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Broker recommendation

  • #1
  • First Post: Dec 6, 2009 2:32am Dec 6, 2009 2:32am
Hello Everyone,

I've been trading futures and options(primarily crude oil) for the last 2 years now and I am now looking to venture into forex trading with a very small account of around USD 5,000. I browsed the forums and was amazed to see that there isn't a single honest broker out there, something which I still havn't experience in futures having accounts at 4 different brokerages.

The reason I want to venture into forex trading using $5,000 is to make use of ridiculously high leverage. I can afford to lose this $5,000 so its not a concern for me. Brokers are!

I will only be using limit orders and will be holding trades for 1-3 hours. I will never hold any overnight trades and will not trade immediately after news. I however WILL place a trade minutes before the news and exit afterwards. I will NOT use stops. I will be trading EURUSD and GBPUSD only and timely withdrawals and stable software are important for me

Keeping the above in mind, what brokers do you guys recommend? TBH I had some choices but after reading the reviews I dont have a clue
  • #2
  • Dec 6, 2009 6:04am Dec 6, 2009 6:04am
Quoting usman88
Hello Everyone,



I will only be using limit orders and will be holding trades for 1-3 hours. I will never hold any overnight trades and will not trade immediately after news. I however WILL place a trade minutes before the news and exit afterwards. I will NOT use stops. I will be trading EURUSD and GBPUSD only and timely withdrawals and stable software are important for me
Why would you do that? Instead of foolishly loose your money by trading before news release, without stops and with high leverage why don't you learn how to trade currency? Which is an art and not a casino or something. What you want to do is pure lotery.
Try Oanda. With 5000$ you can buy about 2 lots of EUR/USD and quite the same amount of pound (because the maximum leverage is 50:1 and for you that is ridiculously high) and place those limit order nearby a pivot point (support/resistance). Otherwise you'll loose all your money. Trading news...yeah, sure. And what do you want to do? Price is 1.5000. You put a buy order at 1.5030, a sell order at 1.4970 and wait to see which one will be the first triggered? Well..probably you'll buy at 1.5030, the price will reverse, sell at 1.4970, it will reverse again and loose your account .
  • #3
  • Dec 6, 2009 11:08am Dec 6, 2009 11:08am
Quoting Pollux
Why would you do that? Instead of foolishly loose your money by trading before news release, without stops and with high leverage why don't you learn how to trade currency? Which is an art and not a casino or something. What you want to do is pure lotery.
Try Oanda. With 5000$ you can buy about 2 lots of EUR/USD and quite the same amount of pound (because the maximum leverage is 50:1 and for you that is ridiculously high) and place those limit order nearby a pivot point (support/resistance). Otherwise you'll loose all your money. Trading news...yeah,...
I am looking for at least 200:1 leverage.
I have a strategy in mind which is not conventional. As I mentioned earlier $5,000 is nothing for me therefore I can afford to lose it
  • #4
  • Dec 6, 2009 2:28pm Dec 6, 2009 2:28pm
Quoting usman88
Hello Everyone,

I've been trading futures and options(primarily crude oil) for the last 2 years now and I am now looking to venture into forex trading with a very small account of around USD 5,000. I browsed the forums and was amazed to see that there isn't a single honest broker out there, something which I still havn't experience in futures having accounts at 4 different brokerages.

The reason I want to venture into forex trading using $5,000 is to make use of ridiculously high leverage. I can afford to lose this $5,000 so its not a concern...
I have to agree with the last poster quite a bit, I see your tetimoney that you have traded for some time, but this is not like other types of exchanges. You will need to familiarize yourself with this exchange before you begin, or you will simply be giving us all your money. Forex Factory is an awsome place to learn. I am fairly new here and do not want to advertise thier compitition because I'm not sure how well they would like it. But do listen to these traders. I woud suggest you start a DEMO account and with your prior trading experience and alot of FOREX study, trade it at least 1 month. Proove to yourself you can at least break even before you throw real money into the ring.( And it is a fight.)
You will probably want a ECN STP broker.
UK/non-U.S. account if you do not want all the new U.S. restrictions placed on you.
Hope this helps get you started.
  • #5
  • Dec 6, 2009 6:52pm Dec 6, 2009 6:52pm
Quoting usman88
Hello Everyone,

I will only be using limit orders and will be holding trades for 1-3 hours. I will never hold any overnight trades and will not trade immediately after news. I however WILL place a trade minutes before the news and exit afterwards. I will NOT use stops. I will be trading EURUSD and GBPUSD only and timely withdrawals and stable software are important for me
I would suggest you to take a look at Forex Club Financial Company and here are some reasons:

1. Leverage is offered in the base currency which means that each dollar in your trading account allows you to purchase up to 100 units of any currency. For example, if you have $5,000 in your account, you can buy 500,000 GBP/USD or 500,000 EUR/USD.

2. Monitoring of margin requirement is conducted after SWAP operation, which perfectly fits with your trading strategy. So, your positions will not be limited or closed within trading day.

3. At Forex Club you can size up or size down or even reverse your existing position without having to close it and fixing current P/L. In my opinion this feature is very beneficial for aggressive trading strategies when you constantly need to manage your positions.

Go check them out! See what else they can offer to you.

Best,
Lava
  • #6
  • Dec 6, 2009 7:10pm Dec 6, 2009 7:10pm
Quoting usman88
As I mentioned earlier $5,000 is nothing for me therefore I can afford to lose it
Cool. You just became some borkers NBF...

Your so called "strategy" will be of more concern to any rational currency trader here rather than the integrity of your borker.

But like you said, it's only 5k... Since you're buying, how about another round for the House and we'll all stay tuned....



Btw... none of your current "four brokerages" offer currency trading???
FUBAR...
  • #7
  • Dec 7, 2009 9:45am Dec 7, 2009 9:45am
Quoting ak4x
Cool. You just became some borkers NBF...

Your so called "strategy" will be of more concern to any rational currency trader here rather than the integrity of your borker.

But like you said, it's only 5k... Since you're buying, how about another round for the House and we'll all stay tuned....



Btw... none of your current "four brokerages" offer currency trading???
IB and MFGlobal do offer forex but the leverage they are offering is quite low. And guys please I know what I am doing. I am managing low seven figures and already know what to do and what not to do. No offense but do not need advice on how to trade.
  • #8
  • Dec 7, 2009 11:32am Dec 7, 2009 11:32am
Ok. You can try FxPro. It offers 500:1, it is quite regulated (at least one of the best in Europe with that leverage) and it has low spreads. Or you could try FXCM as they too have low spreads and are better regulated but I can't offer you details about last company as I have no experience with them.
  • #9
  • Dec 7, 2009 10:12pm Dec 7, 2009 10:12pm
Quoting usman88
...No offense but do not need advice on how to trade.
None taken, and none given. It was your news trading "strategy" that raised a few eyebrows a'rd here and with only 3 posts at FF so far, how was anybody to know otherwise...

I actually do Hope it all works out for you and you bleed the borkers dry, but not so dry they go Tango Uniform on the rest of us...
FUBAR...
  • #10
  • Dec 8, 2009 9:17am Dec 8, 2009 9:17am
Thanks.

Let me clarify here that trading on news is not my strategy. I just highlighted some of the common pitfalls which IMO traders face in the forex market and how I plan on avoiding them e.g.

1)Slippage (I will only use limit orders thus eliminating slippage)
2)Stop Hunting by brokers (I won't use stops)
3)Software problems during news releases (I will enter before news)

etc etc

This is just to give you guys a broad idea e.g. who knows maybe I am hedging or even taking an opposite position in some other account where I am not faced with the above problems.
  • #11
  • Dec 8, 2009 10:56am Dec 8, 2009 10:56am
"...I am now looking to venture into forex trading with a very small account of around USD 5,000...I can afford to lose this $5,000 so its not a concern for me."

Gee...hmmm, how should we react?...should we feel honored in your presence?...hey, welcome to forex trading...THE peoples market where losing $5000 is actually quite a big event for us...maybe I can interest you in this real nice 2nd hand car I have over here.
  • #12
  • Dec 8, 2009 11:49am Dec 8, 2009 11:49am
Quoting usman88
IB and MFGlobal do offer forex but the leverage they are offering is quite low. And guys please I know what I am doing. I am managing low seven figures and already know what to do and what not to do. No offense but do not need advice on how to trade.
Hello usman88, welcome to FF. if you need higher leverage, go for non-US brokers. Browse around here for some ideas.

P.S. recognize you from the ET crude thread, it's been a while since i hanged out there.
  • #13
  • Dec 8, 2009 6:51pm Dec 8, 2009 6:51pm
Mbtrading
Nordmarkets
  • #14
  • Last Post: Dec 8, 2009 10:35pm Dec 8, 2009 10:35pm
You'd want to be on an ECN... There are a few around. fxopen ecn, takes accounts below 10k. But I dno of many others for that account size.

You'd want to place your pendings fairly early before news to get the liquidity fill at a low enough spread to be worth while, and then you'd want to have your finger on the trigger ready to go so you don't get whipsawed to death.

You won't make money on a dealing desk model or be blocked from trading from there if you trade like that.

I have traded FX futures, with decent leverage, you might want to look into that but 5k in futures is nothing.

Most spot FX traders don't trade on time fundamentals but rather the market rumours etc for a longer term approach. The rest are all technical traders trading the math. News spikes etc occur mostly due to the commodities market being hedged on currency, and then the trend flow comes from future fundamental analysis and predictions. If the market has no momentum, your news trading idea is going to suffer at a great cost.
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