ECN. Used most by professional traders. Difficult platform for beginners
Minimum deposit $10000 (or $3,000 if under 25yo) * Well diversified -Oanda
Market maker. Second largest retail FX brokerage in the US. Easy platform for beginners.
No minimum deposit
Not well diversified, but well capitalized -Gain Capital (whitelabel forex.com) *Market Maker *Fair spreads *Minimum deposit $250 *Well diversified -FXCM Inc
ECN. Largest retail FX brokerage in the US
Minimum deposit $2000
Not well diversified. CAUTION: FXCM nearly went bankrupt in Jan-2015 due to a lack of diversification and low capitalisation. As a result FXCM LLC was bailed out with a large loan which may prove difficult to pay back. Be warned that their business may not be sustainable in the long term. -MBTrading
ECN. Mid-sized retail FX brokerage
Minimum deposit $400
International Only- -LMAX (whitelabel DarwinEx) *DMA broker based in the UK. Note that as a DMA broker LMAX eliminates the ability for LPs to last-look transactions. This may result in reduced liquidity during volatile times as liquidity providers would be likely not to risk posting liquidity to LMAX's pool. *Tight spreads *Minimum deposit $10,000 *Fairly well diversified -Dukascopy *ECN based in Switzerland, but available elsewhere depending on local regulations. *Tight spreads *Minimum deposit $100 *Fairly well diversified -IC Markets *ECN based in Australia *Fair spreads on standard account, tight spreads on professional accounts. *Minimum deposit $200 *Fairly well diversified -Pepperstone *ECN broker based in Australia. *Fair spreads on standard account, tight spreads on professional accounts. *Minimum deposit $200 *Not well diversified Software / Apps: Desktop/mobile
Apps are typically broker dependent. Some brokers have their own proprietary software, while others lease common software like Metatrader or NinjaTrader. Some software has a large development community for indicators and EAs.
Terminology/Acronyms: www.forexlive.com/ForexJargon - Common terms and acronyms FAQ: I need to exchange money, how do I do it? This isn’t what this sub is for. Your best bet is using your bank or an online exchange service. Be prepared to pay a hefty fee. I have money in one currency and need to exchange it into another sometime in the future, should I wait? Don’t ask us this. We speculate intraday in FX and shouldn’t be relied on to tell you what’s best for you. Exchange the money when you need it. I have an FX account, should I start trading demo or live? This is highly debatable. You should definitely demo trade until you have mastered how to use the trading platform on desktop and mobile. After that it’s up to you. Many think that the psychology of trading live vs demo trading is massively different. So it may pay to learn to trade live. Just be warned that most FX traders lose almost their entire first account so start with a low affordable balance. What’s money management? Money management is a form of risk management and is arguably the most important aspect of your trading when it comes to long term survival. You should always enter trades with a stop loss - the distance of the stop allows you to calculate how large of a percent of your account balance will be lost if your trade stops out. You can run a monte carlo simulation to figure out the risk of having a number of trades go against you in a row to drain your account. The general rule is that you should only risk losing 1-4% of your account per trade entered. More on this here: www.investopedia.com/articles/forex/06/fxmoneymgmt.asp www.swing-trade-stocks.com/money-management.html What about automated trading? Retail FX traders have been known to program “Expert Advisors” (EAs) to automate trading. It’s generally advisable to stay away from that until you’re very experienced. Never buy an EA from a developer because the vast majority of them are scams. What indicators are best? That’s up to you to test and find out. Many in this forum dislike oscillating indicators since they fail to capture the essence of what moves price. With experience you will discover what works best for you. In my experience indicators that are most popular with professional traders are those that provide trading “levels” such as pivot points, fibonacci, moving averages, trendlines, etc. What timeframe should I trade? Price action can vary in different timeframes. In longer term timeframes the price action and fundamentals are much more clear. Unfortunately it would take a very long time to figure out whether or not what you’re doing is successful on longer timeframes. In shorter timeframes you can often tell very quickly if what you’re doing is profitable. Unfortunately there’s a lot more “noise” on these levels which can prove deceptive for those trying to learn. Therefore the best bet is to use a multi-timeframe analysis, working from top-down to come up with trades. Should I trade using fundamental analysis (FA) of technical analysis (TA)? This is a long standing argument in these forums and elsewhere. I’ll settle it here - you should have an understanding of both. Yes there are traders who blindly ignore one of the other but a truly well rounded trader should understand and implement both into the analysis. The market is driven in the longer term through FA. But TA is necessary to give traders a place to enter and exit trades from a psychological risk/reward standpoint. I’ve heard trading Binary Options is an easy way to make money? The general advice is to stay away from binaries. The structure of binary options is so that when you lose the broker wins. This incentive has created a very scammy industry where there are few legitimate binary options brokers. In addition in order to be profitable in binaries you have to win 55-65% of the time. That’s a much higher premium over spot FX. Am I actually exchanging currencies? Yes and no. Your broker handles spot FX is currency pairs. Although they make an exchange at the settlement date they treat your position in your account as a virtual currency pair. Think of it like a contract where you can only buy or sell it as a pair. In this sense you are always long one currency while short another. You are merely speculating that one currency will appreciate or depreciate vs another. Why didn't my order fill? Even if price appears to cross over a line on your chart it does not guarantee a fill. Different charting platforms chart different prices - some chart the bid price, some the ask price and some the midpoint price. To fill a limit order price needs to cross your limit's price plus the spread at the time that it is crossing. If it does not equal or exceed the spread then it will not fill. Be wary that in general spreads are not fixed. So what may fill at one time may not at another.
4. Partial and intermediate take profit . This is an advanced concept, and you should therefor not attempt this if you’re just starting out trading. Having intermediate, partial profit levels allows you to take part of your trade’s profit when price reaches a certain point. I can partially close a position with instant execution but I'm unable to set a partial position in advance with take profit, the volume is locked in when changing the take profit levels. The one click trading only adds or subtracts the close box in the terminal. The only solution I can think of would be to have two separate accounts with two different brokers in order to open two separate ... Knowing how to calculate stop-loss and take-profit in Forex is important, but it is crucial to mention that exits can be end up being purely emotion-based. For instance, you could end up manually closing a trade just because you think the market is going to hit your stop-loss. In this case, you feel emotional, as the market is moving against your position, despite no price action based reason ... Forex Tester 4 Forum. Our site: www.forextester.com. Skip to content. Quick links. FAQ; Logout; Register ; Home Latest answers about backtesting and trading simulator [All in one place] Forex Tester General Questions about FT; Pending Partial Take Profit. Ask general questions about the software. 2 posts • Page 1 of 1. Message. Author. nutmg12 Posts: 4 Joined: Tue Feb 21, 2017 1:29 am ... MetaTrader 4 Take Partial Profits? Thread starter seelmand; Start date Jul 19, 2010; Watchers 1; Forums. Markets. Forex . S. seelmand Newbie. 3 0. Jul 19, 2010 #1 I am relatively new to FOREX trading and I am new to MetaTrader platform. My question involves a scenario that continues t ocome up and so far no one that I have talked to from FXDD or experienced FOREX traders has been able to come ... Trade partial close in Metatrader. Previous part of tutorial: How to set stop loss in Forex trading; Next part of tutorial: When to take profit when you trade Forex; Not everyone knows that you can close part of a trade and let the other part keep on running. I use this approach in Metatrader. If you use other trading software, you should check manual. So how to close part of the trade? It is ... I will explain how you can close position partially in MetaTrader 4 platform and give you an opportunity to have automated Partial Close option. I am sure you already know what Partial Close is, but in case you haven’t heard of it before let me explain. Partial Close is when you close a fraction of your position to lock in profit and leave a portion running to take advantage of any further ... Partial profit talking is good if you are a long term trader and have a big profit target. Then you can take a partial profit of your trade. But if you are a short term trader and profit target is maximum 40 to 50 pips or so, taking partial profit is not a good idea. You should rather develop your skills for more accurate trading. It's just my opinion. Every trader should have his own trading ... Taking Partial Profits from one position in the MetaTrader 4 app can be very helpful for when you need to exit a forex trade, but keep the position. For instance, if you are predicting with your chart markup there is going to be a potential pull back before a continuation pattern – it might be smart to take a partial profit just in case the continuation never happens. MetaTrader Indicators ... It’s called partial profit taking or half profit targets and is widely used by traders. Here’s a simple example of a trade with partial profit taking. A trader buys 1 lot of EUR/USD at 1.3330 and sets stop-loss to 1.3300, and take-profit to 1.3400. Additionally, he intends to close a half of the position when the rate reaches 1.3365 and move the stop-loss up to ...
Setting up Partial Position Closes with Metatrader 4 - YouTube
It took me a while to figure this out, funny how something so simple can be so eluding. Anyways, enjoy and hope you found value. If you are new to forex and ... Add Me Here: http://facebook.com/gavinwrobinson I can easily say as a beginner in Forex whenever I lose I learn. One of the things I have learnt is to adjust... Its funny to know that for 3 years im trading today was the day i knew how to partial take profit in MT4. That is why im creating a video to remind myself that there is a lot to learn in forex If you would like to learn to code in mql4 then by all means subscribe to my site at https://learnmql4.com If you are someone who actually has money to trade... In this video, you will learn How to close a half position or take half profit of forex trade in the MT4 platform Please subscribe to my channel to learn mor...