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Help me choose a Broker ... Please!

  • #21
  • May 8, 2008 12:24am May 8, 2008 12:24am
Thanks again guys.

I was really worried yesterday being stuck really with only one broker as I am sure now that US based brokers will not accept me based on my nationality.

So it is very encouraging to find out that experianced traders like you guys are also using MT4 and then just placing orders with your brokers.

I have just download MT4 from the metaquetes website and will start to learn it shortly.

Regarding Maxey's comments about the saudi bahraini bank being a white label for ACM, I have no clue what that means but I hope it is a good Thing

I am very honored for all this care.

Mohammad.
  • #22
  • May 8, 2008 12:56pm May 8, 2008 12:56pm
Quoting fatboy1234
Thanks again guys.

I was really worried yesterday being stuck really with only one broker as I am sure now that US based brokers will not accept me based on my nationality.

So it is very encouraging to find out that experianced traders like you guys are also using MT4 and then just placing orders with your brokers.

I have just download MT4 from the metaquetes website and will start to learn it shortly.

Regarding Maxey's comments about the saudi bahraini bank being a white label for ACM, I have no clue what that means but I hope it is a good Thing

I am very honored for all this care.

Mohammad.
Glad to help Mohammad...for MT4 you can also try www.fxpro.com; they have an MT4 demo that's free for an unlimited time (you don't even have to give your name), has every currency pair I can think of, and has a very accurate price feed. Your metaquotes download is probably fine, but I use the fxpro demo and it's been great for me, so just wanted to let you know as an alternative...

Best wishes!
  • #23
  • May 8, 2008 1:45pm May 8, 2008 1:45pm
Quoting fatboy1234
Hello to everyone here at this WONDERFUL forum.

My first post here, My name is Mohammad Reza, I'm in Iranian living in Kuwait, 40 years old, married with 3 wonderful boys.
Are the boys also each 40 years old. Just having some fun.
  • #24
  • Edited 5:21pm May 8, 2008 5:08pm | Edited 5:21pm
Hi
Choosing a broker is worth research and testing but not the website ranking since broker place on any website pay for the advert. I think choosing a best broker needs contacting an eperienced with such a broker. I can recommend you use the broker doing great for this moment, i have been using them since the year 2005 and never fulk me up. www.liteforex.org Their office is based in cyprus. I chatted with them after i read your post above if they accept traders from Iraq and replied yes. They have all the features you may desired.
  • #25
  • May 8, 2008 9:43pm May 8, 2008 9:43pm
Thanks again guys,

Last night in the loo, (I don't know about you guys, but I get my best eureka ideas in the loo ) I found a workaround to my Iranian citizenship issue. Since my wife is from the Philipines, I can just open any account anywhere in the world in her name.

So now just to rattle my brain to choose one of these:

1- Hotspot
2- IB
3- MB traders

I won't be dealing less then a standard lots, and although I have'nt used MT4 yet, I would perefer a broker with a MT4 platform as most users here are happy with them.

I want to thank each and every one of you here for your absolute help, advise and encouragment that you have provided me.

Mohammad Reza.
  • #26
  • May 14, 2008 6:26am May 14, 2008 6:26am
Quoting fatboy1234
Thanks again guys,

Last night in the loo, (I don't know about you guys, but I get my best eureka ideas in the loo ) I found a workaround to my Iranian citizenship issue. Since my wife is from the Philipines, I can just open any account anywhere in the world in her name.

So now just to rattle my brain to choose one of these:

1- Hotspot
2- IB
3- MB traders

I won't be dealing less then a standard lots, and although I have'nt used MT4 yet, I would perefer a broker with a MT4 platform as most users here are happy with them.

I want to thank each and every one of you here for your absolute help, advise and encouragment that you have provided me.

Mohammad Reza.
.
Hi Mohammad,
why not give a try to Alpari UK, only if they dont accept Iranians. I learnt they are good MT4 Broker.
Alnames.
  • #27
  • May 14, 2008 8:05am May 14, 2008 8:05am
Quoting blueruby
I think the issue will not be one of "who is the best broker", it will be "who will accept your money".

The fast way to weed them out is tell them you're Iranian. I doubt any broker will let you fund an account. I could be wrong, this is opinion based on the thread started by the Iraqi citizen here.

http://www.forexfactory.com/showthread.php?t=84917
Not sure which is worse, being Iraqi or Iranian, all brokers pretty much will never accept either.
  • #28
  • May 15, 2008 7:12am May 15, 2008 7:12am
i suggest you use www.liteforexnigeria.com
  • #29
  • May 15, 2008 12:47pm May 15, 2008 12:47pm
Quoting prof2005
i suggest you use www.liteforexnigeria.com
I suggest not. Has all the classic signs of being a bucket shop.
  • #30
  • May 15, 2008 2:53pm May 15, 2008 2:53pm
Quoting prof2005
i suggest you use www.liteforexnigeria.com
Wow! ECN trading starting at one dollar.
  • #31
  • May 15, 2008 4:40pm May 15, 2008 4:40pm
Fatboy, please do me a favor.
Before wasting all that money on the forex market please demotrade for at least 6 months. Read all the technical books that you can get your hands on and read through the forums to get some feel of the market from experienced traders.
Live trading is completely different and there is no get rich quick way into forex. Like everything in life you have to work hard to achieve something. This market can beat you down in a blink of an eye and before you know it you will be adding on to losing positions and all your hard earned money will be gone.

Okay, after this I really can't recommend a good broker.
I don't like IBFX, don't go with Liteforex, and don't go with a broker that doesn't allow scalping or newstrading. You will see that only a few are left now.

Good luck.

BTW if you are to trade without proper preparatrion please consider giving th emoney to me, so at least someone will have use of it. Burning it up into the forex market doesn't do good for anyone.
  • #32
  • May 16, 2008 10:17pm May 16, 2008 10:17pm
All great advise, thanks again.

And you are right Ilovepippin, yesterday I wiped out my demo account on just one aud/usd trade which I thought was going south, so I sold without any stoploss, and it just went up and up and up, untill my account was forcibaly closed out and all the money gone, wow, that was a real eye opener for me.

Thanks again.

Mohammad.
  • #33
  • May 17, 2008 9:13pm May 17, 2008 9:13pm
Quoting fatboy1234
All great advise, thanks again.
And you are right Ilovepippin, yesterday I wiped out my demo account on just one aud/usd trade which I thought was going south, so I sold without any stoploss, and it just went up and up and up, untill my account was forcibaly closed out and all the money gone, wow, that was a real eye opener for me.
Thanks again.
Mohammad.
This is exactly what would have happened to you if you were trading live. You would have lost your 30K. Why enrich your broker? As a beginner, you cannot win at forex. There is a learning process involved which takes at least 2 years. You should open a small 1k account with a broker and trade only micro lots until you learn how to trade.
  • #34
  • May 18, 2008 10:04am May 18, 2008 10:04am
try first with 1 k and if you get good result then increase your investment
  • #35
  • May 18, 2008 10:13am May 18, 2008 10:13am
Quoting ikons8
Go with Int. Brokers, you will not regret it. If you are a serious trader and want to trade serious money, avoid all markets makers (like oanda), because they simply trade against you.

I am almost 2 years with IB and I never had a problem. They have the smallest commission and a professionnal, a little bit complicated platform. Plus the BookTrader application which is a must.

I have had very bad experiences in the past with Oanda and FXCM. Stay away from them.
Do you use them for scalping?any problem?

Zu
  • #36
  • May 18, 2008 11:31am May 18, 2008 11:31am
Quoting Xaron
Mohammad, do me a favour. Whatever broker you choose (I'd choose Oanda), please only deposit $3,000 and keep the other $27,000 in your bank account. Trade with low leverage - at least one year. If you have more than $3,000 after that deposit the other $27,000.

Regards - Xaron
Great advise
  • #37
  • Mar 29, 2009 7:59am Mar 29, 2009 7:59am
i have come to only 4 choice after some intensive research, someone help me to narrow down further?

Activtrades vs GFT vs MB Trading vs Oanda, which one for serious full time trading, and why?
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  • #38
  • Apr 1, 2009 12:11am Apr 1, 2009 12:11am
I'm fairly satisfied with the customer support and afterhour approach provide by wsd-nz and as the most important, you'll have your fund segregated in another account to comply with govenment regulation. I also trade with kvbkunlun before, which is also one of the biggest brooker in auckland. I personally think kvbkunlun offers a more competitive spread rate than wsd-nz, but the rest of the customer supports are not as good as wsd-nz. You know, people will focus on the areas which suits their needs. You may google above 2 company out and read through their sites.
  • #39
  • Last Post: Apr 3, 2009 5:54am Apr 3, 2009 5:54am
I tried PCIFX for two years until now and they are v. good M.M low spreads No slippage - No requotes Up to 400:1 leverage (1% margin).
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