowly build up some gains. But what is a reasonable income goal for a conservative trader with a mini account starting with $3000?
  • #14
  • Nov 22, 2007 11:36am Nov 22, 2007 11:36am
Quoting robheck76
For beginners? I am just starting out as well and the Oanda platform is not my favorite compared to MT4. But either way I can always just use the charts from an MT4 demo account. I think I remember someone saying that ODL has the most accurate chart feeds.

I am asking you because you seem to be pretty knowledgable about forex trading.

Also, my first goal is to just stay positive and slowly build up some gains. But what is a reasonable income goal for a conservative trader with a mini account starting with $3000?
With only $3000, a micro account is much better suited to that amount of capital, otherwise you will suffer from asymmetrical leverage. It's difficult to sum up what exactly it is, but once you get the concept it's simple. I'd suggest just searching for it to understand more.

It really depends on just how much of a beginner you are. As there is no one size fits all, i'd say 5%-10% a month is a good goal for a beginner that has been at it for over a year or more. There are exceptions to every rule
To be one with the market, you must first be one with yourself.
  • #15
  • Nov 22, 2007 1:23pm Nov 22, 2007 1:23pm
Quoting dawnrenee2000
I currently use FX solutions and am happy with that. However I have a friend that wants to start learning about Forex and simply put in about $500 to start off with a mini account. What brokers do you reccomend for a beginner with a mini account?
$500 is too small for a miniaccount, it really would be a margincall waiting to happen. I think $10k is the minimum for a mini and $1k the minimum for a micro.. Just my 2 pips.. I think Oanda let you trade any amount, so they may be well suited.
  • #16
  • Nov 22, 2007 2:10pm Nov 22, 2007 2:10pm
Thinking of changing my broker from Northfinance to Oando, plz give me their website
Everything is bare Making the best out of pips
  • #17
  • Last Post: Nov 22, 2007 2:16pm Nov 22, 2007 2:16pm
Quoting osaze
Thinking of changing my broker from Northfinance to Oando, plz give me their website
www.fxtrade.oanda.com
Domo Arigato, Mr. Roboto!
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