Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

trbates

Quick Broker Question

Recommended Posts

I apologize, this has been posted many times in the past ... however, I can not seem to find a new answer so I figured I would ask again.

 

I am looking for a new forex broker. I am currently using TradeStation, but they really nickle and dime you (or so it seems, I'm still somewhat new to this) Though, more importantly, they do not allow me to trade anything but full lots. Normally this isn't a bad thing, but my account is small ... and, like I said, I am still new to trading so I think I would feel more comfortable working with half or quarter lots. (or smaller :)

 

TradeStation also seems to have poor fills at times (not only news, I realize that news times are shaky), and not a very reliable data feed.

 

It seemed about 4 months ago the best place for a small forex trader to be was with Oanda. Was that the case? and if so , is it still?

 

Also, any other thoughts or comments on brokers you like/dislike would be greatly appreciated.

 

Thanks

 

Travis

Share this post


Link to post
Share on other sites

I have used Oanda in the past and liked it. Found out currency trading wasn't for me. I am back to stocks and options.

 

Friend uses them and opened multiple currency account to have the ability to withdraw in different currency.

Share this post


Link to post
Share on other sites

I haven't used Oanda for a couple of years so I can't say anything about them. Check out MBTrading (efxgroup is now with them). They allow mini lots and have very tight spreads during active market hours. Don't be turned off by the commision until you demo it along side one of the other brokers. You will also find that one broker may be better than the other depending on you strategy, pair traded, and time of day.

Share this post


Link to post
Share on other sites

If you're serious about active trading I recommend Lightspeed as your trading platform. I work with a firm that's a great place for both licensed AND UNLICENSED traders looking for leverage greater than retail, which isn't offered at other B/Ds. My experience with them has been very good, and they are very well funded. But most of all...they are a B/D and set up legally unlike many other firms out there providing illegal leverage to non-licensed traders. They offer both Sterling and Lightspeed trading platforms and in my opinion, if you are unlicensed, there is no better platform than Lightspeed. Assent's Anvil is a close second but their rates are higher and they only give retail leverage to non-licensed traders.

 

PM me with any questions.

Share this post


Link to post
Share on other sites

Thank you Mr. Smith I'll check in to that software!

 

After playing around with several demo accounts I across FXCM micro. The platform seems to offer everything I need, and 1000 unit lot size is pretty cool.

 

I was wondering if anyone has had any experience with them? good or bad ...

 

On the surface they seem like they fit what I am looking for perfectly ... I just want to make sure there isn't something horrible below that surface :)

 

Thank You

Share this post


Link to post
Share on other sites
I haven't used Oanda for a couple of years so I can't say anything about them. Check out MBTrading (efxgroup is now with them). They allow mini lots and have very tight spreads during active market hours. Don't be turned off by the commision until you demo it along side one of the other brokers. You will also find that one broker may be better than the other depending on you strategy, pair traded, and time of day.

 

Oanda is great. Also checkout instaforex, fxcm, avafx and fxcast.

 

 

 

 

 

 

 

 

img1.jpgimg2.jpgimg3.jpgimg4.jpg

img9.jpgimg10.jpg

Share this post


Link to post
Share on other sites

Thanks Wilson ... I have never heard of Forex-Metal.com, I'll definitely check them out!

 

 

As an update, I found out the other day that TradeStation does in fact offer mini sized accounts (they just don't advertise it much) so rather then going through the hassle of changing brokers, with such a small account size anyway, I figure I'll stay with TradeStation for the time being.

 

Though, that said, I always like to read about different brokers ... so if anyone has anything left to add please feel free :)

 

Travis

Share this post


Link to post
Share on other sites
Oanda is great. Also checkout instaforex, fxcm, avafx and fxcast.

 

Avafx is a decent broker i think. Thinking of opening an account with them since the min deposit is $100 and coincidentally i only have $100 to spare. Anybody here tried this broker?

blank_v.jpgblank_o.jpg

blank_c.jpgblank_m.jpg

blank_f.jpgblank_y.jpg

blank_p.jpg

Share this post


Link to post
Share on other sites
I apologize, this has been posted many times in the past ... however, I can not seem to find a new answer so I figured I would ask again.

 

I am looking for a new forex broker. I am currently using TradeStation, but they really nickle and dime you (or so it seems, I'm still somewhat new to this) Though, more importantly, they do not allow me to trade anything but full lots. Normally this isn't a bad thing, but my account is small ... and, like I said, I am still new to trading so I think I would feel more comfortable working with half or quarter lots. (or smaller :)

 

TradeStation also seems to have poor fills at times (not only news, I realize that news times are shaky), and not a very reliable data feed.

 

It seemed about 4 months ago the best place for a small forex trader to be was with Oanda. Was that the case? and if so , is it still?

 

Also, any other thoughts or comments on brokers you like/dislike would be greatly appreciated.

 

Thanks

 

Travis

 

I use Oanda every day and they are very good for execution and the ability to choose your own lot size. Their charting however is not very flexible. Due to the regulation and new capital requirements for FX brokers I have seen that the former big brokers now get better and more customer friendly, as they have more informed traders to serve. Thus, it is not a bad idea to start a Micro account at FXCM and then progress to a standard account. Or, if you like the Metatrader platform, I would go to FXDD. It always depends how you trade, long-term, daytrade, etc.

 

If you have 2500 USD minimum account size available, I would start out at FXDD PLUS use a trading advice/education service such as Forexconfidential.com ( private traders, even part-time ) or http://www.fx-knight.com ( 149 USD monthly ) with their inbuilt Acuity workstation, which allows you to see Volume via eSignal etc.

 

( I am not affiliated with any reco. ). Take your due diligence. :missy:

Share this post


Link to post
Share on other sites

hi there

 

I have seen my broker avafx has been discussed here and so i thought why not share some more facts of him who don't know much about them. Many traders don't find any dissimilarities between them and rest of the brokers. I don't know about other broker except couple of once I tried before I get involve with avafx no one has given me satisfaction as they have given. Though they are not NFA regulated and believe me they are trying hard to get the approval asap, still i tried and got to really a good broker.

 

Many would have read bad reviews about them and I believe no one is perfect. Some or the other day such thing might happen to me as well but till date they are the complete package and brokers should take lesson from them to improve.

 

What else i can say about them you have to try it by own so see what i mean. trust me go ahead you won't regret.

Share this post


Link to post
Share on other sites
I've been looking up Ava just recently and it seemed that they have quite a number of good reviews already. vbulletin-smile.gif

 

good for you, well, when looking for a broker there are so many things you have to check. But first i will consider the brokers reputation,trading condition and the withdrawal and deposit system. this what I consider before opening my account with Armada Markets last years ago, reputable one, even this not the only thing to consider, any website review sometimes just had their own odd issue, I'd prefer to make sure by my own experience. these where i found AM trading condition are very competitive.

Share this post


Link to post
Share on other sites
Really, I am also researching about futures trading. Not too many brokers have this trading type.

there's lot of brokers offer such spread, try with listed ECN brokers at myfxbook brokers page and listed any potential brokers you may found.

another test are to experience brokers spread by your own, on their trading platform.

I've been doing these before decide to use Tickmill ECN account.

and here's spread listed at their mt4 platform (using scalping dashboard got from ff)

X1hAeeg.jpg

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Topics

  • Posts

    • I traded alot today. 9 trades, 8 losers and BEs, 1 runner that paid for them all. Gotta keep swinging! totaled 240 bps before commission. The first winner on W, I did not count - it was a mistake that led to profit. I felt like a machine, kept pulling the trigger, watch the 1min chart, see it doesn't go anywhere, take my small loss... over and over... then one takes off... Let it run... the whole time I was thinking I hope that the one winner will pay for all the losers. I was tempted to close out the winner early. I had no idea that the payoff distribution for this strategy would be so extreme - 8 tiny losses before hitting a big win. Pays to keep the losses tiny and keep swinging. 
    • Date : 22nd February 2019.

      MACRO EVENTS & NEWS OF 22nd February 2019.



      FX News Today Both Topix and Nikkei, declined during the Asian session, with -0.25% and -0.18% respectively. Overall, stock markets in Asia struggled through most of the session as subdued inflation data rekindled concerns about a lack of demand and flagging growth and after Wall Street closed in the red. News that US President Trump will meet with China’s top trade negotiator today in Washington seems to have helped Chinese markets to stage a late rally and CSI 300 and Shanghai Comp are up 1.76% and 1.51% respectively and the Hang Seng also managed to claw back losses and is up 0.11%. US stock futures are posting marginal gains and the April WTI future is trading at just over USD 57 per barrel. USDCAD rallied over 1.32 to 1.3225, as Oil inventories rose, with the US at record production levels. Oil price is now back around the $57 mark. Japanese CPI data same as forecasts, pushing the Yen higher. Charts of the Day


      Main Macro Events Today EU CPI Inflation – Core inflation is expected to be confirmed at 1.1% y/y while the overall inflation rate is expected to have stood at 1.4% in January. Canadian Retail Sales – Retail Sales are expected to have declined by 0.3% m/m in December, an improvement from the 0.6% declined observed in November. Mario Draghi Speech – The ECB President is due to speak to the University of Bologna where he will accept an honourary degree. Support and Resistance
       
      Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

      Please note that times displayed based on local time zone and are from time of writing this report.

      Click HERE to access the full HotForex Economic calendar.

      Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

      Click HERE to READ more Market news.

      Dr Nektarios Michail
      Market Analyst
      HotForex

      Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Actions for the 21st. 
    • Today had 3 trades, + 73 bps. The 2nd red dot on ALB was an error, somehow 1 share got executed at the lower price. I started new batch of trades today. The tweak was the exit is now based on trailing exit instead of manually calling it. I found it to be extremely uncomfortable as I sat through each retracement on DPZ. To see profit retrace back to zero or negative is associated with much pain. It feels as if it's a permanent loss. My goal is to execute my trading plan and not trade based on my emotions. I am very proud of the 2nd exit on DPZ for 170bps. I will do my best to continue this work. I do notice I may be giving back a bit too much on my losers, I will not change anything until the next batch of trades.   
    • I forgot to post yesterday. I was down 72 bps.  
×

Important Information

By using this site, you agree to our Terms of Use.