Just Started Forex, Quick Question

S

shbhanda

I know this has probably been asked before, but after reading a lot of replies, it still is not clear to me which brokers are considered the best. So here is my criteria:

1. Putting between 5-10k down. (Am aiming to try to make between 300-1k a day?)
2. Would love the ability to trade commodities too.

Which broker do you all think has the best and fastest execution at a reasonable price? What software is the easiest and supports 50+ graphs best. I don't do a lot of technical studies nor am I interested in automated strategies, yet.

Thanks for any good replies and best of luck to you all in the trading future.
 
You're under-funded to trade 6E futures, so I would open an IB account ($10k min to open) and trade spot FX under IB's IdealPro. As previously stated, you can trade futures, equities and options as well.
 
I wish interactivebrokers , IB , would drop their commissions for small FX traders , $2.50 in and $2.50 out makes it too expensive for trading off of a 5-min chart with a small account. Who's with me?
 
Quote from shbhanda:

I know this has probably been asked before, but after reading a lot of replies, it still is not clear to me which brokers are considered the best. So here is my criteria:

1. Putting between 5-10k down. (Am aiming to try to make between 300-1k a day?)
More...

Don't you think you're being a bit naive here.

Trading is hard, very hard indeed and takes a lot of hassle and years to perfect.

But you're just started and think you're going to be one of the world's best straight away making daily profits of 6% - 20% a day.

In fact get those results and you'll probably BE the best trader in the world.

It's like you've just bought a set of golf clubs having never played golf and are expecting to win 2-3 Majors this year.
 
Quote from hopeful:

I wish interactivebrokers , IB , would drop their commissions for small FX traders , $2.50 in and $2.50 out makes it too expensive for trading off of a 5-min chart with a small account. Who's with me?
More...

I agree. It's better to trade currency futures rather than fx with IB due to the high fx commissions.
 
Quote from shbhanda:

I know this has probably been asked before, but after reading a lot of replies, it still is not clear to me which brokers are considered the best.
More...

I can't tell you who is best, but I can tell you whom to stay away from as far as you can...FXCM

I have lots of reasons for saying this as I have been trading a micro account with them for a few years and I have been documenting all their practices that harm traders...which I have had happen to me!
 
Quote from Roark:

I agree. It's better to trade currency futures rather than fx with IB due to the high fx commissions.
More...

I don't know. I haven't used any bucket shops but seems to me that IB's spreads are sufficiently low, and the occassional price improvement on limit orders, more than offsets the commissions.
 
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