The Forex Noob

I’ve checked out various brokers spreads but had not looked closely enough at the three I’m considering.

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.

I have yet to find a forex broker I have great trust in. I have opened a half dozen demo accounts, read broker web sites, read reviews, forums and blogs. You’d think that after all of that, after weeks of research I’d have at least a hand full of decent choices.

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.

I am currently actively demoing three forex brokers and have a fourth that I still use but have mostly deleted form my possible broker list.

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.

Just opened a demo account with Fast Brokers.

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.

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.