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jskateborders

Hello, Looking for Broker

By jskateborders, in Beginners Forum

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jskateborders    10

jskateborders
Posted

Hi, my name is Jason, I've been trading for about 10 months and was finally becoming consistently profitable when I had to close my account with trading point.

 

As a broker, they are wonderful, and I highly recommend them. Unfortunately, they are no longer accepting US accounts, which brings me to my dilemma, finding a new broker.

 

I am usually an advocate of finding the answer by way of a search function, however after 10 combined hours I am unable to find a broker that meets my criteria, hence I look the you guys.

 

I am looking for a broker that trades micro lots, allows scalping and hedging, Is not known for unfair spreads and data manipulation, and Is open to US residents. I am also looking for a broker with a low (around 250) minimum balance requirement. I am still learning and am not comfortable with putting much more than that on the line. Before you say anything about practice account, I know, that is the smart way to go. I have run numerous practice accounts, thought I was prepared, and it is not the same. I have made the decision that at this stage, the way for me to progress in my trading is the real deal. This is due to an aspect of my personality, and I do not dispute the importance of trading a practice account.

 

That being said, if you have such a broker, If such a broker even exists, please share the knowledge!

 

Thanks,

Jason

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Mysticforex    13

Mysticforex
Posted

To the best of my knowledge there are no brokers that allow hedging open to US residents.

Oanda meets your requirements, except the hedging. You can get around that by opening a sub account.

 

Residents of Puerto Rico and Guam do not have this restriction.

 

If you can prove one of your parents or grand parents was born in Ireland, Italy, or Poland they will grant dual citizenry. You do not have to renounce US citizenry.

I am sure there are other countries as well. Good Luck.

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jskateborders    10

jskateborders
Posted

Wow, first reply and pretty much covered it :applaud:

Thank you very much for that info, and that would explain why trading-point is no longer available. I'm assuming it's some US law that prevents hedging? Probably should know more about the legal side of the game if I missed that.

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Mysticforex    13

Mysticforex
Posted
Wow, first reply and pretty much covered it :applaud:

Thank you very much for that info, and that would explain why trading-point is no longer available. I'm assuming it's some US law that prevents hedging? Probably should know more about the legal side of the game if I missed that.

 

Yes, it's called the Dodd/Frank Bill

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ethanscott    1

ethanscott
Posted
On 5/23/2012 at 9:18 AM, jskateborders said:

Hi, my name is Jason, I've been trading for about 10 months and was finally becoming consistently profitable when I had to close my account with trading point.

 

As a broker, they are wonderful, and I highly recommend them. Unfortunately, they are no longer accepting US accounts, which brings me to my dilemma, finding a new broker.

 

I am usually an advocate of finding the answer by way of a search function, however after 10 combined hours I am unable to find a broker that meets my criteria, hence I look the you guys.

 

I am looking for a broker that trades micro lots, allows scalping and hedging, Is not known for unfair spreads and data manipulation, and Is open to US residents. I am also looking for a broker with a low (around 250) minimum balance requirement. I am still learning and am not comfortable with putting much more than that on the line. Before you say anything about practice account, I know, that is the smart way to go. I have run numerous practice accounts, thought I was prepared, and it is not the same. I have made the decision that at this stage, the way for me to progress in my trading is the real deal. This is due to an aspect of my personality, and I do not dispute the importance of trading a practice account.

 

That being said, if you have such a broker, If such a broker even exists, please share the knowledge!

 

Thanks,

Jason

Hey Jason,

I am not sure if I can be helpful, but I had these guys as my sub broker. I'm not exactly sure if they'll meet your criteria, but I think you can check it out once if you like.

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