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Broker Recommendation PLEASE!

  • #41
  • Apr 1, 2009 3:09pm Apr 1, 2009 3:09pm
Quoting forextrader0
I've traded with fxSOL & FXCM in past with mixed results and now FXDD. I love these guys and can't say enough about them. I use MT4 and it seems to work very well. I love that they are one of the bigger brokers, are with the NFA, meet the cap requirments and then some and I like that people know who they are. Sometimes going for small and different isn't really the best idea.
FXDD - is not regulated by the NFA, therefore they do not meet any cap requirements as of yet.
  • #42
  • Apr 1, 2009 3:46pm Apr 1, 2009 3:46pm
Quoting fxtrader42
FXDD - is not regulated by the NFA
Not yet registered but on pending.
http://www.nfa.futures.org/basicnet/...firm&firm=FXDD
  • #43
  • Apr 1, 2009 4:44pm Apr 1, 2009 4:44pm
Quoting Thierry89
Not yet registered but on pending.
http://www.nfa.futures.org/basicnet/...firm&firm=FXDD

thanks, as i am aware of this. doesnt mean anything, the only thing that means something to me is how long it has taken them to get registered. a lot of fleas and that dog won't hunt.
  • #44
  • Dec 6, 2009 2:47pm Dec 6, 2009 2:47pm
I look at the technicals first, are they ECN, and if they are are they No dealing desk at all, meaning strait through processing? FXCM has had a dealing desk.
If so, do they have the new U.S. restrictions on me, the trader?
If not, then Do they have MT4 and mobile trading platforms? Also do they have a better platform for makeing trades perhaps?(some do.)
I then check to see that thier pip spreads are at least tryrng to be competitive.
Then I demo them to check thier speed of processing my orders, in the news or not. I like IBFX and a new broker I am currently in demo with.
I hope this helps you get started.
  • #45
  • Dec 8, 2009 5:52pm Dec 8, 2009 5:52pm
FXCM is one of the most miserable out there. In any aspect! They are the worlds biggest scammers. Me and friends had lots of bad experiences with them. They are experts in stop loss hunting anfd other dirty tricks. A bad start to open an FXCM account I am sorry. If you guys want truly professional brokers that belong to the 5% non scammers out there please PM me and I ll find you an solution. If of interest I need to know a few details.
1. the amount you are prepared to place on deposit
2. the required leverage
3. type of trader you are: l/t, s/t, scalper, newstrader

Thank you
Peter Ris
{Promotion Removed}
  • #46
  • Dec 11, 2009 2:38pm Dec 11, 2009 2:38pm
Quoting akatom2u
I look at the technicals first, are they ECN, and if they are are they No dealing desk at all, meaning strait through processing? FXCM has had a dealing desk.
If so, do they have the new U.S. restrictions on me, the trader?
If not, then Do they have MT4 and mobile trading platforms? Also do they have a better platform for makeing trades perhaps?(some do.)
I then check to see that thier pip spreads are at least tryrng to be competitive.
Then I demo them to check thier speed of processing my orders, in the news or not. I like IBFX and a new broker...
Hi akatom2u,

All of FXCM's MT4 and standard 10k accounts use no dealing desk execution. There are no restrictions and no intervention during trading.

Jason
  • #47
  • Dec 13, 2009 1:57am Dec 13, 2009 1:57am
If your "system" requires "immediate" execution, and has no consideration for "availability"...

You need a new system...

All systems would work, if every chart-tick was your purchase... but each chart tick you see, is another persons volumized purchase.

Forex is not like an ATM, where you are the only one depositing and extracting. It is like a piggy-bank with a small opening... Ten thousand people shaking the bank, everyone wanting the quarter in the pile of pennies.

If you are lucky, you get your 100 cents (7 units), as two quarters and five dimes. If you are unlucky, you only get four dimes and three pennies. You will never get 7 quarters, though your broker might have gotten them if they did an actual trade. (As opposed to trading only paper, or trading only differences of an opposing internal trade.)

1,000,000 people also thought that was a good price, but there were only 500,000 units available at that specific average price. (Rarely will you find 500,000 at that exact price, as there is a range of units which determines the average that you see. The lowest sell first, then they instantly get more expensive. The broker takes the gain, you get the quote.)

In short... the program you are using is inadequate, except on paper. Many do good on paper, but completely die on open markets. If they do better than 50%, on the worst case scenario... they could be good, or they could only be good because the market is in a favorable direction at this moment. (I am 100% right, until I am 100% wrong!)

Ask the programmer to add the avoidance of "Wide-spreads", which indicate times when your availability to place a trade is slim. Also, have them program "slope-detection", which ignores single-tick slopes (Which do not actually exist in volume.), and to reduce trend-with purchases. (If the market is falling, it is harder to place a SELL or SHORT. That is why it is falling, because everyone is placing those same orders. It should be creating "Sell Limits", allowing the system to place the trade, not trying to place an actual trade itself.)
  • #48
  • Aug 26, 2010 10:00am Aug 26, 2010 10:00am
As a Newbi I'm not allowed to start threads so I have to missuse this one, I'm sorry!
I'm currently looking for a broker to open my first forexaccount and my question regards the opening requirements. I want to join tradestation and their application booklet has tons of questions about my employment so I asked myself the following: Can you join forex only if you already have a high income? Are unemployed people not allowed to open an account even if they are capable of funding it? What might be the minimum income to register with Tradestation?
If you guys could help me answer these questions I would appreciate it very much!

Best Regards,
  • #49
  • Aug 26, 2010 10:11am Aug 26, 2010 10:11am
Quoting its2die4
the system I am using requires that I enter IMMEDIATELY so your suggestion although a good one would not work with this method I'm using now (Dustin Pass's trading room with his RSS software)

Thanks,
Keith
oh myy!!!!! someone with the exact same problem as me, i also use DUSTIN PASS oracle trader software, and cannot find a broker good enough to react to my execution, im with fxopen at present and had 1 succesfull news trade under them resulting in +33 pip in less that 3 seconds, but since then i have constant requotes and never get in on a trade now.
  • #50
  • Aug 27, 2010 8:54am Aug 27, 2010 8:54am
Are unemployed people not allowed to open an account even if they are capable of funding it? What might be the minimum income to register with Tradestation?
I believe they must make an effort to verify that you are not using your last resources to play the market.
Employment doesn't matter , if you have other financial assets.
  • #51
  • Aug 27, 2010 9:08am Aug 27, 2010 9:08am
Quoting its2die4
Hi All,

I've been trying to trade the news releases recently and I have had some of the worst experience in my life! I have tried FXCM and although they advertise no dealing and no requotes they rejected all my orders! Then I tried Royalfx and they would either requote at a bad price or put me in at max deviation on my MT4 platform i.e., bad fill! I have also used CMS with varing similar results. Please recommend a Broker that will get me filled! PLEASE!

Thanks
Keith
fxopen ecn. they don't care how you trade.
  • #52
  • Aug 27, 2010 9:31am Aug 27, 2010 9:31am
Quoting Rotschirm
As a Newbi I'm not allowed to start threads so I have to missuse this one, I'm sorry!
I'm currently looking for a broker to open my first forexaccount and my question regards the opening requirements. I want to join tradestation and their application booklet has tons of questions about my employment so I asked myself the following: Can you join forex only if you already have a high income? Are unemployed people not allowed to open an account even if they are capable of funding it? What might be the minimum income to register with Tradestation?...
Well, 1st broker, like 1st love
I'd say you should select a broker depending on your trading strategy and what you want from broker - but you seem to have no idea of the both.
You can try FBS, MBtrading, Oanda... Might also google something like "ecn forex broker" and then talk to their support BEFORE opening an account. That would be quite wise I guess.
  • #53
  • Aug 27, 2010 9:35am Aug 27, 2010 9:35am
Quoting Acrita
Well, 1st broker, like 1st love
well, my first broker was a pain, let me tell you that!

very satisfied at fxopen.
  • #54
  • Aug 27, 2010 9:36am Aug 27, 2010 9:36am
Quoting Rotschirm
As a Newbi I'm not allowed to start threads so I have to missuse this one, I'm sorry!
I'm currently looking for a broker to open my first forexaccount and my question regards the opening requirements. I want to join tradestation and their application booklet has tons of questions about my employment so I asked myself the following: Can you join forex only if you already have a high income? Are unemployed people not allowed to open an account even if they are capable of funding it? What might be the minimum income to register with Tradestation?...
I'm not too sure about TradeStation, but search on google for discount broker reviews. Under CobraTrading, there's a review where the guy switched from TradeStation to CobraTrading.
Also, you don't need a high income to trade in the forex market. I'm unemployed, a student, and I had $2000 in my account. I managed to open a live account with $1000. You can actually open an account as low as $100-$200. Google EarnForex or ForexPeaceArmy for broker review. Also, I opened my account with IamFX about a month and a half ago. And they had one server glitch, which can really mess up your open trades on their VPS and cause you to lose money, but if you have a robot it's fine.
  • #55
  • Aug 27, 2010 9:38am Aug 27, 2010 9:38am
Quoting qwertymyfx
well, my first broker was a pain, let me tell you that!

very satisfied at fxopen.
Well, have you ever met a person whose 1st love ended up any good?
  • #56
  • Aug 27, 2010 9:47am Aug 27, 2010 9:47am
Quoting Acrita
Well, have you ever met a person whose 1st love ended up any good?
hmmm, good question!
  • #57
  • Aug 27, 2010 9:56am Aug 27, 2010 9:56am
Quoting FappingForex
I'm not too sure about TradeStation, but search on google for discount broker reviews. Under CobraTrading, there's a review where the guy switched from TradeStation to CobraTrading.
Also, you don't need a high income to trade in the forex market. I'm unemployed, a student, and I had $2000 in my account. I managed to open a live account with $1000. You can actually open an account as low as $100-$200. Google EarnForex or ForexPeaceArmy for broker review. Also, I opened my account with IamFX about a month and a half ago. And they had one server glitch,...
In general I would recommend trading only with ECN Brokers, though if you just a beginner and have small amount to start with live account you can also go for market makers but one of the biggest, in any case I don't recommend buying a robot and hoping he will make you rich they are all scamm
  • #58
  • Aug 27, 2010 11:31am Aug 27, 2010 11:31am
if starting off small and you need a ECN broker then MB Mbtrading would be a good choice, if you want a STP broker the you can try Interbankfx.com
  • #59
  • Aug 30, 2010 5:08pm Aug 30, 2010 5:08pm
If you want ECN's, MB Trading I find is the best. HotSpotFX used to be really good too but they have now chosen to offer their services only to clients of certain account size (above $5 million). The only thing I don't like about MB Trading is that they have huge long list of countries that they don't do business in.

If you would want to trade with MM's, I like OANDA.
Make your losses in demo. Earn your profits live.
  • #60
  • Aug 30, 2010 7:59pm Aug 30, 2010 7:59pm
For a new trader- stay clear of the ECN's for now.
You will need a price maker with flexibility.
I would also stay clear of a broker that has MT4 as its default.Its one of the worst platforms I have used.
You need something that will allow you the basics S/L, T/P, entry orders with OCO,loop orders and MOST importantly position reducing without a counter trade.
Next you will need 24 hour phone access.
An Iphone Bloomberg app with currency updates.
Dont focus on the chart service and those bells and whistles. Most retail brokers come with a TA and send you an email with the major points weekly.If they are handing it out for free, its more than its worth.

Tips-
*Do not over trade
*Source out a mentoring program- Guys who have ACTUALLY traded and will tell you the pitfalls not some hoax with a DVD package and some BS charting crap.
* Network
* Always keep yourself in the game.ie DoNOT go ALL IN. Smaller positions will allow you to broaden your stops with less pain.
* Trade your time zone and local currency -Influencing data and better economic feel.
* If you arent enjoying it -LEAVE IT
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