Just Started Forex, Quick Question

Discussion in 'Forex Brokers' started by shbhanda, Feb 1, 2011.

  1. shbhanda


    I know this has probably been asked before, but after reading a lot of replies, it still is not clear to me which brokers are considered the best. So here is my criteria:

    1. Putting between 5-10k down. (Am aiming to try to make between 300-1k a day?)
    2. Would love the ability to trade commodities too.

    Which broker do you all think has the best and fastest execution at a reasonable price? What software is the easiest and supports 50+ graphs best. I don't do a lot of technical studies nor am I interested in automated strategies, yet.

    Thanks for any good replies and best of luck to you all in the trading future.
  2. Noticed you haven't got any replies yet.

    Might be the wording at the end of the sentence covering no. 1.
  3. I use FXCM for forex and liked it sofar.

    If you want forex and commodities, can think of INteractive Brokers.
  4. You're under-funded to trade 6E futures, so I would open an IB account ($10k min to open) and trade spot FX under IB's IdealPro. As previously stated, you can trade futures, equities and options as well.
  5. shbhanda


    Great thanks, I will look into IB.
  6. hopeful


    I wish interactivebrokers , IB , would drop their commissions for small FX traders , $2.50 in and $2.50 out makes it too expensive for trading off of a 5-min chart with a small account. Who's with me?
  7. AK100


    Don't you think you're being a bit naive here.

    Trading is hard, very hard indeed and takes a lot of hassle and years to perfect.

    But you're just started and think you're going to be one of the world's best straight away making daily profits of 6% - 20% a day.

    In fact get those results and you'll probably BE the best trader in the world.

    It's like you've just bought a set of golf clubs having never played golf and are expecting to win 2-3 Majors this year.
  8. Roark


    I agree. It's better to trade currency futures rather than fx with IB due to the high fx commissions.
  9. lsd47


    I can't tell you who is best, but I can tell you whom to stay away from as far as you can...FXCM

    I have lots of reasons for saying this as I have been trading a micro account with them for a few years and I have been documenting all their practices that harm traders...which I have had happen to me!
  10. I don't know. I haven't used any bucket shops but seems to me that IB's spreads are sufficiently low, and the occassional price improvement on limit orders, more than offsets the commissions.
    #10     Feb 7, 2011