Looking for Forex broker (frustrated)

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Old May 13, 2012, 3:07pm   #1
 
5 Posts
Joined May 2012
Looking for Forex broker (frustrated)

Hi,

I'm on week two of looking for a broker and all I've learned is not trust anything I see. It's like this Forex world is filled with vultures. Nothing you read or see is real. If they are real they are gullible or haven't margined out yet.

There seems to be some normal people on this forum, and I'm sure the vulture's with 3 post counts will be responding, but I hope some non-paid or affiliated people can help me.

I'm looking for a forex broker that will not try to empty my account and it would be nice to have some good leverage more than 1:100. I would prefer to deposit under $500 (because that's what I'm comfortable losing right now).

I've been pulling my hair out looking for a broker and prefer not to deal with Virtual Brokers as they are local to me in Canada and I'm guessing they have low leverage.

I'm totally lost and don't know where to go. Regulation is not a priority right now if they have street cred (by non paid/affiliated traders).

Also if there is a site on Forex that has no ads/vendors/non paid affiliated bias please let me know because this world of Forex is like strawberry fields- nothing you see is real.

My trading style will vary but mostly day trading. Swing trading. Not really scalping. I Don't mind trading without stop losses or take profit to ensure they don't hunt out my stops. I'm willing to do those sorts of things.

Anyhow any recommendations would be greatly appreciated! Thanks!
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Old May 13, 2012, 9:52pm   #2
 
Shakone's Avatar
Joined Feb 2009
Re: Looking for Forex broker (frustrated)

Quote:
Originally Posted by mikedavid00 View Post
Hi,

I'm on week two of looking for a broker and all I've learned is not trust anything I see. It's like this Forex world is filled with vultures. Nothing you read or see is real. If they are real they are gullible or haven't margined out yet.

There seems to be some normal people on this forum, and I'm sure the vulture's with 3 post counts will be responding, but I hope some non-paid or affiliated people can help me.

I'm looking for a forex broker that will not try to empty my account and it would be nice to have some good leverage more than 1:100. I would prefer to deposit under $500 (because that's what I'm comfortable losing right now).

I've been pulling my hair out looking for a broker and prefer not to deal with Virtual Brokers as they are local to me in Canada and I'm guessing they have low leverage.

I'm totally lost and don't know where to go. Regulation is not a priority right now if they have street cred (by non paid/affiliated traders).

Also if there is a site on Forex that has no ads/vendors/non paid affiliated bias please let me know because this world of Forex is like strawberry fields- nothing you see is real.

My trading style will vary but mostly day trading. Swing trading. Not really scalping. I Don't mind trading without stop losses or take profit to ensure they don't hunt out my stops. I'm willing to do those sorts of things.

Anyhow any recommendations would be greatly appreciated! Thanks!
Oh dear...leverage needs to be more than 100:1, regulation is not a priority, trading without stop losses?

Do yourself a favour and keep your 500, and forget trading, otherwise you'll lose it fast. If you really intend to trade, then you need to have a long hard think about what you've just written, because in my opinion, you have no chance with the attitude shown in your post. Not a hope.

You need a regulated broker so that your funds at least have some protection. You don't need to trade forex, but if you do, then you shouldn't need anywhere near 100:1 leverage. That's a sign that you're undercapitalised and about to blow your account.

Rethink everything, because you don't appear to know what you're doing. Sorry if that's harsh.
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Old May 14, 2012, 12:45am   #3
 
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Joined May 2012
Re: Looking for Forex broker (frustrated)

mikedavid00 started this thread That's part of the problem. Every time I read about regulated brokers who have been around the longest they seem to be amongst the worst bucket shop market makers who have multiple actions taken against them. Even IB is a market maker trading against its clients now and seem to be using a virtual dealer. Would you recommend I go to Alpari, Oanda or Fxcm? Those are big regulated guys wit low leverage.

Last edited by mikedavid00; May 14, 2012 at 2:11am.
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Old May 14, 2012, 11:36am   #4
Joined Sep 2011
Re: Looking for Forex broker (frustrated)

I want to suggest you for OANDA.
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Old May 15, 2012, 8:29pm   #5
Als
Joined Jul 2010
Re: Looking for Forex broker (frustrated)

Quote:
Originally Posted by mikedavid00 View Post
That's part of the problem. Every time I read about regulated brokers who have been around the longest they seem to be amongst the worst bucket shop market makers who have multiple actions taken against them. Even IB is a market maker trading against its clients now and seem to be using a virtual dealer. Would you recommend I go to Alpari, Oanda or Fxcm? Those are big regulated guys wit low leverage.
my opinion
u can try finfx.fi
but check all reviews both here and on forexfactory forums
i found it coz i wanted to try forex
but after some demoscalping and pipping and swinging
come to conclusion 99% chance a trader will lose his deposit
and returned to stockmarket

try indexes say in form of cfd
if u wish then PM me
regards.........
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Old May 24, 2012, 11:06am   #6
 
8 Posts
Joined May 2012
Re: Looking for Forex broker (frustrated)

I am searching for a broker to trade with just 100 dollars as i am a beginner in this field. Does anyone know such one? Please recommend me if so.
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Old May 24, 2012, 11:25am   #7
Joined Apr 2011
Re: Looking for Forex broker (frustrated)

Hi, mikedavid00

Here is a comparison site for forex brokers that service Canadian/US clients. As previously mentioned, do your research and look at the feedback. Make sure that they are regulated in your country. Most have a demo account and I like to check this out to make sure I like the layout and if I feel comfortable I will open a live account. Check the FAQs on the sites. Give them a call to see what their customer service is like.
I also use Oanda as one of my brokers and have no problems with them.


Forex Broker Canada - How to Find a Canadian Forex Broker

Hope these tips along with other might help.

D

--------------------------------------------------------------------------------------------------------------------------

Please note that I am not affiliated to any broker.
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