successful and educated practice trader - scared to enter live trading

Tarhini_Trade

Active member
175 0
hi, let me start by saying this may be my first post, but in no way means i don't read and search around these forums. i have found this site to be a great tool in my learning process. so far i have read a few books on trading, learned the basics of technical and fundamental trading, and have back tested them in practice accounts and have been successful so far tripling my principal within a few weeks of trading. i don't think im some sort of bad ass in anyway, and want to learn and practice even more before i open a live account...but that is not why i am worried or scared...i am scared of the broker.

i've been reading and searching reviews for weeks and can't seem to find a broker that has mainly good reviews. my MAIN concern is the whole ECN v. dealing desk/money maker thing. i definitely don't want my broker betting against me. along with that i just want a US regulated, high capital backed broker with a good platform that can be trusted not to manipulate prices and mess with my stops/limits, as i hear happens. ive been using forex.com for their practice account but have heard many bad things about them since, so i doubt ill use them live.

focus: what brokers meet the expectations i listed earlier and (only if you have a live account) what broker do you personally use, and how successful have you been with them

(i plan on trading mini and opening an account w/USD 500-1000)
 

adamscj

Member
97 3
hi, let me start by saying this may be my first post, but in no way means i don't read and search around these forums. i have found this site to be a great tool in my learning process. so far i have read a few books on trading, learned the basics of technical and fundamental trading, and have back tested them in practice accounts and have been successful so far tripling my principal within a few weeks of trading. i don't think im some sort of bad ass in anyway, and want to learn and practice even more before i open a live account...but that is not why i am worried or scared...i am scared of the broker.

i've been reading and searching reviews for weeks and can't seem to find a broker that has mainly good reviews. my MAIN concern is the whole ECN v. dealing desk/money maker thing. i definitely don't want my broker betting against me. along with that i just want a US regulated, high capital backed broker with a good platform that can be trusted not to manipulate prices and mess with my stops/limits, as i hear happens. ive been using forex.com for their practice account but have heard many bad things about them since, so i doubt ill use them live.

focus: what brokers meet the expectations i listed earlier and (only if you have a live account) what broker do you personally use, and how successful have you been with them

(i plan on trading mini and opening an account w/USD 500-1000)

Just my personal view, but if you're going to trade mini FX, your initial capital is way too low. If you've tripled your practice account in a few weeks then either you've got a kick-ass strategy or you're taking on too much risk. I would recommend starting with at least $10,000 if you want to trade minis, although others will have their own view.

For what it's worth, I trade with GAIN (same as forex.com) and have had no great issue with them
 

Tarhini_Trade

Active member
175 0
thanks for the reply, and you're correct, as far as my practice account I started with 1k, like i would live, thing is i definitely am in high risk in most trades, but i believe in my position and exit if i dont see it going well. I would love to discuss strategy/risk/ect. but would like to focus on brokers in this thread. thanks
 

Rhody Trader

Senior member
2,620 265
If you want to start that small, go with Oanda. They have no fixed lots, so you can trade any size you want - even 1 unit. You'll also not hear much bad about them aside from the occassional wish that their charting package was better. Give them a look. Their demo accounts have an unlimited duration.
 

Tarhini_Trade

Active member
175 0
thanks...anyone else? what platform do you guys personally use for live accounts?
 

Adamus

Experienced member
1,898 97
i'd recommend IB if you didn't specify mini-accounts. What bad stuff did you hear about oanda? i heard loads of stuff on their forums, they seem to be mostly harmless.
 

everyonerich

Experienced member
1,109 43
hi, let me start by saying this may be my first post, but in no way means i don't read and search around these forums. i have found this site to be a great tool in my learning process. so far i have read a few books on trading, learned the basics of technical and fundamental trading, and have back tested them in practice accounts and have been successful so far tripling my principal within a few weeks of trading. i don't think im some sort of bad ass in anyway, and want to learn and practice even more before i open a live account...but that is not why i am worried or scared...i am scared of the broker.

i've been reading and searching reviews for weeks and can't seem to find a broker that has mainly good reviews. my MAIN concern is the whole ECN v. dealing desk/money maker thing. i definitely don't want my broker betting against me. along with that i just want a US regulated, high capital backed broker with a good platform that can be trusted not to manipulate prices and mess with my stops/limits, as i hear happens. ive been using forex.com for their practice account but have heard many bad things about them since, so i doubt ill use them live.

focus: what brokers meet the expectations i listed earlier and (only if you have a live account) what broker do you personally use, and how successful have you been with them

(i plan on trading mini and opening an account w/USD 500-1000)

if you really want to trade the TRUE FX market, need at least 300k as minimum deposit and you'll have direct currenex access... unfortunately i dont think 99% of the retail trader can do that :confused:
 
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