I have brokers on my mind. I have activated a live account … with real money! My money, not demo bucks! So of course I’m wondering if I made the right choice in brokers, should I have bought  FAPTurbo and Forex MegaDroid (it is fun testing and writing about them), should I even be doing this……

Yea, I believe I can be profitable at trading forex. Besides, I enjoy it and once I get a few days under my belt with my own money I’ll settle in. But did I go with the right broker? I didn’t get everything I wanted in a broker but I did get many if not most. And after all when reviewed the top rated forex brokers only get favorable ratings in the 40 percentile. Now I find out that not all forex brokers are really forex brokers!!!

If Rick is correct places like ForexMeta and others using a clearing house are NOT FOREX BROKERS. They are instead a type of affiliate. Look at Rick’s comment:

Hey Noob,
“ForexMeta” is not a broker — it is nothing more than a rebate tracking program set up by FXDD — FXDD has tried to make it appear as if “ForexMeta” is an independent broker, but that is a deception — the reality is that ForexMeta functions more like an “introducing broker” program — it is just a way for FXDD to know who to send the spread rebates to….”

“If the FAPTurbo guys introduced you to ForexMeta, they are the ones who will be receiving the spread kickbacks on your trades — you noticed that the MegaDroid guys “recommend” ForexMeta as well…”

Now it makes since why FAPTurbo and Forex MegaDroid recommend ForexMeta (FAPTurbo also recommended FxPro and FX Solutions I believe) their robots don’t necessarily work better with those brokers they’re just getting a piece of your trading action through an affiliate program! I don’t have a problem with making money or affiliate programs, Introducing whatevers or anything like that. I take issue when it is done deceptively or not disclosed upfront in an easy to understand manor.

I’m glad I got that off my chest. Is this common knowledge? Do I not know these things because I’m a noob or is this something most are unaware of?

For the record, I am not unhappy with my broker. I have had no issues but have just been with them  a little over a week. I’m just surprised at the level of what I view of deception and cohersion in the forex world. You guys and gals who have stuck it out for a few years or more deserve a cheer.

Oh, links to any broker are for your convience. I have no affiliation with and make no money from any. Some of the product links are to items I have affiliate programs with. Even so, i’ll tell you about my experiance with a product good or bad.

Thanks for your time,
The Forex Noob

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Here’s what I’ve learned:

1 – No matter what the broker someone hates them and someone loves them.

2 – Be careful and read each brokers info thoroughly. Some brokers are registered with NFA, CFTC or others but read and see if their forex division is registered or if it is other divisions that are. You’ll be surprised. Also, pay attention to what accounts may or may not be ECN. Some forex brokers advertise that they are ECN brokers then when you read their ECN accounts require larger initial deposits, $3500, $5,000, $10,000, etc.

3 – You will not find the perfect forex broker so go with one you are comfortable with. Have your priorities on paper and rate each broker.

4 – Setting up an account and funding it is not as easy as they lead it to be. And it shouldn’t. If you can be signed up and trading in 5 minutes I’d be sceptable of the broker.

5 – Customer service is extremely important. Test them out. We all hope to never need help but in case you do you want a quick response from a knowledgeable person.

6 – Once set up remember it’s now REAL MONEY. No more playing. The demo’s are gone and if you lose your money it’s gone.

Now to get down to business. Not sure if I will be installing either FAPTurbo or Forex MegaDroid on it or not. Their preformance has left me underwhelmed.

Thanks for your time,

The Forex Noob

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I’ve read stories about unscrupulous dealing desk forex brokers who artificially spike a pair to cause you to lose. But my question is do they cause only your chart to spike or does anyone trading with them realize the spike?

If they can only spike one traders chart causing that person to lose it seems that would cause a control nightmare. How many thousands of traders would they have to watch and manipulate?

If all traders experience the spike wouldn’t it make since that some traders would benefit from such an event and so the broker would, in the long run, break even?

I admit I don’t fully understand how this works but it seems that accusations about dd broker spikes to cause traders to lose is a bit hard to swollow.

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Screenshot of FastFX chart running Forex MegaDroid

Screenshot of FxPro chart running Forex MegaDroid

Am I incorrect when I say the spread for FastFX is 2 and FxPro is 20? I’ve been confused before so help me understand if that’s the case this time.

Thanks,

The Forex Noob

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FXCM has by far the best followup of any forex broker I have contacted. They appear to want my business. They even offer system building!

Forex System Selector (FSS)

Automated Systems Trading

Build Your Own Automated Trading System Using the Best Parts of Over 40 Backtested Systems.

FXCM has professionally designed email followup as well as a very good snail mail followup process. No other forex broker has worked as hard to earn my business. And I would consider them: no dealing desk, MT4, good spreads, above average customer service….but no spot Gold. That is a must for me.

I have read numerous reviews about FXCM both pro and con (seems you either love them or hate them) and would open an account if they offered Gold.

This weekend I choose a broker. Right now it is between two but I’m open to others.

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If you’ve read many of my posts you are aware I like Gold. I just noticed the spread on one of my demo accounts, 50 pips. High but I have cashed in on trading Gold so I will continue. Then I looked at a second demo account I have running and the spread was 150 pips!!! The third was 10 pips!

Fortunately the broker I am leaning toward has the lowest spread, FastFX (Fast Broker). The broker I have nearly decided to drop, REALForex (LiteForex) has the highest.

It is true that spreads vary between currancy pairs and FastFX is not always the lowest. I am finding that there is no perfect forex broker and that we all must find the one that best fits our needs. It’s not easy so a great deal of research is imperative.

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Nope!

For one reason or another they all look icky. Maybe I’m being too selective, too protective too critical but I have a list of things I’d like in my forex broker and I’m not finding any that fit.

Some desires are more subjective I understand but here’s my list of wants:

• I want a forex broker who won’t cheat me
  
• I would like an ECN broker
  
• I want easy funding and withdrawal of my money
  
• Low initial deposit
  
• Great Customer Support with Live Chat even if it is with one of the IMs
  
• MT4
  
• The ability to trade in Gold

There are too many reports of unscrupulous forex brokers, dealing desk brokers in particular, artificially increasing spreads, delaying orders so they make money and you lose, etc. I don’t want to be cheated. If I am going to lose my money let me  lose it on my own. This is why I believe I want a an ECN broker.

Why should I be charged to get my money? Many forex brokers charge for withdrawals. Doesn’t’ make since ot me. Some are reportedly very slow to send checks, does anyone use paper anymore?

I thought I’d found my broker then tried to fund it and tried to get help form customer service. Funding is difficult, at least for me and customer service was nonexistent.

I like MT4. I have FAPTurbo and it works with MT4. I like trading gold. I seem to understand it.

Asking which forex brokers are good is like asking ten people what the best restaurant in town is, you’ll get ten different answers. Ask the same ten people what the worst restaurant is and you’ll get ten more different answers, and some will be other folks best. It seems there is little agreement as to which brokers are best.

Our needs from a forex grocer are basic, don’t cheat us, make our money easily available and lend aid when needed. Our desires vary, MT4, Gold, Silver, Oil, etc, deposit level…. The one constant is that we are all looking for a forex broker we feel comfortable with.

I’m still searching. How about you?

If you have a great broker please list it here with why it’s great and a link. If you have had trouble with any brokers please share your experience. Be as specific as possible. No, “They suck!” and that’s it. That type of info is useless.

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The brokers I am still considering are; FastBrokers, ProForex and REALForex (LiteForex). The fourth is ForexMeta but I’m concerned with their large pip difference with the other brokers.

I am nearly ready to cross REALForex of the list dimply because it is a pain for me to fund my account and withdraw money. They do not offer easy transfer vehicles for me. Other than that they have been OK, except for the lack of customer service I have received.

This morning I logged on to find Gold way down, down at a point where positions I was losing loads of money would be in the positive. Only thing is I can’t find my orders. I have been testing multiple brokers with multiple accounts and I can’t find my trades. May have deleted the accounts I was remembering.

Remember….take notes! Journal your trades and experiences. Jot down why you entered a trade, when and what you’d like to accomplish.

By nature I’m a gun slinger. I shoot from the hip. Live by my gut. Forex Trading is a place where someone like me can prosper as long as my ad lib nature is supported with documentation and a touch of logic.

Make Notes. Make Notes. Make Notes.

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From a marketing standpoint, my background, I’m not sure this is such a good name especially with all of the unscrupulous people in the forex industry.

As for a forex broker they look to fit my needs, except they have a higher initial deposit requirement than I’d like, $500.

Here’s the deal: 

• They are an ECN broker, no dealing desk.
• They are registered with the NFA and CFTC.
• Spreads are low.
• Offer MT4.
• I can apparently use an auto trader. If I go with FAPTurbo this will be nice.
• They offer Gold, important to me. 

When the market opens this afternoon I’ll start playing and see how their connection is. Tomorrow I’ll test out their customer service.

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Remember, I’m a Noob.

I have set up a live account with REALForex, sister to LiteForex, and have been working ot fund the thing for a few days. Bank wires will cost $20, I found out WebMoney only accepts deposits of $10k or more, after going through the time to set up an account.

I was interested in REALForex because they were an ECN broker, they had MT4, a low deposit, and I had seen decent reviews of them. But getting funds into my account has proven very difficult. This may be typical for forex brokers but there are enough brokers offering PayPal deposits and withdrawals to make me wan to look elsewhere.

I think I’m moving on.

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