So, earlier this year, I started to "get into" FX trading, with only nominal experience in variable accounts. I downloaded FXCM's demo platform, bought every book I could, and spent about ten-twelve hours a day hacking away at it, while working from home. After having success on most of my trades (and seeing dollar signs dancing in my head) I paid $500 for FXCM's "thirty day course" and learned more. (much of the course I had already figured out...but...)
I had a very small live account with FXCM, only $500. I doubled that in week, and then went and took that 30 day class. During the class they wanted us to trade only on their demo, and so I did. Usually, during the volitile morning, I would make smaller trades and steadily make money. During slow, rangebound afternoons, I would "bet the bank" and make quite a bit of money. I stayed far away from fundamental announcements and stayed close to range bound trading. Working hard and being focussed would usually generate $10,000 weeks.
I was in heaven. I could see myself debt free, still working from home, vacations, the whole nine yards.
Next Wednesday, I will be recieving $45,000. I was certain that this was the nest egg that would take care of me for the rest of my life. I began imagining my wonderful new future, excited. I called FXCM, and was immediately hooked up with "Mr. Walker" one of their "Gold" associates. As I would be opening an account over $25000, there were all kinds of perks I would recieve, free advice, fundamental alerts, weekly discussions with my OWN gold advisor, and so on.
But something nagged at me.
You guys probably think that this nagging was a wonderful stroke of fate.
Whenever I called FXCM with questions and got one of their "normal" (non-gold) phone reps, and told them what I was doing, they seemed incredulous, as if NO ONE deposited that kind of money with FXCM in a lump sum. They treated me as if I was some rare financial unicorn, and this made me wary. Why did the biggest FX company treat me as if I was rare? What did these employees know that I didn't?
Yesterday, I googled "FXCM complaints" "FXCM sucks" and so on. You know what I found.
I also seemed to find that many people believe that Oanda is the single best. Late yesterday (friday)I got in on their FX game, but have had no real opportunity to play with it.
With only a few days until my money gets here, I am freaking out a bit. Here is what I seem to be looking at.
1) Go ahead and invest with FXCM. Lots of folks break their teeth on FXCM, and I do understand, intimately, how their system works. I made money on their demo, and should do the exact same here. If it IS bad,I can always change.
2) Spend the next two days learning everything I can about Oanda, because they are the best choice. The money I may lose while learning a new operating system will more than make itself back. It may seem harder at first, but in the long run I will save myself headaches.
3) Invest in a 3% CD. Go work at wal-mart.
I am mostly worried because I am SO familier with FXCM. I am also worried because I know that with Oanda the leverage is different (50/1 rather than 100/1) that I might not make as much money, even with the pip spreads being so much better. ( I will get pips sooner, but will they be worth as much? Probably not)
Sigh. I really felt ready to "go live",until 2 days ago.. I understand that maybe now I should wait and learn, it's just so frustrating, I had spent weeks waiting for next wednesday...
I had a very small live account with FXCM, only $500. I doubled that in week, and then went and took that 30 day class. During the class they wanted us to trade only on their demo, and so I did. Usually, during the volitile morning, I would make smaller trades and steadily make money. During slow, rangebound afternoons, I would "bet the bank" and make quite a bit of money. I stayed far away from fundamental announcements and stayed close to range bound trading. Working hard and being focussed would usually generate $10,000 weeks.
I was in heaven. I could see myself debt free, still working from home, vacations, the whole nine yards.
Next Wednesday, I will be recieving $45,000. I was certain that this was the nest egg that would take care of me for the rest of my life. I began imagining my wonderful new future, excited. I called FXCM, and was immediately hooked up with "Mr. Walker" one of their "Gold" associates. As I would be opening an account over $25000, there were all kinds of perks I would recieve, free advice, fundamental alerts, weekly discussions with my OWN gold advisor, and so on.
But something nagged at me.
You guys probably think that this nagging was a wonderful stroke of fate.
Whenever I called FXCM with questions and got one of their "normal" (non-gold) phone reps, and told them what I was doing, they seemed incredulous, as if NO ONE deposited that kind of money with FXCM in a lump sum. They treated me as if I was some rare financial unicorn, and this made me wary. Why did the biggest FX company treat me as if I was rare? What did these employees know that I didn't?
Yesterday, I googled "FXCM complaints" "FXCM sucks" and so on. You know what I found.
I also seemed to find that many people believe that Oanda is the single best. Late yesterday (friday)I got in on their FX game, but have had no real opportunity to play with it.
With only a few days until my money gets here, I am freaking out a bit. Here is what I seem to be looking at.
1) Go ahead and invest with FXCM. Lots of folks break their teeth on FXCM, and I do understand, intimately, how their system works. I made money on their demo, and should do the exact same here. If it IS bad,I can always change.
2) Spend the next two days learning everything I can about Oanda, because they are the best choice. The money I may lose while learning a new operating system will more than make itself back. It may seem harder at first, but in the long run I will save myself headaches.
3) Invest in a 3% CD. Go work at wal-mart.
I am mostly worried because I am SO familier with FXCM. I am also worried because I know that with Oanda the leverage is different (50/1 rather than 100/1) that I might not make as much money, even with the pip spreads being so much better. ( I will get pips sooner, but will they be worth as much? Probably not)
Sigh. I really felt ready to "go live",until 2 days ago.. I understand that maybe now I should wait and learn, it's just so frustrating, I had spent weeks waiting for next wednesday...
