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Sorry to disturb, but iam really confuse

  • #1
  • First Post: Edited 2:16pm Nov 4, 2007 1:01pm | Edited 2:16pm
Friends, iam really new in forex from india. Iam trading with { Name and link Removed } Now i want to open an account with good brokerage with $1000.
i like james16 price action method. I (and also u) donot like
(1) stop hunting
(2) order hunting(stop order)
(3) requotos and price manipulation.
I want to say again i trade on the basis of james16 price action. Please recommend me a good broker.
Again i hear a lot about swiss law. will you tell me name of some broker(no requoto, stop hunter and stop order hunter) ?
Let's trade together.
  • #2
  • Nov 4, 2007 1:08pm Nov 4, 2007 1:08pm
Yes, there are lot of thread here about different brokers. But i only have $1000 money to trade. I donot want to lose it. Some how i arrange it. so please honestly tell me name of good broker. You should not be a broker or pramotor of any brokerage. I need only traders suggestion.
Sorry about my english.
Let's trade together.
  • #3
  • Nov 4, 2007 2:34pm Nov 4, 2007 2:34pm
Save your money, find a broker and open a demo account and then migrate to a mirco account. I can not recomend a broker in India, but make sure they are properly regulated and have sufficient capitilization. The stop hunting issues etc are merely excuses traders make for not being successful, find a well capitalized broker with reasonable spreads, open a demo account and learn, learn, learn. Hold onto your money for now.

Quoting FXBaby
Friends, iam really new in forex from india. Iam trading with { Name and link Removed } Now i want to open an account with good brokerage with $1000.
i like james16 price action method. I (and also u) donot like
(1) stop hunting
(2) order hunting(stop order)
(3) requotos and price manipulation.
I want to say again i trade on the basis of james16 price action. Please recommend me a good broker.
Again i hear a lot about swiss law. will you tell me name of some broker(no requoto, stop hunter and stop order hunter) ?
  • #4
  • Nov 4, 2007 2:41pm Nov 4, 2007 2:41pm
Oanda you can trade as low as 1 UNIT
  • #5
  • Nov 4, 2007 5:40pm Nov 4, 2007 5:40pm
Quoting FXBaby
Yes, there are lot of thread here about different brokers. But i only have $1000 money to trade. I donot want to lose it. Some how i arrange it. so please honestly tell me name of good broker. You should not be a broker or pramotor of any brokerage. I need only traders suggestion.
Sorry about my english.
I absolutely second the suggestion to not trade your real money right now. The dead give away is your statement "I only have $1000 money to trade. I do not want to lose it." Of course no one wants to lose, but if you're not prepared to lose, you're not ready to trade yet. I'll just restate the old saying, "never trade with money you can't afford to lose."

Maybe try a demo account at MB Trading. You can practice and get used to how everything works, then trade with mini-lots with your real money once you feel comfortable, and are at least reasonably successful on your demo account.

But to revisit my first comment, unless you're ready to lose that $1000, don't trade it yet!

Hope that helps...
  • #6
  • Nov 4, 2007 10:21pm Nov 4, 2007 10:21pm
An observation:

I am seeing more and more Indian traders. In fact, I have been PM'ed by several of them, as well as messaged via my blog...all of which are wanting a mentor.

(Anyone wanting me as a mentor obviously DOES NOT have access to the PF for James16 group.)

The one thing I keep seeing is statements like "I only have $1,000 (or so) to put into the account, and I am looking to turn it into a million."

Makes one wonder what kind of scams are being run over there. Seems like a lot of naivety.

By the way, this is NOT a flame of the original poster at all. It is just an observation. I have to agree that demo is the way to go first. If you cannot, then fund an account with about two or three days pay. If you lose it, it won't kill you. It might make you a bit angry, but that's about it.

Clockwork
  • #7
  • Edited 5:33am Nov 5, 2007 5:14am | Edited 5:33am
Thanks, but iam already using demo with two month. I made 20% on last month demo account. Well this is not a matter. Actually iam sub broker in Indiainfoline(ecn) india. I have 30 clients here. Iam looking to join an IB program in forex. But problem is not all brokers are honest. Will you tell me a good brokerage ? (should be honest not stop hunter or requote). My each client can invest $2000(because indian govt is not allowed more than $2000/year in trading outside india). I like swiss brokerage.Please tell me some good brokerage name. I can afford to lose my money but cannot afford $60000 of 30 clients. please suggest a good broker.
Let's trade together.
  • #8
  • Nov 5, 2007 5:55am Nov 5, 2007 5:55am
Quoting FXBaby
Thanks, but iam already using demo with two month. I made 20% on last month demo account. Well this is not a matter. Actually iam sub broker in Indiainfoline(ecn) india. I have 30 clients here. Iam looking to join an IB program in forex. But problem is not all brokers are honest. Will you tell me a good brokerage ? (should be honest not stop hunter or requote). My each client can invest $2000(because indian govt is not allowed more than $2000/year in trading outside india). I like swiss brokerage.Please tell me some good brokerage name. I can afford to lose my money but cannot afford $60000 of 30 clients. please suggest a good broker.
Just my opinion...
You should not trade if you cannot afford to lose your own money and your clients shouldn't give you any money that they cannot afford to lose.
You should ask your clients to read the NFA disclaimer that has good information about risks and each of your client should agree that they are ready to lose their own $2000. Then you can start to trade correctly because you can afford to lose the $60 000. If you cannot afford to lose it, you will lose it.

About the brokers, I wouldn't recommend anybody, but for small accounts Oanda is probably a good choice because of it's flexibility of the size you can trade.

If you absolutely want a Swiss broker, the ones that are probably the bests of course doesn't allow small accounts (Dukascopy for instance).
Probably with MIG you could open small accounts but I am not sure how good they are. And it is a MT4 broker.
  • #9
  • Nov 5, 2007 6:26am Nov 5, 2007 6:26am
All of the above advice sounds good.

As far as picking a broker, I've heard of something called, I believe, PAM accounts, where your clients' accounts are linked to yours so that your trades are mirrored in each of their acccounts. Then you don't have to trade every account individually.

You probably want a broker that offers that.
  • #10
  • Nov 5, 2007 8:49am Nov 5, 2007 8:49am
I don't mean to be negative here, but when I read things like

Quoting FXBaby
iam really new in forex from india
and then

Quoting FXBaby
iam sub broker in Indiainfoline(ecn) india. I have 30 clients here. Iam looking to join an IB program in forex
it makes me wonder why anyone deals with foreign brokers at all.

How can a person be a broker, trade other people's money for them, yet not know how to trade himself?

Yes, I realize he's not trading in Forex, but it's clear that he has no Forex experience, yet wants to know of a good broker so he can start trading with other people's money!

How can he even be an IB when he has no Forex trading experience?

That's scary, and exactly the reason why anyone trading someone else's money should be tested, licenced, and regulated.

Terry
  • #11
  • Nov 5, 2007 11:03am Nov 5, 2007 11:03am
Quoting FXBaby
Thanks, but iam already using demo with two month. I made 20% on last month demo account. Well this is not a matter. Actually iam sub broker in Indiainfoline(ecn) india. I have 30 clients here. Iam looking to join an IB program in forex. But problem is not all brokers are honest. Will you tell me a good brokerage ? (should be honest not stop hunter or requote). My each client can invest $2000(because indian govt is not allowed more than $2000/year in trading outside india). I like swiss brokerage.Please tell me some good brokerage name. I can afford to lose my money but cannot afford $60000 of 30 clients. please suggest a good broker.
I'd recommend you just be straight up about what you're looking for. You first portray yourself as a poor newbie needing some help, then we find out you have 30 clients you're trying to service? Why not just say that up front?? Why all the deceptive BS about "I only have $1000 and I don't want to lose it", "I am new to forex", etc. I for one am sorry I wasted my time responding earlier.

Do your own homework. There are plenty of resources online for finding a decent broker, but you probably already know that, and are continuing to just play dumb, right?
  • #12
  • Nov 6, 2007 8:03am Nov 6, 2007 8:03am
Yes iam new in forex. But i donot want to play with my client money. As an IB you get commission from broker on each buy and sell by your clients. Ok i am not experienced as live but Iam using demo last two months.Well somebody tell me start with mini accounts. If loss due to my fault thats not a problem but if i lose due to stop hunting,plateform crash,requoto and stop/limit order hunting then i want to tell you $100k is not enough.Am i right ?
Let's trade together.
  • #13
  • Nov 6, 2007 8:29am Nov 6, 2007 8:29am
Quoting FXBaby
Yes iam new in forex. But i donot want to play with my client money. As an IB you get commission from broker on each buy and sell by your clients. Ok i am not experienced as live but Iam using demo last two months.Well somebody tell me start with mini accounts. If loss due to my fault thats not a problem but if i lose due to stop hunting,plateform crash,requoto and stop/limit order hunting then i want to tell you $100k is not enough.Am i right ?
Well, we might be able to help you.

Let me see if I've got this right.

1) You're a broker in India with 30 clients.

2) You want to be an IB in Forex, but have no Forex experience.

3) You will not be trading your clients' money. They will be trading for themselves, with you getting a commission as IB.

4) You want someone to recommend a Forex broker that you can be an IB for and that your clients can trade with.

5) You also want to trade your own money with this broker.

Do I have this correct?

Terry
  • #14
  • Nov 6, 2007 1:17pm Nov 6, 2007 1:17pm
First i want to start with mini account then i will switch to standard account.Money is not matter. I have enogh money to trade (but not for broker). Iam using james16 price action method on 4 hour and daily chart. So its important that my broker should be honest from his side. If he work honestly no doubt i will give him more than 200 clients. But in start 30 clients enough.Forex is not a regulated market.
Let's trade together.
  • #15
  • Nov 6, 2007 2:15pm Nov 6, 2007 2:15pm
Hello ,

I am from India too :

1. 2000 USD is not the LIMIT for international investment it is 100,000.00 USD per annum via proper deceleration.

2. He is Stock Trader , Indiainfoline is Stock Broking House.

3.I do not understand how he can have control over his clients money , Indiainfoline is just online broker and he is IB for them, ( unless it is given in a personal account on personal faith).

4. Please do not try you hand in LIVE Forex Trading for at least a year , FX there is NO PATTERN / PERMANENT TRENDS / YOU MUST KNOW WHAT NEWS MOVES THE MARKET AND WHY / PROPER MONEY MGMT / TECHNICAL ANALYSIS / PREPAREDNESS TO STOP OUT OR TAKE LOSSES.

OTHER ISSUE : GOOD PC / STABLE INTERNET CONNECTION .


Ganesh
  • #16
  • Nov 7, 2007 3:43am Nov 7, 2007 3:43am
For info. But iam not trying to control money of my clients. Some of my clients are intrested in forex but the matter is we donot know which broker is best for us. So i have started this thread. As an IB i will get commission on their buy and sell. And also they will get a good broker.
Let's trade together.
  • #17
  • Nov 7, 2007 10:09am Nov 7, 2007 10:09am
Well, FXBaby, I'd like to help you but, since you won't answer my questions, I can't.

I'm done with this thread. Hope things work out for you.

Terry
  • #18
  • Nov 7, 2007 11:20am Nov 7, 2007 11:20am
Quoting In2Blues
Well, we might be able to help you.

Let me see if I've got this right.

1) You're a broker in India with 30 clients.

2) You want to be an IB in Forex, but have no Forex experience.

3) You will not be trading your clients' money. They will be trading for themselves, with you getting a commission as IB.

4) You want someone to recommend a Forex broker that you can be an IB for and that your clients can trade with.

5) You also want to trade your own money with this broker.

Do I have this correct?

Terry
(1) Yes iam a sub broker with 200 clients but only my 30 clients are intrested.
(2) Yes that's reason iam asking here. If I have experienced i simply picked up a good broker. There was no need to start this tread.
(3) Yes. Iam honest and working with indiainfoline. This will be my side business. I donot want trade my clients money.
(4) Yes. But he should be an experienced trader (be honest your side i donot know who you are) and not related (as employee or pramoter) to any brokerage firm.
(5) Because iam new i will start with mini account. After a 3 to 4 withdrawl, i will join this company as an IB. Remember i can afford to lose my money but not of my clients.

A lot of people are reading this thread but there few answer of my question. I heared at forexnews forum that forexfactory guys are really helpfull in nature. And look at responce.
Let's trade together.
  • #19
  • Nov 8, 2007 10:06pm Nov 8, 2007 10:06pm
Quoting FXBaby
A lot of people are reading this thread but there few answer of my question. I heared at forexnews forum that forexfactory guys are really helpfull in nature. And look at responce.
People here are very helpful, but you have to be clear about what you want.

When you started this thread it sounded like you wanted to trade your clients' money when you had no experience. You also said you were a broker but had no experience. You didn't tell us that you were a stock broker and wanted to get into Forex with your own money (not trading your clients' money). Since nobody wants to help you trade someone else's money when you have no experience, you didn't get a broker recommendation.

Now that you have answered my questions and cleared up the problem, we can help you.

I would recommend two brokers for you: EFX and Oanda (others may recommend different ones).

EFX's minimum deposit is $400 and they have excellent spreads. They charge a commission of $5 per 100,000 currency traded (each way).

Oanda has no minimum deposit and they don't charge commissions. They're spreads are good, too.

You can find out more by going to their websites:

http://www.efxgroup.com
http://www.oanda.com

Hope this helps.

Terry
  • #20
  • Nov 8, 2007 10:22pm Nov 8, 2007 10:22pm
Oanda doesnt do IB-agreements and wont pay kickbacks of any kind. Mb/Efx apparently does business with everyone, even with Felix and ForexMadeCheesey and the likes. Its probably the easiest way to get what you want..
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