Forex crew: I am a total noob to Forex. Get in here and help me (please :) )

Discussion in 'Forex' started by IronFist, Sep 25, 2007.

  1. I want a practice Forex account with a good trading platform with a good brokerage that won't rape me on spreads or take positions against me if I decide to use real money.

    1. Where do I go to get this?

    2. Is there anywhere I can get a practice account without actually having to deposit money into a real account while I practice?

    Oh, also, how are taxes on forex profits different from stocks? I'm assuming there's no wash sale rule and no PDT rule. Just a high level, one or two sentence answer will suffice.

  2. Paliz


    stay away from ECNs (IB)
  3. Hi IronFist - For spot trading, most of the platforms will offer demos. I've tried quite a few of the dealing desks (CMC, GFT, FXCM, FXSol) and of these, I preferred CMC. But if you ask 100 people and you'll get a 100 different answers. I no longer use any of these - I've settled in with IB.

    As for taxes, spot forex is kind of the wild west. Check out for details.

    Why do you say this Paliz?
  4. Peter35


    Oanda is a very good choice. Tight as low as 1$..easy to use platform.
  5. RL8093


    I would recommend that the op do a search for other threads on Oanda feedback. IIRC, there are those who were less than happy ....

  6. So I'm reading MBTrading's faq, and it says you can open an account with $400 and the minimum trade size is 1 lot which it says is $10,000. So does that mean if you opened an account with $400 you would have to use margin in order to make a trade because you'd have to open a $10,000 position?
  7. Thanks, that addresses all my questions [​IMG]
  8. I got an Oanda demo. I don't like the java interface, or the fact that the candlestick charts are not even colored by default and you have to choose the colors.

    I was playing around last night with EUR/USD. I was up a little bit, then down a lot, and then down a little.

    Is EUR/USD a good pair to study for a beginner? I want one of the main currency pairs with higher liquidity (even tho there's no volume in forex, which seems strange).

    I have a question about pips, tho. A pip is the smallest unit of movement, right? So like .0001 would be a pip, but if it's one of the currencies that only goes to two decimal places, then .01 would be a pip for that pair, right?

    Most of the trades I was doing last night were for 1-4 pips and were open for 5-10 min. Is that bad? Cuz I'm reading things about 30 pip slippages... one slippage like that would negate my last 10 positive trades...
    #10     Sep 26, 2007