-- 2pip spread on EUR/USD
-- 1$ minimum position size(FXCM and others is 10,000$)
-- No time limit on Demo/game account.
-- Best trading platform
-- Can get slippage on market orders, although you can control it.
-- Increased spreads on weekends and sometimes on important announcements
-- Can only fund account in USD or EUR
-- Charts could be better
The Max leverage is 50:1, but I consider anything above this is suicide.
Unless you trade in very large amounts, you can adjust your position size to fit your money management strategy. Very important as far as I'm concerned.
Complete newcomer to FX markets and am currently in the research process. I was also looking for a potential FX broker and am considering FXCM. Would appreciate an answer to the following :
May sound a daft question but in the simulator where the amounts to trade start with £10 etc- is this the same as betting £10 a point with an SB?
What is the minimum account requirement which would be necessary to trade with this organisation.
The simulator which i downloaded displays EOD data- is there a facility to display other charts (ie Candlesticks) in a live environment.- if so what timescales do these cover on FXCM- ie minute 5 minute bars etc?
Thx in advance
I think the 'amount' you refer to is the number of '000 of the currency that you are trading. eg if the currency is EUR/USD and the amount is 10, you would buy/sell $10,000. This is one mini-lot and is equivalent to a $1/pip bet.
I think the minimum to open a mini account is £300. I am just about to open an account with them, as I like the idea of guaranteed stops and limits.
Another newbie here hoping to gain some knowledge from you guys. I only started putting small amounts of money on forex last week, I use my SB account with CMC. It concerns me that when the market moves against me before going in the direction I anticipated, I lose my stake/point and have to win it back the other side of my entry point before I can make profit, where as if I had bought shares for example I could buy at X amount and sell for Y amount and fluctuations in price between buy and sell would make no difference!
Is there any way I can buy and sell forex like shares rather than betting on it?
Also an unrelated question..... I am giving myself four months full time (8-8 every day) to try and make a go of this trading game, I have already done 4 weeks but only started betting very small stakes last week mainly on UK shares SB, but am very interested in forex also. I am starting with only £2500 and would like to be earning £3000 a month by the end of the 4 months.
When you've stopped laughing, I'd love to hear peoples views on what they think my chances are of succeeding!
Thx for your response waytogo. I'm still getting my head around " buying lots". I'm so used to dealing with SBs that using other types of brokers is something completely new to me. Any chance of giving an example (an idiots guide) of buying lots as well as explaining the difference between a "normal lot" and a "mini lot". Would appreciate if you could give feedback when you get your account up and running to explain the pros and cons.
Good luck with your trading,