I haven't read good reviews about any Forex brokers

Quote from cabletrader:

Generally a 'micro' lot in forex is understood to mean 1,000 units.

Scaling up from 1k is an easy exercise once you have developed the skills and discipline necessary to produce consistent returns, starting off too big can be extremely harmful psychologically. Trade size and 'hurt your pocket ' are relative terms, $10 can be a lot of money to some people especially in countries where the average wage is $100 per month!

(I think you'll find it's you who has "definitely disqualified yourself" :D )

Oanda: My "nano-lot" broker of choice!:)
 
Quote from IluvVol:

I think signing up with brokers o trade 2k or 5k positions is an absolute waste of time. Use a simulator and then when ready start trading 20k-50k positions. You never learn to trade when you put on positions that dont hurt your pocket when you violate rules and let losses accumulate. In that sense I find micro lot trading actually harmful to larn to trade.

real trading is always better than sim trading regardless of size...
 
Quote from monti1a:

I must admit that I don't understand why people trade FOREX when they can simply trade the FUTURES.

Try trading some of the cross rates via futures at 2AM EST and let me know how it goes.

Quote from monti1a:

you have to pay the spread to BOTH enter and exit a trade.


Really you have to pay 2 spreads :confused: :confused: . Everyone else just pays 1.
 
IB is good, but not for minilots - due to the $2 minimum commission per ticket (you do the math when those kick in).

In my opinion ECNs are only worth it, if you pay =< $20/mm - and there is none that does that for such negligible amounts. In one way or another, small traders will always pay more than volume traders, its the same in F/X, futures or equities, and it does make sense too. You can't expect to have it all when you generate only a few Dollars of revenue per month for your broker. They ain't no charity organization after all.
 
oh really? never had a problem with oanda? Only running the simulator/demo platform on a daily basis should make you aware that it crashes at least 2-3 times per day ;-)

By the way, I trade with IB for over 10 years, of which I trade fx there for over 3 years. The platform as of late has been increadibly stable and trading fx on an ECN has always been superior to trading with ANY non-ECN broker.

Quote from flyingdutchmen:

may i add as reason for the above made stament
that pretty much most people who are complaining
about socalled "unfair" brokers in their eyes are
unserieus traders, from which are most of them
starters searching for a place to start with a
initialcapital of 100usd, socalled "mini-lots"
expecting to make giant gaines by scalping
if they do not succeed they are to naiv to blame
theirself instet of finding the failures in their
missunderstanding of the fx market or their
platform

long story short - oanda is one of the few fx brokers which
lets you trade as small as you wish without a minimum deposit

there is a tread here on ET called "OANDA AD YOUR SCAMS HERE"
try read a couple of pages of that tread you will find people
complaining at the start of the tread and you will find
the same people still complaining years after
if you open the last page of the same tread

now what does that tell us.....

me and some college-traders of mine have been trading with oanda since over 4 years, if i ever
have had a problem it was solved within a short mather of time

i am not affiliated with them in any way, only thing what i want to
say is most inexperienced traders you will find in the fx section
 
sure fair enough point in regards to those who will get a rush on having made 10 dollars, but again you dont seem to grasp that this is still a losing proposition. Spreads on micro set ups are way too wide, sometimes twice as wide or more. Such spreads should over time tilt the odds hugely in favor to the house, similar to roulette. Enough said...

Quote from cabletrader:

Generally a 'micro' lot in forex is understood to mean 1,000 units.

Scaling up from 1k is an easy exercise once you have developed the skills and discipline necessary to produce consistent returns, starting off too big can be extremely harmful psychologically. Trade size and 'hurt your pocket ' are relative terms, $10 can be a lot of money to some people especially in countries where the average wage is $100 per month!

(I think you'll find it's you who has "definitely disqualified yourself" :D )
 
I did not contrast those if you read my post carefully. I said one should start paper trading no matter what. But when ready you should take positions that actually mean something to you. A 1000 dollar position does not mean taking risk to 99% people who frequent ET.

Quote from operator:

real trading is always better than sim trading regardless of size...
 
Quote from IluvVol:

sure fair enough point in regards to those who will get a rush on having made 10 dollars, but again you dont seem to grasp that this is still a losing proposition. Spreads on micro set ups are way too wide, sometimes twice as wide or more. Such spreads should over time tilt the odds hugely in favor to the house, similar to roulette. Enough said...

Of course the odds are in favor of the house, an alleged 90% of retail traders haven't got a clue what they're doing or why they're doing it! Every bucketshop on the planet knows that the vast majority of their underfunded overleveraged clients will lose money in the long term without any help from them.

I have also traded on IB's FX Trader back in May '07, it was about the most unreliable, user-unfriendly platform I think I've ever had the misfortune to trade on, plus spreads and quotes during 'normal' market conditions were comparable to Oanda's and CMC's, in fact when you take IB's commission into account Oanda were actually cheaper on Eur/Usd!

Here's an exercise for you if you're really interested in the truth, run Oanda's FXTrade alongside a Reuters 3000 Xtra feed during normal market conditions, you'll be surprised at just how close they are.

Bottom line is you've got to trade where you're comfortable and with a firm who offers the best deal for your trading style. Oanda suit me just fine......for now.
 
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