Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

trbates

Quick Broker Question

Recommended Posts

I apologize, this has been posted many times in the past ... however, I can not seem to find a new answer so I figured I would ask again.

 

I am looking for a new forex broker. I am currently using TradeStation, but they really nickle and dime you (or so it seems, I'm still somewhat new to this) Though, more importantly, they do not allow me to trade anything but full lots. Normally this isn't a bad thing, but my account is small ... and, like I said, I am still new to trading so I think I would feel more comfortable working with half or quarter lots. (or smaller :)

 

TradeStation also seems to have poor fills at times (not only news, I realize that news times are shaky), and not a very reliable data feed.

 

It seemed about 4 months ago the best place for a small forex trader to be was with Oanda. Was that the case? and if so , is it still?

 

Also, any other thoughts or comments on brokers you like/dislike would be greatly appreciated.

 

Thanks

 

Travis

Share this post


Link to post
Share on other sites

I have used Oanda in the past and liked it. Found out currency trading wasn't for me. I am back to stocks and options.

 

Friend uses them and opened multiple currency account to have the ability to withdraw in different currency.

Share this post


Link to post
Share on other sites

I haven't used Oanda for a couple of years so I can't say anything about them. Check out MBTrading (efxgroup is now with them). They allow mini lots and have very tight spreads during active market hours. Don't be turned off by the commision until you demo it along side one of the other brokers. You will also find that one broker may be better than the other depending on you strategy, pair traded, and time of day.

Share this post


Link to post
Share on other sites

If you're serious about active trading I recommend Lightspeed as your trading platform. I work with a firm that's a great place for both licensed AND UNLICENSED traders looking for leverage greater than retail, which isn't offered at other B/Ds. My experience with them has been very good, and they are very well funded. But most of all...they are a B/D and set up legally unlike many other firms out there providing illegal leverage to non-licensed traders. They offer both Sterling and Lightspeed trading platforms and in my opinion, if you are unlicensed, there is no better platform than Lightspeed. Assent's Anvil is a close second but their rates are higher and they only give retail leverage to non-licensed traders.

 

PM me with any questions.

Share this post


Link to post
Share on other sites

Thank you Mr. Smith I'll check in to that software!

 

After playing around with several demo accounts I across FXCM micro. The platform seems to offer everything I need, and 1000 unit lot size is pretty cool.

 

I was wondering if anyone has had any experience with them? good or bad ...

 

On the surface they seem like they fit what I am looking for perfectly ... I just want to make sure there isn't something horrible below that surface :)

 

Thank You

Share this post


Link to post
Share on other sites
  Hlm said:
I haven't used Oanda for a couple of years so I can't say anything about them. Check out MBTrading (efxgroup is now with them). They allow mini lots and have very tight spreads during active market hours. Don't be turned off by the commision until you demo it along side one of the other brokers. You will also find that one broker may be better than the other depending on you strategy, pair traded, and time of day.

 

Oanda is great. Also checkout instaforex, fxcm, avafx and fxcast.

 

 

 

 

 

 

 

 

img1.jpgimg2.jpgimg3.jpgimg4.jpg

img9.jpgimg10.jpg

Share this post


Link to post
Share on other sites

Thanks Wilson ... I have never heard of Forex-Metal.com, I'll definitely check them out!

 

 

As an update, I found out the other day that TradeStation does in fact offer mini sized accounts (they just don't advertise it much) so rather then going through the hassle of changing brokers, with such a small account size anyway, I figure I'll stay with TradeStation for the time being.

 

Though, that said, I always like to read about different brokers ... so if anyone has anything left to add please feel free :)

 

Travis

Share this post


Link to post
Share on other sites
  tlfx said:
Oanda is great. Also checkout instaforex, fxcm, avafx and fxcast.

 

Avafx is a decent broker i think. Thinking of opening an account with them since the min deposit is $100 and coincidentally i only have $100 to spare. Anybody here tried this broker?

blank_v.jpgblank_o.jpg

blank_c.jpgblank_m.jpg

blank_f.jpgblank_y.jpg

blank_p.jpg

Share this post


Link to post
Share on other sites
  trbates said:
I apologize, this has been posted many times in the past ... however, I can not seem to find a new answer so I figured I would ask again.

 

I am looking for a new forex broker. I am currently using TradeStation, but they really nickle and dime you (or so it seems, I'm still somewhat new to this) Though, more importantly, they do not allow me to trade anything but full lots. Normally this isn't a bad thing, but my account is small ... and, like I said, I am still new to trading so I think I would feel more comfortable working with half or quarter lots. (or smaller :)

 

TradeStation also seems to have poor fills at times (not only news, I realize that news times are shaky), and not a very reliable data feed.

 

It seemed about 4 months ago the best place for a small forex trader to be was with Oanda. Was that the case? and if so , is it still?

 

Also, any other thoughts or comments on brokers you like/dislike would be greatly appreciated.

 

Thanks

 

Travis

 

I use Oanda every day and they are very good for execution and the ability to choose your own lot size. Their charting however is not very flexible. Due to the regulation and new capital requirements for FX brokers I have seen that the former big brokers now get better and more customer friendly, as they have more informed traders to serve. Thus, it is not a bad idea to start a Micro account at FXCM and then progress to a standard account. Or, if you like the Metatrader platform, I would go to FXDD. It always depends how you trade, long-term, daytrade, etc.

 

If you have 2500 USD minimum account size available, I would start out at FXDD PLUS use a trading advice/education service such as Forexconfidential.com ( private traders, even part-time ) or http://www.fx-knight.com ( 149 USD monthly ) with their inbuilt Acuity workstation, which allows you to see Volume via eSignal etc.

 

( I am not affiliated with any reco. ). Take your due diligence. :missy:

Share this post


Link to post
Share on other sites

hi there

 

I have seen my broker avafx has been discussed here and so i thought why not share some more facts of him who don't know much about them. Many traders don't find any dissimilarities between them and rest of the brokers. I don't know about other broker except couple of once I tried before I get involve with avafx no one has given me satisfaction as they have given. Though they are not NFA regulated and believe me they are trying hard to get the approval asap, still i tried and got to really a good broker.

 

Many would have read bad reviews about them and I believe no one is perfect. Some or the other day such thing might happen to me as well but till date they are the complete package and brokers should take lesson from them to improve.

 

What else i can say about them you have to try it by own so see what i mean. trust me go ahead you won't regret.

Share this post


Link to post
Share on other sites
  gavind said:
I've been looking up Ava just recently and it seemed that they have quite a number of good reviews already. vbulletin-smile.gif

 

good for you, well, when looking for a broker there are so many things you have to check. But first i will consider the brokers reputation,trading condition and the withdrawal and deposit system. this what I consider before opening my account with Armada Markets last years ago, reputable one, even this not the only thing to consider, any website review sometimes just had their own odd issue, I'd prefer to make sure by my own experience. these where i found AM trading condition are very competitive.

Share this post


Link to post
Share on other sites
  tradeforever said:
Really, I am also researching about futures trading. Not too many brokers have this trading type.

there's lot of brokers offer such spread, try with listed ECN brokers at myfxbook brokers page and listed any potential brokers you may found.

another test are to experience brokers spread by your own, on their trading platform.

I've been doing these before decide to use Tickmill ECN account.

and here's spread listed at their mt4 platform (using scalping dashboard got from ff)

X1hAeeg.jpg

Share this post


Link to post
Share on other sites
  tradeforever said:
Anyone know any site to track the most trading pairs of a specific broker?

 

Well mostly its majors, some brokers put them respectively in the forex specifications list on their website. Here is an example https://www.hotforex.com/hf/en/trading-products/trading-details-forex.html

Majors are EURUSD, USDJPY, GBPUSD, USDCHF, AUDUSD, NZDUSD.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • HLF Herbalife stock, watch for a bull flag breakout above 9.02 at https://stockconsultant.com/?HLF
    • Date: 1st April 2025.   Will Gold’s Rally Hold Strong as New Trade Tariffs Take Effect Tomorrow?   Gold continues to increase in value for a sixth consecutive day and is trading more than 17% higher in 2025. Amid fear of higher inflation, a recession and the tariffs war escalating investors continue to invest into Gold pushing demand higher. The trade policy from April 2nd onwards continues to be a key factor for the whole market. Can Gold maintain its upward trend? Trade Policy From Tomorrow Onwards Starting as soon as tomorrow, a 25% tariff will be imposed on all passenger cars imported into the United States. While this White House policy is anticipated to negatively affect European industrial performance, it will also lead to higher transportation and maintenance costs for everyday American taxpayers. The negative impact expected on both the EU and US is one of the reasons investors continue to buy Gold. Additionally, last month, President Donald Trump announced reciprocal sanctions against any trade partners that impose import restrictions on US goods. Furthermore, tariffs on products from Canada and the EU could increase even more if they attempt to coordinate a response. Overall, investors continue to worry that new trade barriers will prompt retaliatory measures, particularly from China, the Eurozone, and Japan. Any retaliation is likely to escalate the trade conflict and prompt another reaction from the US. Experts at Goldman Sachs and other investment banks warn that this will lead to rising inflation and unemployment. They also caution that it could effectively halt economic growth in the US.   XAUUSD 1-Hour Chart   The Weakness In The US Dollar Another factor which is allowing the price of XAUUSD to increase in value is the US Dollar which has been unable to maintain any bullish momentum. Despite last week’s Core PCE Price Index rising to its highest level since February 2024, the US Dollar has been unable to see any significant rise in value. Due to the US Dollar and Gold's inverse correlation, the price of Gold is benefiting from the Dollar weakness. Investors worry that new trade barriers will prompt retaliatory measures from China, the Eurozone, and Japan, potentially escalating the conflict. Experts at The Goldman Sachs Group Inc. believe that such actions by the US administration will drive rising inflation and unemployment while effectively halting economic growth in the country. Can Gold Maintain Momentum? When it comes to technical analysis, the price of Gold is not trading at a price where oscillators are indicating the instrument is overbought. The Relative Strength Index currently trades at 68.88, outside of the overbought area, since Gold’s price fell 0.65% during this morning’s session. However, even with this decline, the price still remains 0.40% higher than the day’s open price. In terms of fundamental analysis, there continues to be plenty of factors indicating the price could continue to rise. However, the price movement of the week will also partially depend on the employment data from the US. The US is due to release the JOLTS Job Vacancies for February this afternoon, the ADP Non-Farm Employment Change tomorrow, and the NFP Change and Unemployment Rate on Friday. If all data reads higher than expectations, investors may look to sell to lock in profits at the high price. Key Takeaway Points: Gold’s Rally Continues – Up 17% in 2025 as investors seek safety from inflation, recession fears, and trade tensions. Trade War Impact – New US tariffs and potential retaliation from China, the EU, and Japan drive uncertainty, boosting Gold demand. Weak US Dollar – The Dollar’s struggle supports Gold’s rise due to their inverse correlation. Gold’s Outlook – Uptrend may continue, but US jobs data could trigger profit-taking. Always trade with strict risk management. Your capital is the single most important aspect of your trading business.   Please note that times displayed based on local time zone and are from time of writing this report.   Click HERE to access the full HFM Economic calendar.   Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!   Click HERE to READ more Market news.   Michalis Efthymiou HFMarkets   Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Date: 31st March 2025.   Trump Confirms Tariffs on All Countries, Sending Stocks Lower.   The NASDAQ continues to trade lower due to the US confirming the latest tariffs will be on all countries. In addition to this, bearish volatility also is largely due to the higher inflation data from Friday. The NASDAQ declines to its lowest price since September 11th 2024. Core PCE Price Index - Inflation Increases Again! The PCE Price Index read 2.5% aligning with expert forecasts not triggering any alarm bells. However, the Core PCE Price Index rose from 0.3% to 0.4% MoM and from 2.7% to 2.8% YoY, signalling growing inflationary pressure. This increases the likelihood that the Federal Reserve will maintain elevated interest rates for an extended period. The NASDAQ fell 2.60% due to the higher inflation reading which is known to pressure the stock market due to pressure on consumer demand and a more hawkish Federal Reserve. Boston Fed President Susan Collins recently commented that tariffs could drive up inflation, though the long-term impact remains uncertain. She told journalists that a short-term spike is the most probable outcome but believes the current pause in monetary policy adjustments is appropriate given the prevailing uncertainties. Although, certain investment banks such as JP Morgan actually believe the Federal Reserve will be forced into cutting rates. This is due to expectations that the economy will struggle under the new trade policy. For example, JP Morgan expects the Federal Reserve to delay rate cuts but will quickly cut towards the end of 2025. Market Risk Appetite Takes a Hit! A big factor for the day is the drop in the risk appetite of investors. This can be seen from the VIX which is up almost 6%, Gold which is trading 1.30% higher and the Japanese Yen which is the day’s best performing currency. Most safe haven assets, bar the US Dollar, increase in value. It is also worth noting that all indices are decreasing in value during this morning's Asian session with the Nikkei225 and NASDAQ witnessing the strongest decline. Previously the stock market rose in value as investors heard rumours that tariffs would only be on certain countries. This bullish swing occurred between March 14th and 25th. Over the weekend, President Donald Trump indicated that the upcoming tariffs would apply to all countries, not just those with the largest trade imbalances with the US. NASDAQ - Technical Analysis In terms of technical analysis, the NASDAQ continues to obtain indications that sellers control the price action. The price opens on a bearish price gap measuring 0.30% and trades below all Moving Averages on all timeframes. The NASDAQ also trades below the VWAP and almost 100% of the most influential components (stocks) are declining in value.     The next significant support level is at $18,313, and the resistance level stands at $20,367.95. Key Takeaway Points: NASDAQ falls to its lowest since September 2024 as the US confirms tariffs on all countries, adding to inflation concerns. Core PCE inflation rises to 0.4% MoM and 2.8% YoY, increasing the likelihood of prolonged high interest rates. Investor risk appetite drops as VIX jumps 6%, gold gains 1.3%, and safe-haven assets outperform. NASDAQ shows strong bearish momentum, trading below key technical levels with support at $18,313 and resistance at $20,367.95. Always trade with strict risk management. Your capital is the single most important aspect of your trading business.   Please note that times displayed based on local time zone and are from time of writing this report.   Click HERE to access the full HFM Economic calendar.   Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!   Click HERE to READ more Market news.   Michalis Efthymiou HFMarkets   Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • PM Philip Morris stock, top of range breakout at https://stockconsultant.com/?PM
    • EXC Exelon stock, nice range breakout at https://stockconsultant.com/?EXC
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.