Hello. I'm looking for a MT4 broker for day-trading with deposit in amount of 3-5K USD. Have some ideas? I've two weeks only to make a choice - money will be available after June, 10. Well, what you will recommend?
Have you been profitable trading in demo account? If not, how do you expect to make money trading the live account? Almost every MT4 broker offers 30-days free trial which you can renew and renew. And you can move from one broker to the next broker making use of their demo account expiry. Only Alpari UK and FxPro offers unlimited demo accounts.
Most mt4 brokers are bucket shops, meaning they can trade against you and their interests are not aligned with yours. The MT4 platform has many broker-side 'features' specifically designed to allow brokers to take advantage of users by manipulating the spread, delaying orders, interfering with EAs, or even freezing the platform. If you must use mt4, I would consider MBtrading (charges commission and is an ECN) or Oanda (a bucket shop but it is big, has good customer service, and doesn't have as much of a reputation for shadiness as most mt4 brokers. I use them for exchanging funds for business purposes and for a few long term positions and I haven't had any problems). You might want to consider trading futures on an exchange with a 'real' platform like ninjatrader, multicharts, R-trader, X-trader, or cqg. You have to pay for the platform (except multicharts has a free version) either through commissions or a monthly payment, but at least then you know the platform is working for you and not against you, and you're trading on a transparent, regulated exchange where the broker cannot manipulate the price you see at will. Also when trading futures you can see bid/ask and order book information which is useful and not available for forex.
frank01st, I have good position strategy, and i rather profitable on demo and some live accounts. I know a several well-known MT4 platforms (that suit me), but there are minimal deposit more then $1000 or even more - but its not a problem, problem is minimal lot - i need 0.1 lot for trading. GoldStandard, I know about MT4 a lot. I've been at Dealing Desk of "someone" broker (now its not exist yet). I know a lot about all possible tricks of MT4, and have good relations with some ppl in Metaquotes. BUT If you gonna to close more then 50-70 points - any broker cant stir you. (besides, other platforms has same options to influence your trading)
hey guys, its obvious he hasn't been demo trading. I'd say he has to do at least 3-6 months of demo, and thats not even considering the fact that he needs to find a strategy that will at least keep him on break even profit/loss. DonCard, have you been practicing forex trading on a demo acct yet?..if not then DO NOT open an acct with real money yet, you'll just blow it all within days or weeks. Im just telling you as an experienced trader who manages FX futures accts for clients. Generally speaking, over 90% of people who start forex trading with real money without prior experience and don't have at least a semi profitable strategy end up regreting it later. In otherwards, your 3-5k will EVAPORATE...QUICKLY ** quick invaluable tip: one the the best indicators you can have on your MT4 platform is the autopivot indicator which will automatically plot daily, weekly, and monthly support/resistance lines on your charts. These pivot lines are probably the most important tool professional traders use. http://useasearchengine when you hit the link, scroll down the page to a file posted by member "Karmo..." the name of the file is ###Auto Pivot click on the file to download it onto your computer, you can put it in your ""My Pictures" file for easy access. now download the ### AutoPivot file into your MT4 platform by going into your computer, right clicking on the start bar located on your taskbar, click "explore", go to "program files" and click on it, then click on the MT4 platform U have installed, click on "experts", then click on "indicators". Then drag the indicator which you should have already downloaded to your computer , and drag it into the list of indicators already there. Then close the program. You now have autopivots installed on your MT4 The major pairs like euro/usd,gbp/usd, aud/usd, etc, love to hit those S/R levels. Good Luck One more thing.... MB Trading(which is whom I use for charts even though I execute thru Ninja on fx futures market) is one of the best MT4 brokers out there. Their MT4 download doesn't have the dealing desk interference module . I think Alpari UK and Alpari USA have it set up the same way.
I hope my previous post will appear soon, cos other post next questions before i had time to answer (((
Try IBFX http://www.ibfx.com/AutoTrading/Forex-Trade-Technology I have them as my broker, but didn't trade by my own (EA does the job).
You should do your own search to find the most appropriate broker. Yes, it may take a lot of time but, IMO, there's no another way if you want to avoid future issuies. With my experience I would recommend Forex-Metal, an off-shore broker - until I like it, because they offer high leverage, tight spreads for majors, fast deposits/withdrawals - its rate that what i need.