Looking for a broker but... | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

Anyone like Citi as a broker? I'm looking for a safe broker 18 replies

Looking for MT4 Broker with EST Timezone 4 replies

Looking for a broker like OANDA but who offers trail stop feature as well 15 replies

VTTrader: Looking for new VT Trader broker 15 replies

looking for a UK broker i do a lot of very quick scalping but also hold longer trades 9 replies

Looking for a broker but...

  • #1
  • First Post: Sep 13, 2009 3:59pm Sep 13, 2009 3:59pm
I'm so overwhelmed! For every good review I can find (of any broker) I can find atleast 5 bad ones... I've been looking for a solid broker for about 3 days now and I dont know which to try... At first I was mainly looking for an MT4 account but thats no longer a priority. Basically what I'm looking for is:

-Micro/Mini Account (I have ~$700 to deposit)
-400:1 Leverage Minimum (this is a must as I scalp)
-Fast Execution (Is ECN the best way to go..?)

And for what its worth, I'm Canadian. Please guide me to my dream brokerage lol
  • #2
  • Sep 13, 2009 4:22pm Sep 13, 2009 4:22pm
You have only $700? and you want to scalp?

You are really new to forex market - aren't you?

Try CMS FX UK. But still - there is no such broker that will allow you to scalp. Scalping is the fastest way to lose money. Remember my words!
  • #3
  • Sep 13, 2009 4:32pm Sep 13, 2009 4:32pm
With only $700.

There's nothing wrong with 400:1 if you trade small sizes to start with. But to try and scalp with most retail b rokers is going to be hard - both on your ability to survive financially and emotionally.

If you haven't done so already then you need at least 3-6 months demo trading with two or three different b rokers. That way you'll find out if you can actually do it and also how the platforms work.

If you have been demo trading for any length of time I apologise - but I still think you're walking into a minefield.
  • #4
  • Sep 13, 2009 7:12pm Sep 13, 2009 7:12pm
Alright, perhaps scalping isnt the word I'm looking for, my bad. Thanks for the honest replies though. I've demo traded for 6 weeks with FXCM and have a 72.6% win ratio which is pretty decent. I've only been trading Forex for these 6 weeks however I've been trading equities for over a year.

My trading style I guess is more momentum trading than scalping, as I spend no less than 5 minutes and no more than an hour in a trade.

Any other broker suggestions?
  • #5
  • Sep 13, 2009 8:42pm Sep 13, 2009 8:42pm
Quoting TyErwin
Alright, perhaps scalping isnt the word I'm looking for, my bad. Thanks for the honest replies though. I've demo traded for 6 weeks with FXCM and have a 72.6% win ratio which is pretty decent. I've only been trading Forex for these 6 weeks however I've been trading equities for over a year.

My trading style I guess is more momentum trading than scalping, as I spend no less than 5 minutes and no more than an hour in a trade.

Any other broker suggestions?
FXDD gives 200:1 I think, and pretty sure you can scalp to your hearts content. FxPro will go up to 500:1 if I remember correctly, but I don't recommend them as a broker for various reasons.

But if you are profitable with your system, you don't need 400:1 unless you want to retire next month. Just start building up your account, and if you're successful, it will grow exponentially; 100:1 leverage is plenty.

One note however, and you may have already been told this, but psychologically, live trading is very different from demo. In demo, you "know" you have nothing to lose. Just a suggestion, but when you trade live, accept up front that you're fine and dandy if the whole $700 is lost. If you can genuinely accept that, it will help a lot from a psychological point of view...
  • #6
  • Sep 13, 2009 10:16pm Sep 13, 2009 10:16pm
MB Trading is an ECN with a $400 minimum, but the leverage is 100:1.
  • #7
  • Sep 14, 2009 12:22am Sep 14, 2009 12:22am
me thinks you are in for a big surprise when you start trading real money.......
Same Whore .... Different Dress
  • #8
  • Sep 14, 2009 1:13pm Sep 14, 2009 1:13pm
Quoting TC East
FXDD gives 200:1 I think, and pretty sure you can scalp to your hearts content....
I was actually looking at FxPro, I've read some pretty decent reviews about it. Did you have a bad experience with them? I am more than fine and dandy with losing this money, psychologically this money isnt very important to me as its like a year of quaters, dimes and pennies saved up.

Quoting johnedoe
me thinks you are in for a big surprise when you start trading real money.......
You may be 100% right. I hope not, but very possible. Lets see how it goes.
  • #9
  • Sep 14, 2009 4:07pm Sep 14, 2009 4:07pm
Quoting johnedoe
me thinks you are in for a big surprise when you start trading real money.......
Same here...
  • #10
  • Sep 14, 2009 8:37pm Sep 14, 2009 8:37pm
Quoting TC East
FXDD gives 200:1 I think, and pretty sure you can scalp to your hearts content. FxPro will go up to 500:1 if I remember correctly, but I don't recommend them as a broker for various reasons.

But if you are profitable with your system, you don't need 400:1 unless you want to retire next month. Just start building up your account, and if you're successful, it will grow exponentially; 100:1 leverage is plenty.

One note however, and you may have already been told this, but psychologically, live trading is very different from demo. In demo, you "know"...
need a broker that i can scalp with without worries. any other recommendations??
  • #11
  • Sep 14, 2009 10:39pm Sep 14, 2009 10:39pm
Hi all,

I am new here, hope to get some advice on brokers in Malaysia/Singapore.

I have been trying out few oversea brokers and each having their advantages and disadvantages. However another main concern is locality of broker to minimise the funding/withdrawal fees.

Anyone know whether there are forex brokers that having offices in either Malaysia or Singapore?

Thanks!
Freeman
  • #12
  • Sep 14, 2009 11:20pm Sep 14, 2009 11:20pm
Quoting TyErwin
I was actually looking at FxPro, I've read some pretty decent reviews about it. Did you have a bad experience with them? I am more than fine and dandy with losing this money, psychologically this money isnt very important to me as its like a year of quaters, dimes and pennies saved up.
Haha; cool, being ok with losing it helps immensely I think.

Re. FxPro, I did have a live account with them and they were ok. Not great, just ok. There are a few threads here about them you can read. My problem with them was their execution; to me it was kind of slow. FXDD's execution is considerably faster.

FxPro has low spreads, but there's enough slippage due to slow execution that you lose the benefit, i.e. if the price moves 4 pips against you before the order fills, and you have to accept a requote to enter, then what good are the low spreads?

They are not a scam though, but nothing special either. Also, the wiring fees and Paypal fees for withdrawals/deposits are more due to the international transfer (I'm in the US). For me it wasn't worth it. I'd rather trade with a US based broker anyway, and the better execution at FXDD made it a no brainer...

Best wishes
  • #13
  • Last Post: Sep 15, 2009 12:43pm Sep 15, 2009 12:43pm
Quoting TyErwin
I'm so overwhelmed! For every good review I can find (of any broker) I can find atleast 5 bad ones... I've been looking for a solid broker for about 3 days now and I dont know which to try... At first I was mainly looking for an MT4 account but thats no longer a priority. Basically what I'm looking for is:

-Micro/Mini Account (I have ~$700 to deposit)
-400:1 Leverage Minimum (this is a must as I scalp)
-Fast Execution (Is ECN the best way to go..?)

And for what its worth, I'm Canadian. Please guide me to my dream brokerage lol
you can scalpe ,but should be care in the correct time.

actually you can try demo account with $100, see if it works well.

i think you could try apari uk , they allowed to scalpe.
0 traders viewing now