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The search for a good broker

  • #61
  • Mar 31, 2016 6:11am Mar 31, 2016 6:11am
gonnaberich:

Quoting Decima
I received an answer from the FCA today. My enquiry/question to the FCA was: Do the FCA regulation only affect british citizens? They answered the following: NO, if the firm/company is regulated by the FCA, all customers hold the same rights independent of their nationality. So.... Anyone claiming the opposite are giving deceptive and misleading information to other forum members. This should be carved in stone from now on...
Start with this regulation and due your due dilligence on the brokers you consider to use. That is not the way to trade forex though..
Do not let the cost of being wrong, exceed the prize of beeing right
  • #62
  • Mar 31, 2016 6:43am Mar 31, 2016 6:43am
It's all about the tradeoffs (basic economics)... sure you can find a broker with high leverage and no minimum deposit but most likely they will be unregulated and/or untrustworthy. Try opening a small account with a reputable broker and trade micro lots for a while. See how that goes and then slowly put more money into the account.

Brokers I (for the most part) trust:
forex.com
FXCM
OandA
Alpari
Dukascopy
ATC Brokers
MBTrading
Interactive brokers (ignore... they have large capital reqs)
eToro (I believe they have strict residency requirements ie no US clients... no BSing)

Also large equity brokers are pretty trustworthy (TradeKing, Ameritrade, etc.).

Also keep in mind that more and more overseas fx brokers are no longer accepting US clients. You can bullshit your info sometimes though. Say you're from Mongolia.

Disclaimer:
I don't condone breaking any laws in your respective jursdiction. Foreign exchange markets are risky. Don't trade money you cannot afford to lose. Blah blah blah. Etc.

--- Jacques
Holy grail: risk management
  • #63
  • Mar 31, 2016 8:09am Mar 31, 2016 8:09am
Decima: You mean any Forex broker that is regulated by the FCA are worth looking into? Also, lost my initial capital trying to trade Forex the "proper" way. Now I wanna see if gambling strategies work.


Quoting mjbarr
It's all about the tradeoffs (basic economics)... sure you can find a broker with high leverage and no minimum deposit but most likely they will be unregulated and/or untrustworthy. Try opening a small account with a reputable broker and trade micro lots for a while. See how that goes and then slowly put more money into the account. Brokers I (for the most part) trust: forex.com FXCM OandA Alpari Dukascopy ATC Brokers MBTrading Interactive brokers (ignore... they have large capital reqs) eToro (I believe they have strict residency requirements ie...
Are you sure about forex.com? I have heard some bad things about them. However, your list has given me some good brokers to research so much appreciated (Oanda seems like a good one).
  • #64
  • Mar 31, 2016 8:47am Mar 31, 2016 8:47am
FCA is perhaps one of the best regulations. I am currently using a broker under FCA regulation and would reccomend others to do the same.

Save your bucks and more importantly your time. Gambling strategy won`t work in the long run. It has nothing to do with trading. It contradicts everything that you should consider when trading forex.

Focus on risk and to minimize it as soon as possible. It is not spectacular or sexy but it is maybe the best advice I can give. Be realistic with your expected returns. If you are up around 2% a week in average, with low DD you will be the king.

Take that thought with you when you stare at the charts
Do not let the cost of being wrong, exceed the prize of beeing right
  • #65
  • Mar 31, 2016 9:02am Mar 31, 2016 9:02am
Quoting Decima
FCA is perhaps one of the best regulations. I am currently using a broker under FCA regulation and would reccomend others to do the same. Save your bucks and more importantly your time. Gambling strategy won`t work in the long run. It has nothing to do with trading. It contradicts everything that you should consider when trading forex. Focus on risk and to minimize it as soon as possible. It is not spectacular or sexy but it is maybe the best advice I can give. Be realistic with your expected returns. If you are up around 2% a week in average, with...
I also used to think that and it may certainly be the truth but my mind refuses to believe it. Forex trading may have more in common with gambling than we might think as we are dealing the same thing - probabilities (just under a different setting). Also earning 2% from 20 bucks seems silly. My gut feeling is telling me that any strategy with above 60% win ratio combined with the martingale is the way to riches.

Is there any FCA regulated broker that supports a $20 deposit?
  • #66
  • Mar 31, 2016 10:14am Mar 31, 2016 10:14am
Quoting gonnaberich
{quote} I also used to think that and it may certainly be the truth but my mind refuses to believe it. Forex trading may have more in common with gambling than we might think as we are dealing the same thing - probabilities (just under a different setting). - Treat it like gambling and you will not succeed.

Also earning 2% from 20 bucks seems silly. - What is most silly, 2% of 20 dollar or 20 dollar lost? No matter the size of your deposit, don`t be careless with your money. This impulse you will bring to your trading.

The advices given are well intentioned. I assume you are a grown up person. You are old enough to make your own choices and take the consequences. The best of luck to you.
Do not let the cost of being wrong, exceed the prize of beeing right
  • #67
  • Mar 31, 2016 11:22am Mar 31, 2016 11:22am
Quoting Decima
{quote} The advices given are well intentioned. I assume you are a grown up person. You are old enough to make your own choices and take the consequences. The best of luck to you.
I am well aware that everything you've said was to help and I mean no disrespect but my mind had been made up since long ago (I am a very stubborn person and I can't help it). Still I'll give it some more thought before actually trying anything and see if I can come up with something better.
  • #68
  • Mar 31, 2016 11:44am Mar 31, 2016 11:44am
Does someone has experience with Global Prime?
  • #69
  • Edited 3:56am Apr 1, 2016 12:40am | Edited 3:56am
Quoting caboss
hey guys.. any body can advice me which one is better FXCM or FOREXCOM..my plan to deposit about $500 or less, looking for ECN broker with leverage 1:100, NDD..respect if u can give comperation and the reason for those brokers.thanks

FXCM paid lot of money for fines, because they cheated their clients, so they are not trustworthy. I tried forex.com few years ago, bad market maker with big costs.
  • #70
  • Apr 1, 2016 12:42am Apr 1, 2016 12:42am
Quoting gonnaberich
Hello people of Forexfactory. I invested $200 at Forex and have blown it all. Now I wanna start again with only a $20 deposit and martingale my way up to riches. So could you guys tell me a trusted broker with high leverages (needed for my strategy) and has a mini account (for $20 deposit) and supports neteller.
There's no good broker that allow you to trade $20 account, all that offer such account are not trustworthy or this account has terrible spreads.
  • #71
  • Edited 5:27am Apr 1, 2016 1:04am | Edited 5:27am
Quoting gonnaberich
{quote} I also used to think that and it may certainly be the truth but my mind refuses to believe it. Forex trading may have more in common with gambling than we might think as we are dealing the same thing - probabilities (just under a different setting). Also earning 2% from 20 bucks seems silly. My gut feeling is telling me that any strategy with above 60% win ratio combined with the martingale is the way to riches. Is there any FCA regulated broker that supports a $20 deposit?
Trading forex with $20 is rather silly, but you can train trading with $20 and then start with bigger account. I wrote earlier that there's no broker you can trust if it offers $20 account, but there's one I think. Tickmill (formerly Armada Markets) is honest broker, but it has weak regulations FCA (but from Seychelles). I haven't tried Tickmill, but I was trading with Armada Markets and I must admit there were no tricky behavior from broker side and they had best support in the industry, I think. Email answer is one hour!!!

About classic martingale strategy that adds position to losing trades it's the worst you can try, you can make 600% in six months and then lose everything in one day... Good example in screenshot All martingale strategies end in this way. If you want earn thousands of percent in forex you must learn how to analyze market and be very precise in your entries, small stop loss and big percentage risk like 10%, 50 winning trades with 1:1 R:R and you will multiply account by 117 times 10 losing trades in a row and you still have 35% of account.

EDIT: Next broker that offers $25 account is vipromarkets.com, CySec regulated, registered in FCA.
Roboforex, CYSEC regulated, no minimum deposit http://www.roboforex.com/trade-condi...account-types/

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  • #72
  • Apr 1, 2016 1:14am Apr 1, 2016 1:14am
there are many big names in the market, some continue to strive for the better, but most have their ups in downs, i trade two brokrs hotforex and lmfx, both are alright, mostly gold and jpy pairs nothing major, a couple trades a week, nothing fishy so far, yeah i agree there is nothing much one can do with 20 dollars in forex trading, but i always suggest testing a broker with such amount, simple execution and withdrawal should do. then maybe go with a larger account.
  • #73
  • Apr 1, 2016 12:43pm Apr 1, 2016 12:43pm
Quoting insomniawawa
{quote} FXCM paid lot of money for fines, because they cheated their clients, so they are not trustworthy. I tried forex.com few years ago, bad market maker with big costs.
thanks for your answer..i know that FXCM got fined from regulator it's about 5 or 4 years back..is't?if u can give an advice for me regarding recomended broker.. my plan to deposit about $500 1:100 leverage with ecn broker..
  • #74
  • Apr 1, 2016 11:37pm Apr 1, 2016 11:37pm
Quoting caboss
{quote} thanks for your answer..i know that FXCM got fined from regulator it's about 5 or 4 years back..is't?if u can give an advice for me regarding recomended broker.. my plan to deposit about $500 1:100 leverage with ecn broker..
It's my earlier post:
Try IC Markets and Pepperstone, very similar conditions, $200 minimum deposit, low spreads, fast execution, no rejections, no requotes, no stop hunting and ASIC regulated. Only good experience with these brokers. Recently I've also noticed that One Trade (FCA regulated) has the best spreads on markets. I will try this broker for sure.
Try to use only brokers with good regulation like FCA UK (the best), ASIC, BaFin etc. Brokers regulated by Seychelles FCA etc. can be honest of course (Tickmill), but any problems with broker will not be solved by regulator and you will lose all money if broker is another bucket shop.
  • #75
  • Apr 2, 2016 1:18am Apr 2, 2016 1:18am
Quoting insomniawawa
{quote} Trading forex with $20 is rather silly, but you can train trading with $20 and then start with bigger account. I wrote earlier that there's no broker you can trust if it offers $20 account, but there's one I think. Tickmill (formerly Armada Markets) is honest broker, but it has weak regulations FCA (but from Seychelles). I haven't tried Tickmill, but I was trading with Armada Markets and I must admit there were no tricky behavior from broker side and they had best support in the industry, I think. Email answer is one hour!!!
EDIT: Next...
My reply was removed so I'll write another one. Tickmill seems to have some negative feedbacks in this forum so I'll avoid it. Vipromarket seems interesting and I might try my luck there but it seems new. But why do these two brokers have extremely similar homepages? Same company?

And strategy-wise, martingale is a fast money maker and that's why I'm enticed with it. Your strategy would be like waiting a week for one or two trades which is extremely good for patient traders but I'm just not one of them
  • #76
  • Apr 2, 2016 4:19am Apr 2, 2016 4:19am
Quoting insomniawawa
Trading forex with $20 is rather silly, but you can train trading with $20 and then start with bigger account. I wrote earlier that there's no broker you can trust if it offers $20 account, but there's one I think. Tickmill (formerly Armada Markets) is honest broker, but it has weak regulations FCA (but from Seychelles). I haven't tried Tickmill, but I was trading with Armada Markets and I must admit there were no tricky behavior from broker side and they had best support in the industry, I think. Email answer is one hour!!!

About classic martingale...

Martingale is a very dumb idea. It is not a sophisticated method just because the word has a french origin. It was "invented" by 18th century roulette gamblers who had the math education of a 5th grader of the 21st century.

But as with all traders who find Martingale enticing they have to make their own mistakes to learn why that is.


But I have to disagree on this:
Quote
you still have 35% of account.

Anything more than -15% damage per week is catastrophic damage for me.
In what world is still having 35% of your account an acceptable drawdown?
Price-Action Extremist
  • #77
  • Apr 2, 2016 5:42am Apr 2, 2016 5:42am
Is it possible for example to put 1000 in to an account and buy gold with 500 to 1 leverage and one year after take out 40000 ? would a broker allow me to take that money out without any problems? or in any other way put in 1000 and take out 40000?

thanks
  • #78
  • Apr 3, 2016 2:44am Apr 3, 2016 2:44am
Quoting bagman
{quote} Martingale is a very dumb idea. It is not a sophisticated method just because the word has a french origin. It was "invented" by 18th century roulette gamblers who had the math education of a 5th grader of the 21st century. But as with all traders who find Martingale enticing they have to make their own mistakes to learn why that is
I guess you may be right about the learning lesson thing. Need to experience it to believe it as I can't help it.

Anyways, dumb question maybe but if a broker is registered with a regulatory body, does that not mean that they are regulated by that said body? If a broker says they are regulated by Cysec but is registered with the FCA are they not regulated by both? Or can one broker be only regulated by one body only.
  • #79
  • Apr 4, 2016 12:57am Apr 4, 2016 12:57am
Quoting gonnaberich
{quote} My reply was removed so I'll write another one. Tickmill seems to have some negative feedbacks in this forum so I'll avoid it. Vipromarket seems interesting and I might try my luck there but it seems new. But why do these two brokers have extremely similar homepages? Same company? And strategy-wise, martingale is a fast money maker and that's why I'm enticed with it. Your strategy would be like waiting a week for one or two trades which is extremely good for patient traders but I'm just not one of them

Forexpeacearmy is much better for reviews, because they remove all false reviews (wrote by brokers etc.)
http://www.forexpeacearmy.com/public...w.tickmill.com
It's true that Vipromarkets has very similar website, maybe it was done by the same company, that used the same scheme. Martingale is not fast money strategy, but sure bankruptcy strategy I do several trades a day. It was only example with 50 winning trades in a row, it's very unlikely to happen, but don't have to do 50 winning trades in a row, it can but 110 winning trades and 50 losing trades.
  • #80
  • Apr 4, 2016 1:00am Apr 4, 2016 1:00am
Quoting bagman
{quote} Martingale is a very dumb idea. It is not a sophisticated method just because the word has a french origin. It was "invented" by 18th century roulette gamblers who had the math education of a 5th grader of the 21st century. But as with all traders who find Martingale enticing they have to make their own mistakes to learn why that is. But I have to disagree on this: {quote} Anything more than -15% damage per week is catastrophic damage for me. In what world is still having 35% of your account an acceptable drawdown?
It was only example, it's true that 65% drawdown is catastrophe, but it not a problem if you trade big account with 1% risk and small account with 10% risk
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