Forex Guide answers:

I think you’ll find that they each have their own pros and cons. I personally trade with Oanda, because they have really tight spreads, although they do get larger when big news comes out. They do allow you to scalp. The only real downside is the leverage isn’t that great.

Hope this helps

Forex Guide answers:

I have never heard of any automated system that actually worked. There are a lot of people who will try to sell you a bunch of expensive software packages of question value however. Be careful.

Forex Guide answers:

I would suggest you to develop your own trading style based on some technical and fundamental analysis. A mixture of both will definitely help you to catter better results.
I am using Finexo as my forex trader and i use Scalping and Day trading both to increase my earning potential. For further information on Trading styles you can check out my blogs on forex.

Forex Guide answers:

The best way to learn is to test strategies out until you find a couple that work for you. Scalping is an art in Forex, but auto trading is a very powerful method. Find the one that you are comfortable with.

Forex Guide answers:

I have traded both MB Trading and FXCM live and have not had significant liquidity issues with either. However, to answer your question as to whether “most online brokers” are good at “hitting your limit buy and sell orders” mainly depends on the position size your attempting to enter the market with, the time of day and currency pair your attempting to trade.

And to answer your question whether your “simulator” will work with “one of these brokers” really depends on which code the simulator was created in. Is it an Expert Advisor coded for Metatrader? If so, MB Trading does not yet support the Metatrader software ( though are Rep there tells us they are working on it). MB uses the MBT Navigator which is much more difficult to create auto trading software for. FXCM recently began using Metatrader in conjunction with their FX Trading Station 2.0. Their Metatrader platform has huge drawbacks including not allowing demo accounts, not supporting multi-user accounts, and reportedly experiencing problems communicating between their FX Trading Station trade servers and their Metatrader Trade servers. I would recommend you google “Metatrader broker reviews” and find the brokers that best works for your situation.

Forex Guide answers:

Why don’t you learn how to trade form the experts. Analyze how they do their trades and try to do them yourself. Forex signals are good guides on knowing when to enter and exit the market.

Forex Guide answers:

If the position was closed automatically without any stop or limit set, then it was most likely a margin call. If you were left with $2,000 in the account then the margin requirement for each 100k standard lot would have been $500 indicating a total margin requirement of $2,000. This leaves you with $2,000 in usable margin to guard against losses on your account. If the $2,000 goes to $0 due to losses on your EUR/CHF positions, a margin call will occur.

You can verify if the trades were closed due to a margin call by running a report on your account. Goto the top of the platform, click on the Report button, and run the report for the day the trades were closed. In the Close Position section at the top of the trading report, you will see a column titled Condition. If it lists MC as the condition for the closing order, that stands for Margin Call.

There’s also an explanation of the margin call feature on FXCM’s website here http://www.fxcm.com/execution-risks.jsp, scroll down towards the bottom of the page.

If that doesn’t answer it completely, I would recommend contacting client support since support available 24/7.

Forex Guide answers:

First off, If she is a Rep for a Forex broker than she probably does have to work/travel a lot. I trade Forex professionally and my Broker Rep (out of Switzerland) is constantly traveling to meet with clients all over the world. He will spend most of October traveling from one U.S. City to the next meeting clients. Also, the Forex market is open around the clock and so Broker reps work ridiculous hours. My Rep once answered a Skype message I sent him in the middle of the night. He woke up to talk to me.

Two, it doesn’t sound like she is very interested. The messages you posted from her seemed cold and uninterested. However, I’m no expert – I can barely read my own wife most of the time.

Good luck!

Forex Guide answers:

If you read the fine print on any mutual fund prospectus, you will find there that “previous performance is not a guarantee for future results” or something that sounds like that.

Did your financial advisor disclose that they are going to get commissions if you bought into this 10% mutual fund investment? Some CFA’s who charge upfront fees will still get commissions from the mutual funds or other investments that they sell. In some investments that these CFA’s sell, they get ongoing commissions, year after year. Now who pays for these–the mutual fund, or you? You should be clear about this with them to rule out possible conflict of interest.

10% is pretty average (lame, IMO) return for a mutual fund. You need to ask if, considering the recent stock market situation, if this 10% return still exists. Some mutual funds do not update their funds’ performance until after a given period of time.

You mentioned that Morning star rated this fund as 5 stars and has good overall outlook. What does this mean? Good overall outlook based on what? Compared to what? Compared to a standard benchmark, how did the fund perform? Factoring in all fees that you, the investor will incur, what will be your expected returns?

What type of investments does the fund invest in? There are several fixed income securities that you can invest that pays 10%.

If you were to invest like everyone else, then the returns you will get will not fare better than every one else.

Good luck!

Forex Guide answers:

I have personally been doing a bit of research on work from home companies for about 4 1/2 months now and i”ve run into quite a few good companies that you can do in your spare time and earn a stable income. People who work for these companies generally are college students, stay at home moms, retired persons, people looking for a second or third income. I have been scammed by a few companies as well I have all information posted on my blog for people looking to work from home I also have a list of companies to watch for. Most people think that if they charge a fee then its a scam but my research has proven to differ. Believe it or not most of the scams that I’ve been through were free to join you can view more info here

Forex Guide answers:

THIS IS THE MAIL I RECEIVED A FEW DAYS BACK, TRY IT, ALL THE BEST

Dear Kalra,

Thank you for your recent request for information on FOREX.com. I’m pleased to provide more details on opening an account and looking forward to servicing your Forex needs.

Getting started couldn’t be easier.

Complete Application
You can apply online or click here to download an account application. Many clients find the online application the most convenient method of setting up their account.

Once your account is processed, you simply need to fund and you can get started trading right away.

There are several options for funding your account:
Credit Card – the fastest and most convenient way
Wire Transfer
Bank or Cashier’s Check
Personal or Business Check
Should you have any additional questions, please do not hesitate to contact me at (646) 649-8810 or jdash@forex.com. I’m looking forward to having you trade with FOREX.com.

Sincerely,
John Dash

Forex Guide answers:

Most beginner forex trading accounts can be opened for between $1000-3000 based on the forex broker company. You can start with demo accounts and move up to mini and regular forex accounts.

Since you choose the degree of leverage you wish to exercise while operating your forex account, most brokers permit a level of flexibility that you’re comfortable with. It is this leverage that determines the kind of profits you make from forex trading.

Forex Guide answers:

So hire a tax professional.

Forex falls into two categories. Foreign currency trading as part of a business–which falls under line 21 of the 1040 as other income/loss. Or investments that go on schedule D. When you have a loss, it makes a huge difference where you list the money…and you can almost guarantee an audit if you try to claim a loss on line 21.

Forex Guide answers:

Currency trading in the US is completely outside regulation, except futures and options. It is not illegal for a FOREX trader to offer a price away from the market to trigger margin calls to make extra profit and it is done. Either pick an English FOREX trader, which you cannot do over the net, or go to E-trade and open a global account. I am pretty sure you will not be able to day trade currencies, but you will be able to daytrade foreign securities. A pattern daytrader gets less leverage than a FOREX firm gives, but you get legal regulation.

Forex Guide answers:

Your question is not very clear. Are you wanting to trade Forex, or to not trade Forex?

If you want to trade currencies, and not Forex, you can trade currency futures or options. Any commodities broker can help you.

And you don’t have to use a bank at all, unless you just want to.

Just call a broker, and they will inform you. That’s their business.

Otherwise, check out some of the Forex sites.

Http://www.premieretradeai.com/

http://www.forextv.com/FT/Video.jsp?channel=41

http://umgarticles.atspace.com/forex-trading.htm

http://www.fxstreet.com/rates-charts/usdollar-index/

Here is the broker I use:
http://fxdd.com/

Forex Guide answers:

Hi Prince,

I am an experienced Forex Trader myself but when I started out, I started with a demo account. I would highly recommend you to first practice your forex skills on the demo accounts, many companies offer free demo accounts and free signals like you can go to http://www.exeliafx.com/ and their signals are great and reliable too so you can first try their services for free. Their starter package is free and offer accurate signals.

In addition, I feel that you need to read and develop a good forex trading strategy that works for you and your monthly forex investments. If you start out with real money right away, you risk your real money but with a demo account, you can test and gain more confidence in forex trading before putting in your money. If you really want to use real money to start with, do go for a company that offers you free account also so you can switch back to a free account whenever you want.

Since you are just starting and new in trading, there are a number of forex trading forums also that I would recommend you to follow and use advise from experienced forex traders there. Here are some forums that you can post your questions to:

http://www.forexfactory.com/forum.php

http://forums.babypips.com/

http://forexforums.dailyfx.com/forum/

In fact, if you are really interesting in making big bucks from forex trading, I think you need to chart out your learning plan because going step by step is the only way you can make money in forex trading. My suggestion would be – start out slow and build big when you gain enough confidence in trading with real money.

Hope this helps!

Forex Guide answers:

Why don’t you try babypips.com and freeforexebook.org?
Both websites teach the basics.
You can also search for “Forex articles” on google or yahoo.

Forex Guide answers:

I think I can answer your question well since I am from Sri Lanka and I have actually withdrawn money from eToro. It was a wonderful experience. To this date I never had to deposit more than my initial deposit. Because of their chat system and great trend tools I have managed to roll my profits again and again.

I deposited money through credit card and I withdraw money to my credit card. If you have the paypal receiving ability the process will be much smoother. Since I do not have a full functioning paypal account (My country is not supported) I have to get my winnings through credit card.

I love it when I see funds available in my VISA when I go to withdraw it from the nearest ATM machine. EToro has never let me down. I like them very much so I wrote 2 posts about them in my blog.

Since you are planning to deposit $5000 I advise you to do a bank transfer. If you do that you are eligible to withdraw through a cheque.

Do not worry about their legitimacy. I have introduced more than dozen clients to eToro and they all are really happy with them. No one has faced any troubles so far with the withdrawals.

If I were you I wouldn’t hesitate for a moment to start trading for real.
Eranda Ranasingha.
Sri Lanka.

Forex Guide answers:

Hi there,

There are many good forex sites where you can trade on demo accounts as well as live accounts. One of my favorites are:

1. Finexo.com
2. FXopen.com
3. Avafx.com
4. Etoro.com
5. DailyFX.com

I have tried my forex trading with finexo and is still trading with them.

Regards

Forex Guide answers:

I believe you’re referring to leverage. For mini accounts, they normally give you 200:1 leverage at FXCM.

What this means is that in order to control $200 in the market, all you need is $1. Since mini-lots are $10,000, all you would need to control one mini-lot would be 10000/200 = $50.

In your case, you opened one position with 3 mini-lots ($30k), and 3 more positions with one mini-lot each. It looks like you had 6 mini-lots open at the same time. This requires $50/lot * 6 = $300 in margin requirement.

Conceivably, you could open positions totaling 50000*200 = $10 million in open positions with $50K in margin. This would obviously not be advisable because you could easily wipe your account over leveraging yourself.

Forex Guide answers:

The catch is that you can loose 5k or more in a very short period of time too.

Exchange rates go up and down every day. And anybody can make money once in a while in Forex trading. But to be profitable in your trading over weeks and months you need to avoid loosing money. And to avoid loosing money over the long term is very, very difficult.

Forex Guide answers:

This advice is probably not worth a lot, but trading currencies is just like trading stocks, with the one big exception that you are doing it on 10% margin, so your gains and losses are magnified 10x.

A trend once started tends to continue, so look for a trend and ride it. Is the currency trading above the 50 day and 200 day moving average? Is the currency at the bottom of the bollinger band?

Be sure to cut your losses very quickly and let your winners ride. Even double up.

Forex Guide answers:

It is difficult to equate demo account trading results to real world trading profit potential. As others here have pointed out, the use of real money may have a way of changing your trading behavior.

One way to combat this is to find and use a forex trading robot with your demo account. If you like the results in the demo account, use the same robot and exact same trading strategy in your real account. I would also recommend you trade in small lots until your system proves itself.

Remember, the forex market moves very fast, and you can lose money just as quickly as you can make it. Learn how to control your trades to maximize profits and minimize losses (this is the promise land for forex traders).

Forex Guide answers:

I’ve been using the FreedomRocks system and have came across a lot of posts on various forums and wanted to share my personal experience. First of all the system takes the guesswork and emotion out of trading on the Forex market. It’s a proprietary system that does 95% of the work and takes a few minutes per day to manage.

As we all know even experienced Forex traders can make big mistakes and most people end up loosing all of the money that they invest within the first couple of months. Unlike most forex programs FreedomRocks is not attempting to guess which way the market is going to move because quite frankly no one can predict that and that’s why the majority fail.

Let me emphasize that this is a long term investment strategy and not a get rich quick program. It’s a very simple and easy system to understand and I’ve never seen any other program where someone with no prior trading experience could invest in the market and actually be profitable.

The FreedomRocks system represents a complete paradigm shift from traditional Forex investment practices:

- The automated system does the trading for you

-No charts, no graphs and no more Guesswork

-Spend only 20 minutes per week managing your account

-Structures your trading: Buy Low/ Sell High

- Allows you to collect daily interest on leveraged money

-100% control over your money

I believe that this is the best system for trading on the Forex but of course I don’t expect anyone to take my word. I would encourage anyone looking for a smart way to trade in the market to take advantage of the 15-Day free trial so they can experience for themselves how it works.

For More information check out: http://www.yourforexinvestor.com

* I’ve also created a worksheet to assist people in setting up their account using the system so if anyone be interested I would be more than happy to share it.

Best Regards,
Brandon Wells
877-773-5345
bjwells@yourforexinvestor.com

p.s. I personally like the GFT platform but you can use any platform you choose.

Forex Guide answers:

1- How exactly forex trading works? I have installed software with demo account.

Forex is the foreign stock exchange. If you’ve downloaded the official software from forex.com, live support personnel can help you, but it isn’t something you learn overnight. You should try to find some good books at your library or on amazon that explain forex, and how to get started.

2- From software When I can buy and when I can sell? From where I can get information that this is for sale and How much I am getting/

You can use the official forex software. Instead of selecting “Practice”, when you login, you would select “Live”, and you would be trading on the real market.

3- How can I sell? How can I buy?

Again, you should get a book introducing you to forex. Buying and selling is as simple as clicking Buy or Sell, but if you don’t know what you’re buying, it’s pointless.

4- How I will get money or How and were I can deposit money?

I believe forex uses your bank account to withdrawl and deposit however much money you chose.