Who to use?

indyonline

Active Trader
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
 

domkscott

Active Trader
Oct 6, 2010
6
0
32
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
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
1
49
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.
 

Haley12

Trader
Sep 21, 2011
34
0
17
www.avafx.com
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.
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
1
49
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!
 

mingbao

Trader
Dec 6, 2011
30
0
17
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.
 

Alchemist

Active Trader
May 2, 2012
74
1
27
England
www.alchemistforex.com
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
The sites you have mentioned are good, but you need to learn about forex first before using them.

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
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.
 

Alchemist

Active Trader
May 2, 2012
74
1
27
England
www.alchemistforex.com
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".
 

inggo

Master Trader
Jan 13, 2012
474
11
59
Philippinese
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
 

mingbao

Trader
Dec 6, 2011
30
0
17
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.
 

Alchemist

Active Trader
May 2, 2012
74
1
27
England
www.alchemistforex.com
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.
I agree, although take everything you read on forums with a pinch of salt. Not everyone is you friend. :(
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
1
49
Yeah..

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
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.
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
1
49
I always did wonder about the same thing, copytrader and positive results if any..hope more info is posted on the same.
 

TheLastBear

Banned
Jul 11, 2012
192
0
0
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.
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
1
49
Just been reading some reviews on Etoro, not good. And if the reviews are to be believed, some of the spreads are jigged.