Thread: Best Broker for a Newbie

I propose http://www.interbankfx.com

It has micro lots, and you can begin with a low deposit.

Plus it is over the 5m capital required by the NFA.

It's platform is Metatrader 4, which I think is superb.

Originally Posted by ;

I propose http://www.interbankfx.com

It has micro lots, and you are able to start with a very low deposit.

Plus it's over the 5m capital required by the NFA.

It's platform is Metatrader 4, which I believe is excellent.

OANDA is the top to new traders (strong broker and let any lot dimensions )
second choice IBFX
MT4 and OANDA graphics nice combo!

Originally Posted by ;

I know its not. But I really think it is goign to visit 1.5, I am looking to buy today and only hold, alsmot liek a inventory instead then be an activer trader, are you currently siggestign this is stupid and I am way out of my league?

Do not know what lot size you're considering, but remember that to remain in a position you've got to have the ability to weather price swings in either way. In case the price goes against you on your euro position, that $1000 could get eaten up pretty quickly unless you're using a small lot size (which I highly recommend).

It may very well reach 1.50, however you need to have the ability to stay in the position until it does, or get stopped out at your max loss amount (that you need to determine until you put in the transaction ).

Also, try to be unemotional if trading, or don't let your emotions dictate how you trade. Difficult to do, but if you're scared or any other intense emotion while trading, you're asking for trouble. . .just attempt to keep your cool.

Best wishes!

Originally Posted by ;

Do not understand what lot size you're looking at, but remember that to stay in a position you have to have the ability to weather price swings in either direction. If the price goes against you on your euro place, that $1000 can get eaten up pretty fast unless you're using a small lot size (which I highly recommend).

It can just reach 1.50, but you need to have the ability to stay in the place until it does, or have stopped out at your maximal reduction amount (which you want to decide before you put in the transaction ).

Also, try to be unemotional when trading, or don't let your emotions dictate how you trade. Hard to do, but if you're scared or any other extreme emotion whilst trading, you're asking for trouble. . .just attempt to maintain your cool.

Best wishes!

You also must factor in swap.

I've had good service from forex.com, but.... If you're starting with $1000 you may be better off with a broker that provides micro-lots.

If you're new you ought to take the free Forex course at babypips and start a demo account for some time. This will end up saving you time and money.