Choosing your broker/platform

[LiboNZT]

I am really buffled when it comes to choosing a platform. There are literally hundred of platforms on the internet so I can't really make up my mind as to which one I should pick. Is it better to open a trading account in a bank or simply download a platform from the net and start trading there? Right now I'm surely not ready to trade with real money so I'm more interested in backtesting and trying some basic stuff that i've learnt.

I'm a total newb so please, go easy on me!

 

[Mr O]

What markets do you want to trade?

Equities, forex, futures etc....

 

[LiboNZT]

Stocks, DAX and FTSE.

 

[Mr O]

Never traded stocks myself so can't help you there. However for futures TT X trader, or if that's too pricey then CTS T4 which is the same as they use on the CME floor.

 

[LiboNZT]

Thanks for the advice, I am currently searching through the archives and I have found a couple of platforms. I have a test account in plus500.com a uk based company though I can't say I am fully satisfied. Since I am a total newb I don't think I am able to spend any money right now so finding a site mainly for backtesting is my top priority.

 

[zing189]

This video review helped me out quite a bit.
Charting Software – What Is the Best Charting Software?

 

[LiboNZT]

Wow, very nice video, thanks a lot zing!

 

[bigmistake]

If you want to trade in Forex market, I think the most known platform is MT4 and most brokers offer this, and i guess for newcomers its better to stick with an MT4 broker.

 

[LiboNZT]

Basically i'm more interested in stocks and indices. I don't feel comfortable yet to trade in FX or options or commodities. So if anyone knows any solid simulator which can support backtesting please share it with us! I also downloaded the free version of AMIbroker which can support backtesting but it can be a tricky programm to master, their manual is 900+ pages long!

 

[LiboNZT]

Nice, atm checked that, seems pretty well for FX trading plus i've read some good reviews. Anything good for stocks/equities?

 

[mingbao]

it's always a big trouble to choose a good broker, esp. for newbies.
do not start big and increase your balance when you feel more safe.

 

[bigmistake]

You should choose a broker that has demo account and fast execution. Practicing there for a long time before you can go into real trade. Sure you will know the right broker for you to trade.

 

[LiboNZT]

You should choose a broker that has demo account and fast execution. Practicing there for a long time before you can go into real trade. Sure you will know the right broker for you to trade.

Sounds nice, can you name one please?

 

[bigmistake]

There is a lot of well known brokers for fx, there is Oanda, alpari UK and US, I trade with hotforex, it was recomended to me by a senior trader here in vietnam, you can try different demos, its free and do a comparison, and best of luck.

 

[easttrader]

There is a lot of well known brokers for fx, there is Oanda, alpari UK and US, I trade with hotforex, it was recomended to me by a senior trader here in vietnam, you can try different demos, its free and do a comparison, and best of luck.

oanda is really ok...also alpari, fxclub is ok too

 

[mingbao]

I know Oanda and hotforex are good, not familiar with alpari.
anyway, i advise you shortlist and try yourself.

 

[StockHunter]

Yeah Oanda is great, I've used them for years.

 

[FringFX]

If you want to trade in Forex market, I think the most known platform is MT4 and most brokers offer this, and i guess for newcomers its better to stick with an MT4 broker.

MT4 is relatively popular as a charting platform, but I guess it's better that new traders place their orders in a non-MT4 platform.

 

[Pat494]

In my opinion demo accounts can easily mislead newbies. You can get a false sense of invincibility. So get off the demo after a month or two and onto a SB that has really low bets eg £0.10 per point. You gotta get yourself into a disciplined and profitable groove.
Even after all these years I will be testing out a new broker soon. It is Activ Trades. Could suit you too.

 

[FringFX]

what did you like about Activ Trades? iirc, i have seen good and bad reviews about it.