I am retired and my only income is my super.
It is hard living on this.
As I am expecting some money I looked for a way of supplimenting my income.
I have read babypips.com and downloaded metatrader and I have had some success.
I need someone to let me know what brokers are availiable in New Zealand and how much or how little I can start with.
James
I ned help
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31-10-2009, 02:17 PMjamesI ned help
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31-10-2009, 02:55 PMarcoInitially check the threads here 'Brokers the good the bad and the ugly' , Oanda, and Metatrader - there should be enough info for you there.Quote:
Originally Posted by james
arco -
31-10-2009, 03:01 PMRazorX
Hi James
I am also new to Forex and have downloaded several demos from various companies. The best NZ one so far is Latitude FX http://www.latitudemarkets.co.nz/
They allow you to open an account for $1000 in either NZD, USD or AUD and offer 100:1 and 50:1 leverage. I have found the platform reliable and easy to work with, and my only complaint is that there does tend to be quite a lot of slippage when the market is moving fast. A
The other platform I have really given a going over is Axis Trader which is an Aussie based company http://www.axisodl.com.au/ The platform is the same as LFX - the MT4. For starting off I'm not too keen on going with an Aussie company due to putting my money is AUD (Just a personal thing), and they don't offer as many currency pairs as LFX. On the plus side you can open an account for only $200 which I assume is in the currency of your account. I think they offer AUD and USD accounts.
Some experienced members on this forum have also mentioned GO Aus which I am going to give a try. Not sure on the link to that site.
Cheers, and good luck with trading.
RazorX -
31-10-2009, 03:12 PMjames
Thanks everyone for your advice I will keep searching.
In the past fortnight practicing with metatrader, I have doubled the 5000.00 play money they allowed me currently 11121.54, is that a good result.
james -
31-10-2009, 03:47 PMRazorX*Eyes widen* Good result? That's fantastic!! Gees what system do you use?Quote:
Originally Posted by james
In the past fortnight I started with a $1000 demo account and its currently sitting at 988.87 with another $403 losses not closed out. (It stopped at 10am with the close of the US markets)
The one thing you have to worry about with making a lot of forex profits is that its all taxable. I'm not too keen on being shoved into Provisional tax (Not that I will with my current success ratio :p)
You can see some of my trades in my thread in the newbies corner. Not very inspiring I must say. However I look on it all as a learning curve.
I'd be very happy with your result James, and stick to your system as it seems to be working. :) -
31-10-2009, 03:59 PMfungus pudding???????? Remember - the only thing worse than paying income tax, is not paying income tax.Quote:
Originally Posted by RazorX
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31-10-2009, 04:27 PMRazorX
Lol ok good point funguspudding.
I'm coming from the viewpoint of that much of any profits I make will go towards paying costs of living. At the moment my wage isn't high enough to support paying three sets of prov tax a year plus one big wallop in April. Puts a bit of strain on an already strained cashflow.
But very true, if you are paying no tax then you are either evading tax or have no income. My apologies for any confusion.