FOREX Brokers. I’d like to get started trading in the FOREX, and I’m searching for thoughts, opinions, etc.
armybrat asked:
I’ve read up (or have been trying to) on trading in the FOREX, and would like to start trading. I know many brokers offer “mini accounts”, which is the type of account I would like to start with. I tried a couple of the practice accounts, and did pretty well, so I think I’m ready to start using real money. The problem is there are so many brokers, and I don’t know anyone who already trades to get some opinions about them. I’d like an honest broker (if one actually exists), offering “mini accounts”, tight spreads (1-3 pips), and decent leverage. I’ll mostly start out trading EUR/USD, and probably venture out once I get comfortable trading. Thanks for any help.
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Comment by Blanston
February 28, 2008 @ 10:21 am
I use GFTforex but also forex.com has tight spreads not sure about the mini accounts. A system you could use to help you that has helped me is. I just use them it is not my sight. Good luck. Trading the EUR/USD is s a good move but you need something to hedge your trade.
Comment by VP
February 29, 2008 @ 4:20 pm
Hi,
With small deposit amount you are condemned to lose. You should start with at least $2k-$3k and trade mini lots (0.1 lot).
I could introduce you to one of forex broker leader that is located in SWITZERLAND and Regulated by the Swiss Federal Department of Finance; audited by KPMG.
They have very tight spreads. Total 25 currency pairs Gold and Silver.
SPREADS:
2 pips for EURUSD, USDJPY, AUDUSD, EURGBP, EURCHF;
3 pips for GBPUSD, USDCHF, USDCAD, EURJPY;
4 pips for CADJPY, CHFJPY;
5 pips for NZDUSD, AUDJPY;
6 pips for EURAUD, GBPCHF, NZDJPY;
7 pips for EURCAD, GBPJPY;
8 pips for GBPCAD, GBPAUD, AUDCHF, CADCHF, NZDCHF;
10 pips for AUDCAD, AUDNZD.
LEVERAGE 1:200 default but client could chose the leverage from 1:1 to 1:200 at the account opening procedure.
MARGINS. The margin or leverage a client can have depends on the client’s account equity. The table below shows margin requirements for the different equity levels:
Less than 25,000 - 0.5%
25,000 to 1,000,000 - 1%
1,000,000 to 5,000,000 - 2%
5,000,000 to 10,000,000 - 3%
Above 10,000,000 - 5%
Please note that on weekends and holidays margin requirements remains the same.
SWAPS are counted as negative as positive. Also is available swap-free accounts.
STOP and LIMIT orders may be placed as close as 5 pips from market price
TRADING TERMINAL Meta Trader 4.
Clients can choose to have their accounts denominated in either USD, EUR, GBP, JPY, CHF, AUD or CAD.
Initial account opening deposit from US$2000. From first view it probably looks high comparing with other brokers who allow mini accounts and minimum initial deposit from USD250 but it is more useful and safer because clients are more protected from quick stop out and/or total loss of the initial deposit in the case if unfortunately it would be several unlucky trades in rage.
This is regular forex trading account however it is allowed trading in mini lots (from 0.1 lot).
I’m using their service and I’m happy.
If you are interesting I could introduce you to them please e-mail or PM me (press on my name) and I provide you with further information. Furthermore I could provide you for FREE with more than 50 trading e-books and trading systems that worth more than several thousand dollars and are very useful as for beginners as for experienced traders.
Good luck!
Comment by Wanda
March 2, 2008 @ 9:10 am
Go to FXCM.com for add’l info. on trading forex. I’m also new to the mkt & just attended an all day FOREX seminar this past Sat. at the NY Hilton. I listened to a number of different speakers and learned a lot. What I took away from the experience is that successful traders educate themselves. Pick a system that works. And, adequately fund their accounts once they’re ready to trade with real money. Good luck!
Comment by mark t
March 3, 2008 @ 9:58 pm
I have been Forex trading since Dec. /06 very successfully using prorietary software from FreedomRocks. This is a network marketing company and their only product is this software for which they charge $100. per month. I am more interested in the sensational results of the Forex trading than in the network marketing business. Their system is “set it and forget it”; I only check my account twice per day and do not have to watch a computer screen constantly. They have set up for the little guy great deals with 4 large Forex brokers; deals that normally only large institutional investors get. I deal with Global Forex Trading (3 largest in the world I believe). Spreads are typically 3 pips, trading is in 1K lots and I typically use 10% margin and 400:1 leverage. The $US is the base currency and FreedomRocks deals in a maximum of only 4 currency pairs where your position is always hedged.
Although you can open a mini account for as little as $250., I feel that the monthly fee of $100. is prohibitive and $2,500. US is a realistic starting figure. You can learn more at and can even try a free 15 day demo account using their software. Hope this is helpful.
Comment by bijak_sinner
March 6, 2008 @ 12:18 pm
Using the Mtpredictor’s technical analysis Elliot Wave Principle software, Bsmtprediction provides Forex Traders with FREE access to AUD/USD, EUR/GBP, GBP/USD, EUR/USD, NZD/USD, USD/CAD, USD/CHF, EUR/JPY, GBP/JPY & USD/JPY daily currency forecasts through this website. At Any Time / Any Day (we’ll straight away post the signals here in real-time if there’s any triggered) 1 hour, 4 hours & daily time frame forecasts are published on this site. The predictions are good from the moment they are published until either it reached the take profit target, hitted the stop loss or another new prediction of the same currency & timeframe unveils on the same / following day. Essentially, the prices shown are for an unknown period.. That’s why we encourage you to subscribe our FREE Google Groups newsletter to get the latest signal updates sent to your e-mail from the very 1st minute it surfaces the net..
Comment by Dreamer
March 6, 2008 @ 6:07 pm
This site shows information on ‘easy forex’. The resources that it has are also pretty good, especially for novice traders. It also provides important economic news daily. Hope this helps.
Comment by wiseforexinvestor
March 6, 2008 @ 7:45 pm
I applaud you for doing your research on the forex market and making the choice to get involved. I use the GFT program and love it. It offers what you are looking for. I would highly encourage you to check out to see how FreedomRocks could help you achieve your goals without you being stuck in front of your computer 24 hours a day. If you have any questions I would be more than open to helping you out in anyway that I can.
Best Wishes,
Rex White
503-922-1475
Comment by mp3 lover
March 8, 2008 @ 11:55 am
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