Who to use?

Discussion in 'Newbie Questions' started by indyonline, Oct 6, 2010.

  1. indyonline

    indyonline Active Trader

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    I have a friend that was telling me about something he seen on 60 minutes so now I'm thinking about getting into forex.
    Who do you guys think would be the best to use? forex.com, dailyfx.com or any other that guys think would be the best for me to use.
    Any input would be appreciated.
    Thanks, Rob
     
  2. domkscott

    domkscott Active Trader

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    Hello Rob,
    congragulations on your decision to start trading.
    first thing you have to do is register to forex education courses. starting to trade without the proper training is like flushing your money down the sewer. ;) i hear babypips have a good newbies course, plus if you google it you'll get plenty of options and you can check their ranks in alexa.com - a high rank with low random clicks percentage is usually a trustworthy indicator for a good site.
    after you chose your technique you can start looking for a broker that best suits your needs.
    read only reviews written by private people like bloggers, trading journal keepers and forum users.
    ALWAYS run demo for a while before going live and google borker's name plus 'scam' to make sure there are no withdrawl problems, sudden closing of accnts and the ever so infamous price manipulation (i.e: stop-loss-hunting)
    remember, a lot of brokers manipulate rates to their advantage so you must keep data records from all kinds of sources. trades always can and will go wrong, just make sure that when they do you are sure it is because of your mistake and not due to a dodgy broker...
    good luck and happy trades :D
     
  3. Fxpipper

    Fxpipper Master Trader

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    I use both Trader's way and FXCM - both do offer demo accounts and you may want to start off with that. When you're reviewing brokers, platforms, make sure that it fits your requirements.
     
  4. Haley12

    Haley12 Trader

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    There is number of websites which are offering demo or practice account to their new users but selection of one, should be be based on their own your conscious, propose of the trading etc. You can use forex.com, avafx.com dailyfx.com all are good.
     
  5. StraightLine

    StraightLine Trader

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    I use dialyFX....

    I like the system they use and find it well designed...

    but again.. check several of them out and see what works for you...
     
  6. Fxpipper

    Fxpipper Master Trader

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    Most of the big brokers are good, but you would still need to do the grunt work and review each broker independently, read the online reviews, understand what's on offer, etc.
    Good luck!
     
  7. mingbao

    mingbao Trader

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    I'd mentioned in another post here

    love is in the eyes of the beholder. there are some good ones and some bad ones.

    You need to fine the broker which suits your real needs and you will feel it's better.

    yes, you should read more reviews and ratings, if there are many negative rating, normally they are really bad. you can choose from the high rating ones.

    please be sure to remember

    you should get good customer service
    You should make sure your money is safe
    the platform should be stable.
     
  8. CortneyWilliams

    CortneyWilliams Trader

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    Happy new year!

    Thanks for reminding. This is big help especially for beginners. :)
     
  9. Alchemist

    Alchemist Active Trader

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    The sites you have mentioned are good, but you need to learn about forex first before using them.

    This is sound advice. As for choosing a technique/system/strategy, go to the forum on the site just mentioned and you will find a section full of free trading systems. A system is great for learning because it gives you a structured approach, as well as teaching you discipline.
     
  10. Alchemist

    Alchemist Active Trader

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    I should also have mentioned the "Trading Systems and Strategies" section on this forum as well. :eek:

    You may actually find it easier to choose a strategy from this forum, because there is a lot less "noise".
     
  11. inggo

    inggo Master Trader

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    there is no regret in trying out forex, trust me it can be addictive, like really addictive, I trade with hotforex and i can recommend them to you unless you are from the US then it wont be possible :) since lots of shore brokers are tending abide by the US laws of not allowing us residents to trade of shore, if you are not then you can give hotforex a try, or even their demo, or any broker infact as long as they are good and suit you and welcome to the world of forex :D
     
  12. mingbao

    mingbao Trader

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    I'd seen some good cents here, actually just join 3-4 top forums and read more reviews will be fine for you to have a general idea of the whole market and you can make some friends in the forex trading to grow together.
     
  13. khawarj

    khawarj Trader

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    I use etoro and i simply love it
     
  14. Alchemist

    Alchemist Active Trader

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    I agree, although take everything you read on forums with a pinch of salt. Not everyone is you friend. :(
     
  15. Fxpipper

    Fxpipper Master Trader

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    Yeah..

    On the addictive part, well, it's all about the money so yes, you can understand why that's the case. On the US regulation, yes, they do prohibit brokers from offering more than 1:100 leverage but the US residents can opt for non-US brokers if they want a higher leverage. Currently, my broker, Trader's Way does offer a higher leverage and if you do a google search, you will see many more brokers providing a high leveraged account to all, irrespective of their current location.
     
  16. contyc

    contyc Trader

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    Do you use the Copytrader feature, or just trade normally with them?

    I'm very curious to know if people using Copytrader are actually getting positive results.
     
  17. Fxpipper

    Fxpipper Master Trader

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    I always did wonder about the same thing, copytrader and positive results if any..hope more info is posted on the same.
     
  18. TheLastBear

    TheLastBear Banned

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    Hi,

    personally I use PaxForex because I feel safe with them. I had several others short-listed and eventually their customer service won me over together with their fast processing of deposits/withdrawals (after I opened the account). They treat you well regardless of how much money you fund your accounts with which I appreciated. Their $200 No Deposit Bonus was an extra since they have terms you can achieve and boost you trading portfolio with.

    I can only recommend them.
     
  19. dannycal

    dannycal Trader

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    I have experience of using etoro and using copy trader feature, i just love it.
     
  20. Fxpipper

    Fxpipper Master Trader

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    Just been reading some reviews on Etoro, not good. And if the reviews are to be believed, some of the spreads are jigged.
     

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