Is GFT worth a chance??? ( Mini Spot Forex Account)

I have not opened a position yet. I have just received the password, so I think it is time to withdraw money... :D

I've obviously made a mistake, I thought it (EUR/USD) will go down futher. Now I need time for a new analysis. Maybe it is a top I was thinking about, but I am not sure, so I will not trade.

Of course I would adjust the stop during the day, so would have either a smaller loss, or a small profit from the position.

... I'll see
 
I have already taken a little loss of 8pips=USD (10000 minilolot)

I have opened a short at 1.5095 at 15:53:03.

The stop was at 1.5103 and it was hit 8 seconds later.

The execution was exact.

Now I stop playing for today. I need a longer analysis to enter next trades.

Cross Your fingers! :)

I will withdraw everything if I loose 50 USD. And switch to Oanda I think. You are right about the money management :) Thank You friends :)
 
Quote from davidmaria1:

Just a question. If you were correct on your trade, would you still have listened to everyones advice?
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Probably not. :) I would assume, that I have a great method (in fact it is very good), would be fooled by my emotions (as I am still), and would laugh at the disbelievers inside...

One often has to feel the loss to accept the rational argumentation. Indeed I may have a bad luck and be 10 times mistaken with stops as tight as 8 pips from the enter, then I have 80 USD less and will no more make a rational decision. The spread 3 pips for EUR/USD is rather insane.

So Oanda, with 1:50 leverage is a better choice for me, for sure...

But it hurts to accept losses and it is very tempting to give a good method few more tries. Anyhow I will not.

Let it be lesson for people with small capital - if it is all You have to play - do not open a mini-account on GFT.
 
Maybe, maybe not. Open-mindedness, especially in trading, is a long-term attitude, a mindset, a state of mind, rather than a single action, no matter how smart.

Having said that, a switch is going to be a very smart move on your part, to give you at least a shot at initial survival. With Oanda you have a unique opportunity to bleed to death that much slower. Don't blow it. :p

So... what size trades are you planning to put on with your $500 account, how many trades / pairs at one time, and with what typical stops? (he asked casually)
 
Quote from sim03:

Maybe, maybe not. Open-mindedness, especially in trading, is a long-term attitude, a mindset, a state of mind, rather than a single action, no matter how smart.

Having said that, a switch is going to be a very smart move on your part, to give you at least a shot at initial survival. With Oanda you have a unique opportunity to bleed to death that much slower. Don't blow it. :p

So... what size trades are you planning to put on with your $500 account, how many trades / pairs at one time, and with what typical stops? (he asked casually)
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You do not know my methods details, Sim03. If the 500 USD were only mine, I would risk and play the "casino game", to make a fast progress with the money because I know that it works. I would allow myself to loose maximum 33% and then switch to Oanda to practice patient executions. Because there are capital participants, I will not risk loosing the 33% but start practicing patient executions now :) I will give myself some more time to build up the capital.

Openmindedness is not less important than positive thinking. Also letting others think positive is a good attitude.

I will set limits for 3-5 different pairs, with stops of 10-25 pips or wait for an manual opportunity with stops of 3-15. pips. I will play with leverage 1:50 and enter in each trade with maximum 1/3 of the whole available buiyng power.
 
Quote from marketsurfer:

be careful holding with GFT for a longer time frame---- i had a very small account there, and it bled to death due to roll fees, et al over time. i also had a small account with FXCM-- did not notice the bleed fees over time.
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Your account made me curious. I will give you the benefit of the doubt and assume that you do realize that you can earn rollover as well as pay it. Are you saying the swap spreads between what those particular brokers pay and charge for rollover are higher than most? What brokers give you a better swap?
 
Quote from BigBlingin:

Your account made me curious. I will give you the benefit of the doubt and assume that you do realize that you can earn rollover as well as pay it. Are you saying the swap spreads between what those particular brokers pay and charge for rollover are higher than most? What brokers give you a better swap?
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In the beginning of this thread You have an answer to Your question, I think and a link to GFT accounts rules.

In fact You cannot benefit from rollovers with mini-account. You can only loose. It is their policy.
 
Quote from forestgril:



I will set limits for 3-5 different pairs, with stops of 10-25 pips or wait for an manual opportunity with stops of 3-15. pips. I will play with leverage 1:50 and enter in each trade with maximum 1/3 of the whole available buiyng power.
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How are you planning on entering 3-5 trades if you're going to use a third of your buying power for each trade?
 
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