Help--need broker advice

D

drcha

I'm interested in learning forex. I opened a paper trading account with forex.com. They pester you constantly wanting you to fund a real account. After a month, they took the account down, and told me that I should fund a real account. How am I supposed to figure this out in a month?

I need a broker that will let me play in the sandbox as long as I feel that I need to. I do have an IB paper trading account that I trade other stuff in, but I have found that you have to pay the whole spread to put on/take off a trade in there. So it's not a very realistic place to play. Any suggestions?

thanks
 
Alot of forex brokers will terminate your practice acct in a month or so if you fail to fund the acct to trade for real. Just reopen a new acct under a fake name and email addy to start over.

Or better yet, you could try opening an acct with a new broker every month to see if you like their trading platform(software) and their pip spreads.

Dont let any broker pressure you into opening a real acct until you have a very good understanding of how to analyze a currency pair's movement price action, chart patterns, economic data (such as pending interest rate changes, GDP, employment announcements, etc. and order types(there have been some changes made by the govt recently)

Remember, the forex market is one of the difficult, if not THE most difficult market to make money in.

Try to stick with currency pairs where economic news is easily accessible(like EURUSD, GBPUSD, and USDJPY

Take your time and practice, practice, practice.

Also try forexfactory.com
Its a free forex traders forum. There are a number of heavily experienced traders on there that share their strategies and post charts of what they're looking at when they trade.

Good Luck,,,,,
 
With Oanda you can trade demo for as long as you like, there's no time limit. The platform is also very fast for scalping and much better than MT4.
 
think or swim has a great platform to test forex and futures on currencys and they let you use it as long as you like try it all you have to do is register but they dont pester you to fund the account so you can paper trade as much as your heart desires.
 
Quote from drcha:

....but I have found that you have to pay the whole spread to put on/take off a trade in there. So it's not a very realistic place to play. Any suggestions?....

thanks
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While it's good you are wanting to practice, maybe the best practice is with small amounts of money. It's the same stupid rules at Fidelity. Got to trade 30 times in the first 3 months, and if you're new, that would be a lot of trades, and most likely you wouldn't make money.
 
Quote from BulldogFX:

You might want to look at a site called http://www.babypips.com. I don't know if it's still going on but it seemed pretty good a year or two back. There's also a site www.collective2.com where if you prefer to auto-trade a fx system instead of learning to trade yourself, you have dozens to choose from. Then instead of becoming a good FX trader your job is to become a good evaluator of FX traders and trading systems. They work for you, you make the selection(s).
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To the OP, you'll only find about two forex systems worth subscribing to at c2.
 
I use scalping strategies and I had to change a lot of brokers before I found this information. See iticsoftware.com. or BJF Trading Group
How to select right FOREX brokerage firm for you strategy: scalping, hedging etc.
 
Quote from jplazard:

think or swim has a great platform to test forex and futures on currencys and they let you use it as long as you like try it all you have to do is register but they dont pester you to fund the account so you can paper trade as much as your heart desires.
More...

Think or Swim's forex is just a white label for forex.com. Pls take that into consideration when evaluating them as a forex broker.
 
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