Discussion in 'Forex Trading' started by Remiraz, Oct 4, 2003.
I'm currently using Oanda Demo Account (NEWBIE!!!).
What are you guys using to trade with?
How do you like oanda so far? I like there demo...
I have tried many demos and Oanda's gave me the best impression.
It has a slick interface and built-in charts.
Is anyone trading through www.mgforex.com? If so, what is your experience? What about slippage, because they have no fill-guarantee?
I am a newbie myself. I demo traded for almost a year using several different platforms/brokers. For live trading I use OANDA as my broker and use metatrader for charts. OANDA is the inly broker that I have live experience with but I have been pleased so far. I just don't like thier charts as much as I do the metatrader charts. My main draw to OANDA is that they do away with standardized lot sizes. This allows me to have a better risk control posture with a small account.
I have been demo ing Oanda as well- seeems ok- they seem to allow a max leverage of 30:1 which is very conservative !
You talk about metatrader charts- where can i get these from ??
I agree, one is not stuck with lot sizes, and can therefore adjust the actual leverage.
I give Oanda few points also for not providing 100:1 or even higher leverage. Seems like they want to suck us dry, a little slower than most brokers
I am working with Refco and Cbfx (commerce bank). I am familiar with Refco Platform for long time now, and recently started working with cbfx as well. Cannot give you much feedback about the CBFX platform, but Refcos' platform is good - no doubts on that. With Cbfx I got familiar recently and opened account there because they allow to execure 10k lots, which is not possible for money managers (trading multiple accounts) with refco. This allowes me to accept accounts less than 25k and trade the leverage used by me (1:4) with smaller accounts. I got to know that cbfx has got a great suppost team, and people I have contacts with are great help with any issue. It appears that cbfx is working with pretty serious institutions and individuals from all over the world...well, little off the topic here...
1:30 is more than enough in my opinion...if you are thinking to make money on this market, I suggest you not overleveraging. Yes, you may make good money with big leveraging, but you may lose as well, and in market, being able to take losses and still keep trading (i.e. surviving after the losses) is a major point.
Metatrader charts (pretty good actually): www.metaquotes.com, go to downloads page.
Good Luck everyone, and enjoy the weekend,
Some may find the max leverage of 30:1 restricting. I use 20:1 and that is plenty for me. A lot of more experienced traders use much less than 20:1. I personally am looking to build slowly while I gain more experience. I want to minimize the potentail for blowing out my acount as much as possible. Some brokers offer 100:1, 200:1, and I think that some offer 400:1. Thats too much for my personal risk posture.
As for metatrader here is a link:
You have to sign up for a demo account that only lasts for 30-days. I have just been re-signing up for several months now. I even run it on two seperate computers with no problems. Also, metatrader uses 5pm EST for EOD and OANDA uses midnight EST for EOD. So if you are comparing the time frames will not match.
Good luck to you.
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