newbie needs some advice on brokers

Discussion in 'Forex' started by dguy, Apr 24, 2010.

  1. dguy


    Hi Everyone, I am new to forex, been a stock guy for a 5 years or so, thinking of transitioning to forex. I have done fairly well using metatrader demo platform through alpari, now thinking of taking the next logical step to a real account. Could use any and all advice on brokers, as well as any unknown elements a newbie to forex may be unaware of. Thankx.
  2. KarimS


    Oanda is great! No software installation. You can access your account from any PC. Your positions are plotted on the charts.
  3. You are praising something that most brokers also provide.

    I posted some comments there on a couple of brokers.

    First, you posted this in the trading forum, not the brokers forum. In any case, there's at least one comment I would make and that is that you may want to avoid currency "pairs" like the EUR/JPY (actually a cross) because if you look at a weekly chart, it doesn't appear to have a clear trend. So, trend following with a trendless currency pair is a little more difficult in my opinion.

    Right now, and these are just my own personal opinions, if I wanted to go short, I'd rather do it on something like the EUR/USD because there isn't much interest to pay in doing so. But, if I wanted to go long, I'd rather do it on the AUD/USD because I'd receive an interest for taking the position. I'd prefer to avoid shorting the AUD/USD because of the difference in interest rates.
  5. Peter35


    It's not that great! Caught them a couple of times hunting stops!
  6. Interactive Brokers might be a good choice for you ... you can continue your stock trading, as well as futures, forex, options, etc.

    Good broker and also a fairly safe place to park your funds.