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Broker Recommendation PLEASE!

  • #61
  • Aug 30, 2010 8:05pm Aug 30, 2010 8:05pm
Quoting lasty
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...
And with good up-to-date news package so you are briefed on any major news developements beforehand
Make your losses in demo. Earn your profits live.
  • #62
  • Aug 30, 2010 9:42pm Aug 30, 2010 9:42pm
Quoting lasty
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.
What do you mean by counter trade? Do you mean closing out the first trade and opening a second trade at the reduced rate? because this is what MT4 will do. It also allows you to set SL and TP values. As for OCO and loop orders, I couldn't say?
  • #63
  • Aug 30, 2010 10:45pm Aug 30, 2010 10:45pm
Quoting ecTrade
What do you mean by counter trade? Do you mean closing out the first trade and opening a second trade at the reduced rate? because this is what MT4 will do. It also allows you to set SL and TP values. As for OCO and loop orders, I couldn't say?
Scenario:
Say Im long 10 contracts.
I want to keep 5 running and with the other 5 leave S/L and T/P.
The only way to do this is leave a counter trade, a seperate opposing order.
If that order is executed, I then have to sell my 5 long and close out my counter trade.. Crossing spreads. Both on the spot and also the roll (If Applic)
  • #64
  • Sep 1, 2010 11:58am Sep 1, 2010 11:58am
Hi,

Anyone has experience to share about VPE bank? I'm not familiar with german regulations, and their english website doesn't give much details. Are they ECN? Will love to hear the good and bad experiences trading with them.

Thanks.
  • #65
  • Sep 1, 2010 12:13pm Sep 1, 2010 12:13pm
Unless you are a professional trader don't even consider trading the news. A lot of time the markets will swing in the opposite direction and you could be easily sitting with a 50pip loss within seconds.

A few years back I tried but its a losing game. Even if you have your buy/sell stops in place there is a chance it might be a fake-out and it might switch the directions hitting not only your initial buy order then it might hit your sell order causing the position to close. One could place advanced orders to prevent this but there is a huge possibility it might backfire.

As for the broker... I love dukascopy, it might be a little overwhelming for someone who is new.
  • #66
  • Sep 1, 2010 12:27pm Sep 1, 2010 12:27pm
I've been in communication with dukascopy and I've come to a bottleneck that is hard to proceed. My trading is fully automated, and based on the easiest language in MT4. Their bridge is 3rd party and they are not willing to take any responsibility, neither do they plan to launch MT4 platform, no timeline = indefinitely postponed.

So, anyone trading with VPE bank?
  • #67
  • Sep 2, 2010 2:57pm Sep 2, 2010 2:57pm
Thanks all for the great feedback, keep it coming!
Currently my only options are brokers with ninjatraderplattform or tradestation, because I'm going to trade Phil McGrew's system. As a student I have most of the time no job or a low paid one. I don't have much capital either, 10000$ on my bankaccount minus 5000$ to start with tradestation. Also I got physical properties, a 500mē ground(empty, not in the city), and an old VW-RV....
Don't know what the worth of those are nor how to communicate it with tradestations applicationbooklet. Do you think tradestation would accept my application?

Greets!

Ps: Sorry for my bad grammar
  • #68
  • Sep 2, 2010 3:37pm Sep 2, 2010 3:37pm
Quoting Rotschirm
Thanks all for the great feedback, keep it coming!
Currently my only options are brokers with ninjatraderplattform or tradestation, because I'm going to trade Phil McGrew's system. As a student I have most of the time no job or a low paid one. I don't have much capital either, 10000$ on my bankaccount minus 5000$ to start with tradestation. Also I got physical properties, a 500mē ground(empty, not in the city), and an old VW-RV....
Don't know what the worth of those are nor how to communicate it with tradestations applicationbooklet. Do you think...
If you are looking for brokers compatible with Ninja Trader platform, you can go on Ninja Trader's website and they have a list of brokers that are partners with them.

http://www.ninjatrader.com/webnew/pa...ng_brokers.htm

Hope this helps.
Make your losses in demo. Earn your profits live.
  • #69
  • Sep 3, 2010 2:34am Sep 3, 2010 2:34am
There is a new Broker (among many) called Hotforex (Hotforex.com) They offer STP and supposed to have no requotes etc.
Does anybody know anything about them?
  • #70
  • Sep 3, 2010 3:02am Sep 3, 2010 3:02am
Fxcentral is good for me.

Commission as low as 0.4 $ per 100k USD notational volume traded

STP , ECN with lowest spread (Raw spread ECN) around with micro lots (1k unit as basic size)

Min acct size as low as 500 $


18 pairs available
  • #71
  • Sep 22, 2010 11:57am Sep 22, 2010 11:57am
Quoting georgios
There is a new Broker (among many) called Hotforex (Hotforex.com) They offer STP and supposed to have no requotes etc.
Does anybody know anything about them?
Spreads are not fixed per their web site
  • #72
  • Sep 22, 2010 2:26pm Sep 22, 2010 2:26pm
If you're just beginning to trade, just trade with any market maker and trade small lots for experience. For real money, move on to FX futures since you can also do correlation with S&P/Dow, FX Options, FX Interest Rate spreads, commodities, etc. Most professional traders will advise you to pick an exchange traded future.

There are significant disadvantages for trading forex over FX futures. One of them is actually trading the news or during high volatility times.

If you have a system that does not look at take into account fundamentals. You can avoid data releases and random news and trade with any market maker/ECN forex broker.
  • #73
  • Sep 22, 2010 4:16pm Sep 22, 2010 4:16pm
Dear traders
I am new here so please help me to fit in.
I need to find a broker with the following factors.
1- i want a regulated Broker
2- i am from Iran so i prefer to find a broker in Asia or anywhere that let us work with them.
3- my equity is around 3000$ and i prefer a broker with a high leverage like 1:400:money_mouth_face:
4- my trading strategy needs lot (volume) from 0.01 to 1 and the 0.01 part is so important for me
5- i think no one likes brokers with high spread so i dont need to talk about this one

u know i am so pessimistic about brokers, i just got coned by one of them and lost 5000$ they dont give my money back....
i appreciate any kind of information please HELP ME
  • #74
  • Sep 22, 2010 4:34pm Sep 22, 2010 4:34pm
whoever said mt4 is crap - i strongly disagree.

mt4 is not perfect, far from it, but it's a good platform.

anyway, combine an ECN and MT4 and your good to go in my opinion, e.g. fxopen.
  • #75
  • Last Post: Sep 22, 2010 9:35pm Sep 22, 2010 9:35pm
Quoting qwertymyfx
whoever said mt4 is crap - i strongly disagree.

mt4 is not perfect, far from it, but it's a good platform.

anyway, combine an ECN and MT4 and your good to go in my opinion, e.g. fxopen.
Better even...MBT.
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