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  1. #121
    Junior Member CFO's Avatar
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    Sep 2009
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    Arco,

    do you mind sharing which broker you are using? Man, the stop loss hunting I have seen on forex.com's demo is just insane...

  2. #122
    action-reaction arco's Avatar
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    Dec 2001
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    Quote Originally Posted by CFO View Post
    Arco,

    do you mind sharing which broker you are using? Man, the stop loss hunting I have seen on forex.com's demo is just insane...
    Hi CFO

    Oanda in the main, and we also have a small account with GO for the more exotic pairs.
    ___________________


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  3. #123
    Junior Member
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    Dec 2008
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    Hi,

    I'm just starting out in FX trading, and been reading through these threads especially ones with broker reviews.
    A lot of the threads/reviews are many years old now, and wondering if anyone could provide any updates.

    Would be interested in knowing of brokers where you can set your account in N.Z dollars.

    I have been using CMC for the last couple of months and all is going well. Although reading all the reviews regarding them are terrible.
    Wondering if they have improved there service the last few years?

    Would be great to know of other brokers to get a comparison.

    Thanks in advance.


    P.S - Would also be interested to know why the FX part of this site has gone so quiet, looks like it used to very active, and still plenty of traffic on the other parts of the site. Are less people getting involved in FX trading
    or are they just posting elsewhere?

  4. #124
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    Mar 2016
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    Quote Originally Posted by Stylerz View Post
    P.S - Would also be interested to know why the FX part of this site has gone so quiet, looks like it used to very active, and still plenty of traffic on the other parts of the site. Are less people getting involved in FX trading
    or are they just posting elsewhere?
    Death by a thousand cuts.

    Forex trading is a fool's game - you are highly leveraged (100-200x) in a market that is moved by institutions. I have met a guy that used to be a forex trader for a global bank, who then went in to set up his own forex brokerage. He told me that bank forex traders are there to process orders, not primarily to speculate. Thus they don't care about taking positions hoping the market will move one way or another. They just want to get their order executed at the best price. He then set up a Forex brokerage (like Oanda/CMC) and his business model is to clip the client every time they make a trade through commissions that mean the client has to take a fair amount of risk to cover just to become profitable on a trade.

    I've also spent time at a dealing desk here in NZ at a major bank, watching what the traders do, so this corroborates his story.

    I also have a contact who is a professional forex trader and has his own forex company. His advice to me was:

    - Use Interactive Brokers (even though he runs his own brokerage, he trades with IB)
    - Never leverage more than 5-10 times your account - if you can't make money at 10 times leverage, you don't have enough money to trade. Keep saving
    - The trend is your friend, follow long term trends, not minute/hour/day trends
    - Economic fundamentals drive currencies. TA is noise

  5. #125
    Senior Member
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    Sep 2009
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    "TA is noise" Wry smile

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