A couple of questions

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A couple of questions

Postby djennings » Sat Sep 12, 2009 5:40 am

Hello there

I am new to the forex and have been working with a micro demo account now for a couple of months (via FXCM). I find the postings here very useful and am hoping you can answer a couple of queries for me.

Firstly, can anyone suggest brokers to use or brokers to avoid (based on your own experience). I find FXCM very smooth, but have recently experienced a couple of operational issues that have surprised and disturbed me. Maybe I am just getting a bit twitchy, but would like things to go as smoothly as possible when I take the plunge. The internet is awash with forex broker ads but I value the opinion of your members here highly.

Secondly, I wondered if there any metrics one can use to determine if one is "getting it" or not. I know that financial return is a pretty useful indicator that you are getting your head around it. I have been trading EUR/USD when UK and US overlap and I have been doing very well with the demo account (far exceeding my own targets), but have the feeling that the market has been making it easy for me in the last couple of months. I have tried 'out of hours' and have failed miserably. So, I suppose I can rephrase the question to be "Is there a measurement on how 'tricky' the market is"?

Thanks in advance and thanks for a great site.


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Re: A couple of questions

Postby Edward Revy » Sun Sep 27, 2009 3:05 pm

Hi Darren,

There is no such measurement for the market, definitely. You as a trader should choose the system and hours that suit you trading requirements. E.g. if you like to trade breakouts (especially good are morning breakouts), then you'll be looking to wake up earlier and begin your trading preparation at 2-3 am Eastern Time.
If you have a trend following system, your best friends will be the London and New York sessions with actively trading markets. If you favor after market hours (after 5pm Eastern time), I don't know which strategy would really make a use of those times :)

If you were getting good results, keep doing the same. Could be that for few months you've seen the best of the Forex market - most obedient, well trending and responding to price patterns market. All you have to do is continue trading for few more months. You'll either concur the market or it'll show you its new side and a new mood, the one your trading strategy could be challenged by (or could be not :) ).

Regarding good brokers, that's a sensitive topic: impossible to rank all of them, I can name few while other brokers could be still as good as those being named or even better. All depends on selection criteria being used. Basically, your best choice would always be to go with an ECN broker - the most fair dealing model.
When you have time, have a look at ECN brokers here. There is also a discussion thread with recommended brokers.
To name few, I'd start with: Dukascopy, HotSpot, Interactive brokers, MB trading, Alpari.
Among dealing desk brokers, I'd name Oanda and FXDD.

Again, I named few brokers, please don't criticize me, ok :) Instead, leave your comments and recommend a good broker.

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