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Best Broker for a Newbie

  • #1
  • First Post: Jan 13, 2008 10:09pm Jan 13, 2008 10:09pm
Hi i am a forex newbie, and am looking to start a small account with $1000, i was first looking at forex.com to be my broker but see many bad reviews for them. I am just trying to get in on this upcoming volatile market and need some direction on where to go to be able to make a trade,and put an associated limit offer to take my profits(or hopefully not losses). can anybody help me thanks?
  • #2
  • Jan 13, 2008 10:30pm Jan 13, 2008 10:30pm
I've had good service from forex.com, but...... if you are starting with $1000 you may be better off with a broker that offers micro-lots.

If you are brand new you should take the free Forex course at babypips and open a demo account for a while. This will end up saving you time and money.
  • #3
  • Jan 13, 2008 11:55pm Jan 13, 2008 11:55pm
I second billflet. Use a demo for a while, preferably with the broker you think you'll go live. And when you go live, do yourself a huge favor: start with a micro account, don't move to a mini before your account has ~$5K. As for brokers who suggest micro-sized contracts. There are quite a few, try to collect opinions. I know of alpari UK, oanda, efx, mwheadway, fxdd, pfgfxlite, gft, fxsol, forexyard, interbank fx. The first three represent three different broker types and I think they are among the best, each with its pros and cons. Good luck.
sans peur et sans reproche
  • #4
  • Jan 14, 2008 6:35am Jan 14, 2008 6:35am
thanks guys keep the advice coming.. i am scared to get started..
  • #5
  • Jan 14, 2008 6:54am Jan 14, 2008 6:54am
Just made this post in another thread. applies here too.
Good trading to you.

http://forexfactory.com/showpost.php...5&postcount=37
In trading, there is no bullshit. You either make money or you don't.
  • #6
  • Jan 14, 2008 9:44am Jan 14, 2008 9:44am
Quoting mrgreen
Just made this post in another thread. applies here too.
Good trading to you.

http://forexfactory.com/showpost.php...5&postcount=37


Is Oanda a good broker? basically All I am looking to do is buy $1000 worth of Euro on levarge and take some profit from this FED cut
  • #7
  • Jan 14, 2008 9:54am Jan 14, 2008 9:54am
Quoting dmc
Is Oanda a good broker? basically All I am looking to do is buy $1000 worth of Euro on levarge and take some profit from this FED cut
please don't assume it is that easy.
  • #8
  • Jan 14, 2008 9:59am Jan 14, 2008 9:59am
Quoting bmwboyee
please don't assume it is that easy.
One thousand bucks could be a fair price to learn not to assume it.
sans peur et sans reproche
  • #9
  • Jan 14, 2008 10:00am Jan 14, 2008 10:00am
Quoting bmwboyee
please don't assume it is that easy.
I know its not. But I truly think it is goign to go to 1.5, I am looking to buy now and just hold, alsmot liek a stock rather then be an activer trader, are you siggestign this is stupid and I am way out of my league?
  • #10
  • Jan 14, 2008 10:11am Jan 14, 2008 10:11am
Quoting dmc
I know its not. But I truly think it is goign to go to 1.5, I am looking to buy now and just hold, alsmot liek a stock rather then be an activer trader, are you siggestign this is stupid and I am way out of my league?
I'm not suggesting that at all. what i am saying is if a rate cut is KNOWN most of the time it is priced into the current price. Also, becareful on leverage. a full penny move could margin call your account.
  • #11
  • Jan 14, 2008 11:00am Jan 14, 2008 11:00am
Quoting bmwboyee
I'm not suggesting that at all. what i am saying is if a rate cut is KNOWN most of the time it is priced into the current price. Also, becareful on leverage. a full penny move could margin call your account.
yea I guess I have alot to learn, and that's why I am here, thanks....I just want to start somewhere and dont know where..Most of you guys have been there.
  • #12
  • Jan 14, 2008 11:06am Jan 14, 2008 11:06am
I suggest www.interbankfx.com

It has micro lots, and you can start with a low deposit.

Plus it is over the $5m capital required by the NFA.

It's platform is Metatrader 4, which I think is excellent.
  • #13
  • Jan 14, 2008 12:42pm Jan 14, 2008 12:42pm
Quoting forexmoments
I suggest www.interbankfx.com

It has micro lots, and you can start with a low deposit.

Plus it is over the $5m capital required by the NFA.

It's platform is Metatrader 4, which I think is excellent.

OANDA is the best to new traders (solid broker and allow any lot size)
second choice IBFX
MT4 and OANDA graphics nice combo!
  • #14
  • Jan 14, 2008 1:02pm Jan 14, 2008 1:02pm
Quoting dmc
I know its not. But I truly think it is goign to go to 1.5, I am looking to buy now and just hold, alsmot liek a stock rather then be an activer trader, are you siggestign this is stupid and I am way out of my league?
Don't know what lot size you're looking at, but remember that to stay in a position you have to be able to weather price swings in either direction. If the price goes against you on your euro position, that $1000 can get eaten up pretty fast unless you're using a small lot size (which I highly recommend).

It may very well get to 1.50, but you have to be able to stay in the position until it does, or get stopped out at your max loss amount (which you need to decide before you enter the trade).

Also, try to be unemotional when trading, or at least don't let your emotions dictate how you trade. Hard to do, but if you're "scared" or any other extreme emotion while trading, you're asking for trouble...just try to "keep your cool."

Best wishes!
  • #15
  • Jan 14, 2008 1:11pm Jan 14, 2008 1:11pm
Quoting TC East
Don't know what lot size you're looking at, but remember that to stay in a position you have to be able to weather price swings in either direction. If the price goes against you on your euro position, that $1000 can get eaten up pretty fast unless you're using a small lot size (which I highly recommend).

It may very well get to 1.50, but you have to be able to stay in the position until it does, or get stopped out at your max loss amount (which you need to decide before you enter the trade).

Also, try to be unemotional when trading, or at least don't let your emotions dictate how you trade. Hard to do, but if you're "scared" or any other extreme emotion while trading, you're asking for trouble...just try to "keep your cool."

Best wishes!
You also have to factor in swap.
  • #16
  • Mar 10, 2019 11:51am Mar 10, 2019 11:51am
Search Facebook/Google for what people are recommending. Stay away from brokers offering bonuses and don't trust anyone who send you to a link
  • #17
  • Mar 29, 2019 3:26pm Mar 29, 2019 3:26pm
Quoting ilanr
I second billflet. Use a demo for a while, preferably with the broker you think you'll go live. And when you go live, do yourself a huge favor: start with a micro account, don't move to a mini before your account has ~$5K. As for brokers who suggest micro-sized contracts. There are quite a few, try to collect opinions. I know of alpari UK, oanda, efx, mwheadway, fxdd, pfgfxlite, gft, fxsol, forexyard, interbank fx. The first three represent three different broker types and I think they are among the best, each with its pros and cons. Good luck.
Obviously Alpari Oando are the guys in your list to look at, but there are definitely other good brokers out there. Both upcoming and older ones alike with good services.
  • #18
  • Edited 7:09pm Mar 29, 2019 6:23pm | Edited 7:09pm
oanda uses paypal so it makes it really easy. Perfect broker for newbie imho. low leverage which is good for you as well. Unless your really good and doing scalping and spread is critical you really dont need anything else.
  • #19
  • Apr 1, 2019 2:58am Apr 1, 2019 2:58am
I think the best broker for beginners is Exness. And it is better to use a cent account to start, but not a demo account.
  • #20
  • Apr 1, 2019 5:52am Apr 1, 2019 5:52am
Many brokers offer cent account but I consider it a joke. You don't get a felling of real trading when your account equity is low, because fear to lose 100$ is different from the fear of losing 10000$. You will be much more attentive to money management issues when you have something to lose.
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