Weekend Forex

Question

I have been looking around at different companies and the benefits, advantages of one versus the other.

Some offer huge leverage, some offer Level II access, some offer very tight spread, some offer no negative balances etc etc.

So those of you who are trading with real cash, who do you like and why?

I might toss a few K in an account and see how I do. I am also considering doing MINI's vs full size contracts..not MICRO but MINI, then if I can make some profits I would move to the larger pair. Using 20 to 1 margin means you would need 5k to trade a 100k pair, and that is only 1 contract.

Any opinions or comments are welcome.

wallstreetcappers · Answer

I have been looking around at different companies and the benefits, advantages of one versus the other.

Some offer huge leverage, some offer Level II access, some offer very tight spread, some offer no negative balances etc etc.

So those of you who are trading with real cash, who do you like and why?

I might toss a few K in an account and see how I do. I am also considering doing MINI's vs full size contracts..not MICRO but MINI, then if I can make some profits I would move to the larger pair. Using 20 to 1 margin means you would need 5k to trade a 100k pair, and that is only 1 contract.

Any opinions or comments are welcome.

whereismyhat · Answer

What is this you speak of?

wallstreetcappers · Answer

Hat,Its this Forex stuff we have been talking about and trading, the currency trading stuff.

whereismyhat · Answer

aahhhh ok.....This seems way to risky from what I&#x27;ve seen.  Am I way off with this assumption?

whereismyhat · Answer

I bought some more NOV on Friday at 18.65

Dsn150 · Answer

Not sure if this is what you&#x27;re asking, but:I&#x27;ve been playing on the forex.com practice site for a week or so- several other here have as well I think.I applied for an account- not funded yet.Interestingly- I have an "account representative" that has called my cell twice and home once since this started- just to answer questons, etc. &#xA0;Seems innocent enough, but the cynic in me wonders why they are so interested in me funding my account.If you read the fine print with Forex- they act as the "middle man", buying and selling your contracts to/from you, but there is a disclaimer that they may NOT actually execute the trade in market: I read this as to say that they are taking your action and then in-house traders decide whether or not to actually make the trade. &#xA0;I am not sure if this is commonplace, but strikes me as odd.I will likely still fund the account, but the aggressive approach they took initially gives me pause.I, too, am curious about other options and experiences. &#xA0;The bad thing is that this now lets me plat the market 24 hours a day during the week.

wallstreetcappers · Answer

Hat,In ways it is LESS risky than stocks..Read up on the stuff we talk about and you can always give it a shot with a free acct like some of us have done.Dsn,I know what you are talking about..regarding the counter trade. I read on some other sites that mentioned the exact issue. Some sites advertise that they auto trade the position with financial firms they have agreements with, so that CAN be an issue if the firm doesnt say they have it covered.THIS site talks about it, NO Dealing Desk I think that is the issue.I also notice that some of these places have a TON better spreads than what we see on Forex.com..some spreads there are 20 plus pips and that is a joke.I saw a free 25 buck acct on a few sites..but I would want to find the best site that has the safest footing and lowest spreads.

Dsn150 · Answer

I also notice that some of these places have a TON better spreads than what we see on Forex.com..some spreads there are 20 plus pips and that is a joke.

With Forex.com- if you deposit 10K there are apparently some benefits- tighter spreads, etc. I probably will throw 10K in my account this week- If so, I'll keep track of spreads- some of the practice account spreads were ridiculous- I did OK in the practice account, but she had to dig through "pages" ( her words ) to find specific concerns I had- I trade a lot, so tighter spreads would definitely be to my advantage.

Which sites have you seen with better spreads?

Dsn150 · Answer

I opened a $25 acct with fxcm ( the site you linked )- haven&#x27;t gotten the deposit in yet-&#xA0;I may wait and compare their spreads / execution- just to play around a bit-

wallstreetcappers · Answer

Well the sites I did generic searches for had either no commish or much better spreads..Here is a site we can use to compare and investigate-LINK

wallstreetcappers · Answer

I need to investigate more, dig deeper and try to see what other traders thing regarding spreads and costs etc.

Dsn150 · Answer

Wow- thanks for the link&#xA0;I have my homework assignment.One question that has been bugging me after reading the Forex threads here ( I will contribute my opinions / trades once it&#x27;s my own money in play ) : &#xA0;It seems that most of you guys use 4 hour intervals- I generally use candlesticks, and rarely go beyond 15 minute intervals ( usually 5 minute )- any reason for the 4 hour ? - I just wonder if I&#x27;m missing something, because the 5 min have served me well- hope that makes sense.

wallstreetcappers · Answer

Dsn,I use the 4 and 5 and 10 min and 1 hr..all of them to be honest.I think a few of us use the 4 hr because it is less volatile than the 1,5,10,20 etc minute charts and probably creates more stability and safety in the trade.When I have been swing trading and fast trading, those 1,5,10,1hr charts have worked great..but they are also misleading and are more daytrading versus position or trend trading.

Chingas · Answer

I&#x27;m still just playing around with a demo account from strategybuilder but do want to start a real account at some point.  After reading through a lot of forums, primarily Babypips, I am leaning toward MBtrading.This blog has some interesting reads for a newbie like me as well.  I want to avoid a dealing desk like the plague.

Dsn150 · Answer

Yeah, I guess I do more fast trading. &#xA0;I think that on forex, it&#x27;s so damned volatile, I can&#x27;t see holding or basing a position on a 4 hour interval- esp without stops.Going to bed now- I&#x27;ll look into those other sites and see if any are superior- my guess is they all have strengths and weaknesses- just a matter of preference.

popinjay · Answer

chingas, babypips is a great site i think.  i recently went through the babypips school. haven&#x27;t looked around much in the forums yet, but i&#x27;m sure there is a ton of good info.&#xD;&#xA; &#xD;&#xA;dsn, i like to base everything of the 4hr cause like wallstreet said it is much less volatile than the minute timeframes!  if the 4hr looks good then i will take a look at the smaller timeframes to see whats going on and find a good entry point

bucknuts · Answer

I use the 4hr because it seems as though you can see the trends more clearly..and with the tech indicators i set you can tell when the end of a run is coming....&#xD;&#xA; &#xD;&#xA;Wall has been killing it using shrtr time frame chrts....i tried this when i first started messn around with Forex didnt work as well for me....but as i said in my first few threads those of you who have traded stocks and have some time reading chrts should really do well in this mrkt and so far this seems to be the case...looking forward to having more people in these threads the more eyes looking over the chrts the better

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