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New To forex!!!

  • #1
  • First Post: Jul 10, 2009 1:43pm Jul 10, 2009 1:43pm
Hey guys I am somewhat new to forex I just went through the fxcm traning courses I have been trading on a practice account, and I want start trading on real account except I don't want to put a lot of money into the account. Which is the best program to use that has a low minimum? Which one charges the least per trade? I am looking to put in 100- 200 into the account please help me.
  • #2
  • Jul 10, 2009 1:45pm Jul 10, 2009 1:45pm
Oanda is a pretty good broker with $1 minimum deposit.
  • #3
  • Jul 10, 2009 1:57pm Jul 10, 2009 1:57pm
I second that. And please be sure that you'll lose your first 100-200 (it's just normal) with a probability of around 98%.
  • #4
  • Edited Jul 11, 2009 1:28am Jul 10, 2009 2:55pm | Edited Jul 11, 2009 1:28am
You don't need to lose thousands to practice live trading, look this example: http://www.forexfactory.com/showpost...ostcount=11710

WLFX demo traded about 6 month, than opened a live account with 5$ and made 1500% in the first month, the last email he've sent me showed that he is in 170$ actually and growing.

He confirmed that with the growing of his account he started to apply proper MM.
  • #5
  • Jul 10, 2009 3:29pm Jul 10, 2009 3:29pm
Quoting Xaron
I second that. And please be sure that you'll lose your first 100-200 (it's just normal) with a probability of around 98%.
so a broker just need to keep bringing 100 buck newbie in order to be very profitable, hahahaha
  • #6
  • Jul 13, 2009 12:59pm Jul 13, 2009 12:59pm
Quoting cobraforex
You don't need to lose thousands to practice live trading, look this example: http://www.forexfactory.com/showpost...ostcount=11710

WLFX demo traded about 6 month, than opened a live account with 5$ and made 1500% in the first month, the last email he've sent me showed that he is in 170$ actually and growing.

He confirmed that with the growing of his account he started to apply proper MM.
I like that little graph at the bottom hopefully my can look like that but i really dont have time to trade because i am taking summer classes so i decided to postpone trading until i finish summer classes. Thanks anyway guys. I have been trading practice accounts for about 2 months and i did pretty well until about 2 weeks ago and then my luck just changed everytime a buy or sell somthing it goes the oppisite way from which i want it to go. Maybe I should review the trading and analysis courses from fxcm before I open a real account, but again i reallly dont have time because i have a test every week.
  • #7
  • Jul 13, 2009 4:37pm Jul 13, 2009 4:37pm
Go with Oanda, if you are going to start that small.
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  • #8
  • Jul 14, 2009 4:47am Jul 14, 2009 4:47am
Quoting youngin'
I like that little graph at the bottom hopefully my can look like that but i really dont have time to trade because i am taking summer classes so i decided to postpone trading until i finish summer classes. Thanks anyway guys. I have been trading practice accounts for about 2 months and i did pretty well until about 2 weeks ago and then my luck just changed everytime a buy or sell somthing it goes the oppisite way from which i want it to go....
How many trades have you taken in those 2 months? Also, don't be discouraged that you've lost some trades. Happens all the time and in fact the last few weeks hasn't been great anyway.
  • #9
  • Jul 14, 2009 6:13pm Jul 14, 2009 6:13pm
I have no idea how many trades i have made but before summer classes started i made up about 5 trades a a day and i pretty much traded everyday
  • #10
  • Edited 3:38am Jul 15, 2009 3:25am | Edited 3:38am
Hmm only 2 months O_o
I guess you'll need more practice on demo before going live to get more experience of various market conditions

Also if you're uncertain about the trend direction, you should just wait instead of forcing your self to keep trading everyday, so you won't get too much loss,
but if you really want to trade with uncertainity, just trade with smaller volume than you usually does
  • #11
  • Jul 16, 2009 2:35pm Jul 16, 2009 2:35pm
Thanks for the advice guys? How is onada's trading station is it hard to learn how to use? Because I also want to a program that you dont need to read a whole book to understand how to use all of its features.
  • #12
  • Jul 20, 2009 7:50am Jul 20, 2009 7:50am
Be aware of the new FIFO rules from the NFA which will affect trading with US brokers like Oanda. Probably best to check with them how they're dealing with it first.
  • #13
  • Last Post: Jul 20, 2009 9:22am Jul 20, 2009 9:22am
Quoting youngin'
Thanks for the advice guys? How is onada's trading station is it hard to learn how to use? Because I also want to a program that you dont need to read a whole book to understand how to use all of its features.
Oanda's platform is probably the simplest one out there. Very easy to use.

Also, from what I understand, Oanda is already FIFO compliant. This means they won't have to change their order types at the end of this month like the U.S. MT4 brokers.

Forex.com is also FIFO compliant, but I wouldn't recommend them for a newb, simply because they don't offer micro-lots.

After a while, when you're ready to explore a more versatile (and complicated) charting package, you can download a demo from another broker and learn it at your own pace. I'm becoming partial to NinjaTrader.
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