recommendations?

I'm a total newbie, and I'd like to open a "practice account" just to see how bad I do. Can anyone recommend a good outfit? FXCM, Oanda, Forex.com, etc. Your recommendations will be greatly appreciated.

i like oanda because it makes me feel more connected to the chart. i like trading on the chart itself whereas FXCM is all about entering your trade manually after you know the exact price you want to enter. plus, oanda is safer for smaller traders with their no minimum trades.

CMSFX gets a lot of flack for demo account server down time, but I like them a lot because of thier great software package VT Trader. You can do everything right from the chart and you can get about any indicator that is out there. If you can't find it on the forums, it is easy enough to write your own code.

Thier real live servers are not as flakey as the demo ones. Read the CMS threads on this forum for more info.

And welcome the Factory. Good luck, study hard and you may even make some money The folks here are real nice and are more than happy to help you out. Don't be afraid to ask stupid questions. We all do.

I would recommend Oanda. There are things about it people don't like, such as no trailing stops and other things that are minor items imo.

why Oanda.... 1) very low spreads. as low as 1.5pips for EUR/USD. 2) they pay interest on your account balance. that was extremely important to me and the interest is significant (i think it is currently about 4.5%). 3) easy user platform with capability to enter default stop loss and take profit. 4) nice free news updates with the account.

I hope you do well. Also, if you intend to gamble... you will lose. Learn, use low leverage, and remember that fear & greed are your enemies.... not your fellow traders.

Thanks for the info guys.

play with dummy is completely useless, can't improve your skills. you won't pay much attention on your trading, you don't care the figure in your dummy account.
To learn forex trading, you must start with real money, real money is real war, not a manoeuvre. if you don't want to deposit your own money on high risk trading train, i'd like to recommend as i know they are the only broker give you free 5$ to start your venture.

Hi Petrolia,

First and foremost, please read the forum rules:
http://www.forexfactory.com/forexfor...ement.php?f=56

Second, to say that a dummy account is "completely useless" and "it won't improve your skills" is completely NOT TRUE.

For sure, demo and real money are two different things. But making such bold statements like the above is just plain wrong.

It depends on the user. If you find it useless, then good for you.
But do not directly advice/suggest others into putting money and say that they are "completely useless".

Do you know that even such great traders like James16, Fijitrader, etc. even suggest going with a demo account?

Happy trading.

East

First of all, how could a person with no knowledge open a live account with real money? That would be very stupid. I have found, a person can learn from price action by making trades and watching those trades. If a person puts their mind to it with a demo and makes themselves think it is real, it will feel real to a point. Lately with my demoing, when I see profit on a trade going up and up, my heart starts beating harder and harder. Another good thing about opening demo accounts is that a person can try differant kinds of platforms. I have demoed with 7 or 8 differant brokers. It is kind of like buying a car demos are like "test driving" the platform.

Try www.fxsol.com They're quite good, and have micro lots too.

BTW, welcome to Forex Factory.

Take Care
Habeeb

Humph! If I'd sunk any money in a real account, I'd be in debtor's prison now, with no hope of ever getting out!

A demo account is a definite necessity, in my opinion, plus lots of advice from you guys. Not to mention lots of studying of the charts, methods, strategies, etc., etc. A voodoo doll may be some help too, but I haven't been able to find one yet .

I would like to say that, over the years, I have been a member of many different forums (not just FX forums), and this is the friendliest and most helpful I have ever been in. All the members are polite conversationalists, and, with one or two exceptions, generally have really good advice.

And you can discuss differences of opinion without getting into a shouting match. All in all, a really enjoyable forum to be a part of.

A demo acct is indeed a neccesity as in the begginning u need to learn the technique of how to trade. Oanda is good, so is a MT4 platform adn so is the COESfx platform. All are different and all give u an exposure to what is out there. I run all 3 at the same time. Oanda for trading, MT4 for charting and COESfx for news. Eventually I will probably move my trading to COESfx and keep MT4 for charts adn Oanda for when I am not at home.

Lest we forget guys, Demo Accounts are not merely usefull in developing trading strategies.

They are neccessary to learn the basics of the mouse clicks required to enter/exit set stops/limits hedge ... ... and also to give some kind of indication to measure brker v brker

Don't take any one brker recommendation from here. Take them ALL and compare for yourself.

I use a couple {of demos} to develop but trade on a third because {strike up the band}
that's the way {} {} I like it {} {}.

B

I've been with FXCM, CMSFX, and InterbankFX. Of the 3, I prefer IBFX. They have very competitive spreads and their charting software (MetaTrader4) is the best and "most eye-appealing" that I've used. I haven't had any problems with downtime or anything like that. I haven't had any experience with their tech support or call-in orders, though.

If I had to choose a 2nd choice, it would be CMSFX. They have a good software package, too. And if you're learning, they have several "plug-in" automated trading systems that may help you understand the effects of TA a little better.

Ohhhh... that's the way! uhuh uhuh! I like it! uhuh uhuh!

I am in agreement here, with Bemac...

It is imperative that whenever you are learning a new system, you absolutely MUST know what the hell you're doing or you'll just lose money unnecessarily. You have to know the ins and outs of a system because trading, while heavily cerebral, is still partially a physical activity. You must know how to move your hand (and subsequently your mouse) to the right positions on the screen. You must know how to set up your system so that you can be looking at charts, and news and making quick decisions on your trading platform. You must know how to easily close positions and you must know how to physically react in case of an emergency.

With that said, while understanding the fundamentals of the system is important, I do feel that once you have mastered the system, it is more beneficial to trade with a low-balance account (preferrably $250 with micro-mini lots) in order to gain an understanding of the emotional side of the game. While I believe a user can emotionally attach himself/herself to a demo account with $50,000 or more, I find it highly improbably that there can be a complete attachment. Again, I stress that there is an importance to knowing how to physically trade your system, which is what demo systems give you the most benefit at the least risk. But absolutely nothing simulates trading with real money than well, trading with real money. Let's face it, demo servers probably have a lower probability of exposing factors such as stop-hunting, wouldn't you agree? And that can be a very big part of the game...one needs to be exposed to these elements before taking on a larger investment, in my opinion.

So, my recommended progression would be:
1) Trade a demo without regards to any particular trading regiment. Place orders, close orders, learn how to benefit from profit targets and stops. Know how to place stop entry orders and limit orders. If your platform has OCO orders, learn how to use those. Learn the menu like the back of your hand. Know how to get information in the quickest manner possible. Know how to quickly set up your screen.

2) Continue demo trading against your proposed trading system. Does your trading platform acclimate to changes in your system? Can you exit positions quickly when your system requires? Again, your goal will be less about making money at this point and more about being able to minimize your PHYSICAL mistakes with regards to your system.

3) Open up a mini-account or better yet a micro-mini account. This will be variable, based on how much risk aversion you are accustomed to. Obviously, if you have a million dollars to blow, opening up a $20K standard lot would be equivalent to someone with only $10K to risk opening up a $200 micro-mini lot account. Whatever your risk aversion, make it a small percentage of your total tolerance. Once you have real money in the account, you will be more emotionally connected to your money, and it is at this stage that you will go through the lengthiest and most exhausting process...obtaining profitability consistantly. This is the stage where you need to hone your money management and emotional control. Your system should develop into more of a mechanical and instinctual system rather than you just winging it. Once you are completely comfortable with trading your system move to the last step

4) Trade/Invest your total risk. This doesn't mean trade each position with your total risk, it means subjecting your total risk the market by opening up an account. The moment it's in there, anything can happen (a la RefcoFX), so be aware that money you are investing into an account by itself carries at least miniscuel risk. However, with your trading system and mechanics reaching profitability, you should be more than comfortable and I would recommend doing what Mudd does and paying yourself a salary from your profits regardless of whether or not you're doing it full-time. This will essentially "lock" your profits by physically handing you back your initial investment and then-some.

I hope this info helps.