Happy Deepawali to All!
My Trading Experience
Broker: Oanda
Other Brokers: I'm trying to go for IbFx, however I like Oanda's Interface and lower Spreads
Experience: My experience in FX with Oanda is okay till date. First of all it took two months for me to search for a trustable Broker, and Oanda is one which any novice can trust, professionals generally do not use Oanda due to lack of Charting facilities or Paid Automated Trading.
I found FX Trading to be less risky than Nifty Options Trading, because of some past experiences. Markets are manipulated everywhere, however Fx is available whenever I want, I don't want to trade 9:55 - 3:30, it sucks to trade during office hours. Reason: I'm not a regular trader, its my part time work. However we can trade FX F&O too, which Oanda does not provides.
My advice to Indians Fellows: Do not follow anybody, just keep your eyes open, read forums but test yourself the relevance of content available on Internet.
Make a good strategy that works best for your profit targets and risk appetite. Money Management plays 50 % of role
in profit generation, 2 Factors: Risk-Reward and Probability of Success plays 30 % and Technical Analysis plays ONLY 20 % Role in your success.
Those who rely upon technical indicators only, lose 2/3 times on long term.
Get to know the basics first of all, because if you invested knowing Forex Market well, maybe you get the
Golden Bird glory of India back from Firangi Goraas :annoyed: :clapping:
Some websites to devote dedicated time and efforts before starting using DEMO Fx Trade: BabyPips and FxStreet. Lick every page of these
Rest my experience says that I'm still a novice and most of you (
the readers of this post) would be better traders than me. I still need to read about EQ Levels, because if someone has good EQ and bad IQ, he can still trade with profits, NOT Vice-Verca.
One final tip: Start trading with accounts <= USD 1000. Anything more would be a trade at your own risk. Trading is for you, you are not made for trading.
I recommend Oanda for newones and something better like CitiFxPro for professionals.
I strongly dis-recommend those who have HIGH SPREADS. It kills you badly.
For example, one of my friend did trading on some Easy Forex which had EUR-USD @ 7 Pips. Even Oanda says they are 0.9 pips BUT only during London and NY Session, not Asian one. So go with lowest pip broker which is trustable. If you can trade with higher spread, go for CitiFx, or some ECN Broker. Market Maker like Oanda generally do not like Profitable Traders, because it causes them loss. Google it to know more about MM and ECN.
I hope my experience helps readers, Have a safe Diwali and safe Trading.
Jai Hind.