Forex Newbie

[kvhutch]

Hi. Posted this on another forum and value your perspective here. In essence, I've been looking at Forex trading for a little while now. Just about ready to look at a demo account - which I'll probably practice trade for about 10 years

Which is the purpose of my post:

1. Being resident in the UK does it make make much of a difference having a UK online account as opposed to, say, a US online account? I'm thinking that while trading may be accessible 24hrs per day, correspondence will be limited to the brokerage times?

2. Can anyone recommend useful brokers (I aim to try a number of platforms)? Was looking at FXCM.com / FXCM.co.uk until I read up on their reviews at: http://www.forexpeacearmy.com/public/forex_broker_reviews - not very promising

3. I like to drive, listen and learn. Does anyone know of a good audio Forex tutorial? (download or CD) ?

Thanks in advance for your help.

Cheers

kvhutch

 

[SAINT]

1. You don't really need to correspond. Just do it online. Buy/sell etc. Everything
you need to start is online somewhere.
2. Fxcms quite good. Good demo account/trading platform. Both easy to setup and get started.

 

[amenlo9]

for newbie,recommend Oanda

you can trade penny with them!

 

[pips_lady]

for newbie,recommend Oanda

you can trade penny with them!

why? I mean what's with Oanda that others doesn't have? Aside from the fact that they allow traders to trade penny with them..

Thanks!

 

[kvhutch]

Thanks for your replies. I have been using VT Trader for a few weeks with CMS Forex. Really like VT Trader but can't conceive trading with CMS since a few times the connection has simply gone dead with no chance of reconnect - i.e. totally at the mercy of the brokers. Possibly a dual function of online trading and trading a demo account. Still, doesn't inspire confidence. Looking at FXCM. Don't like the interface as much but seems more reliable.

 

[Rhody Trader]

why? I mean what's with Oanda that others doesn't have? Aside from the fact that they allow traders to trade penny with them..

No minimum account size or deposit. No minimum trade size. Unlimited demo account access.

The thing I think is really great about Oanda for a smaller account is that since you are not restricted to fixed lot sizes you can customize your risk to exactly what you want on any given trade.

 

[Rhody Trader]

Plus no software download right?

Right. Their platform is Java-based. I know some people don't care for that, but it is nice be able to trade from anywhere by logging in through their website. They did release an app that lets you login directly from you desktop, though, which is nice when you're working from you own machine.