Best Forex Broker

[DSM]

A NRI friend based in Dubai asked me for best forex broker for intraday and swing. Basically he's looking to trade the top 5 forex pairs USD/Euro/GBP/JPY/CAD/AUD or possibly CHF.

Criteria :

Reliability
Platform
Brokerage - How many pips markup for EURUSD pair?

Suggestions welcome. Thanks.

 

[DSM]

1. Thank you Galts Gulch. Will check out No. 1,2 and 3 on your list.
2. Account size : Start with USD 1,000 (beginner account) Add capital over time.
3. What should be reasonable add on/markup for EurUSD pair on buy/sell?
4. Fx depends upon news and data release (in my views) Can fx be traded only basis this?
5. What indicators are preferably used on charts? Or is it only PA?

Appreciate your views. Thanks.

BTW - Read Ayn Rand while in college long back. Are you a 100% believer?

1. Dukascopy
2. FXCM
3. Alpari, UK
4. Delta Forex
Are few of the Top Notch Brokers .... I trade with 2 of them, though I do not represent them in any way ....
Spread depends on few things ... Rules of the game ... Higher the account size ... One can negotiate the spread ...
Feel Free to ask any FX advice ...
Happy Trading .......

 

[DSM]

Thanks GG,

My response/query is in red.

2. With RMS of 25% - 30%, I would advice minimum account size of 3000$ with maximum 200 leverage ....
As a beginner in fx. trading, I would not suggest my friend to start trading with $3K even though he can, and neither trade with much leverage. It's better if he were to blow up, he do so on a smaller account, in my view.
3. Normally EU spread will be 20$ for standard lot ....
Is that 20$ for buy and another 20$ for sell?
4. I do trade NEWS, but not just that .... ONLY 5 - 7 NEWS a month affects the market in a BIG way, not all NEWS .... NEWS trading is a different skill set ...
5. I use PA, Stoch, HA candles and few of my own Indicators ....

Btw, I LIVE AYN RAND .......
I do not Live for the sake of Another Man .... Nor do I ask another Man Live for the sake of Mine ....
She and her economic visions have influenced my Economic sense a lot ....
She is a True Economic Philosophic .... After Kanha / Krishna ... and Chaanakya / Kautilya .....
Queen is Dead ... Long Live THE QUEEN ....
Yep, Ayn Rand influenced my thinking to a great extent. However, with time and experience, learnt idealogy+compassion is my way, and not the pure Objectivism as espoused by Ayn Rand.

Appreciate your response/inupt. - Thanks a ton.

 

[DSM]

Thanks again GG for your views.... My take : It is better for somebody to feel the pain of blow up a small account rather than a larger one. The lessons of blow up, failure have to be learnt, studied and analyzed. I am not suggesting him to trade with leverage... in my view, while as a newbie trader, just like having learnt to drive a car, its better to crash while learning from a slower one rather than while speeding. The lessons are the same. Just my 2C.

Respect your views, and not to argue, but Re. truth, finally realized, it's relative how we see it. Just to illustrate with some pics.

1. This is THE MISTAKE most of the newbies do and keep doing ... They are willing to blow up 1000$ 20 times than open a bigger account and keep trading and keep making profit ..... Every time, one opens a small account ... take it from me ... they will keep blowing it as account size will not be enough to sustain the market volatility .... It is better NOT TO TRADE than open a small account ..... It is my experience .... 7 years of Pro trading and keep in mind ... I should have trained not less than 600 traders in this period ....
2. Brokerage / Commission / Spread in FX is always ONLY ONCE ....
3. Objectivism .... Philosophy .... Truth does not become TRUE because whole world agrees with it ... Truth does not become Lie because whole world disagrees with it .... Truth becomes TRUE .... WITH THE VIRTUE OF BEING THE ABSOLUTE TRUTH .....
Truth does not change for any one ... it is the perspective that changes ...

 

[DSM]

Thanks again GG. Appreciate your views, thoughts.... since you are already trading FX, do share your learnings....

Just my views..... All newbie traders start with the idea of earning big, and end up blowing up..... that's the way it is. So it's just my advise to my friend who's a newbie...... before he ventures into the deep, and think of making money, be patient, first to learn about fx trading, have clear 1 or 2 strategies that he wants to trade, and learn to position size so that he does not expose his capital unduly.... in essence trade the lowest position size and no leverage.

While positive thinking is good, the fact is trading is a -ve sum game (and not a zero sum game) The winners win less than losers due to brokerage, taxes, etc, and the majority feed the minority winners. So while being clear, objective and disciplined will help, uncertanities of price movement make one exit winning positions early, or trigger SL before moving on. It is only with experience and spending trading screen time (rather than capital) that one can come out as a winner in the end. Just my 2C.

Why Blow up at all .... when ...
There are ways .... lots of ways .... Not to blow up at all ....
Why start Thought Process by "I might loose"
If you think ... You can .... You are RIGHT ....
If you think .... You can not ..... You are RIGHT AGAIN ....

 

[DSM]

Thanks GG,

Very informative and insightful post. Much appreciated. Surely your knowledge and experience speaks for itself. I don't have much questions to ask. But do share your views on trading as well as currency pairs. I will for one, follow it up on the charts and understand what you do how you do. (Not asking for any strategy) Thanks again. :clap::clap::clap:

Mmmmm .... If this reply / post looks like a small Ramayan, please do forgive ... But you asked for it ......
1. Without Leverage, there is no fun in trading FX. But, one should know how to use it to one's advantage .... One should realize the relation between the Leverage and the equity that goes in to taking a trade .... One should know the relation between the Leverage and the SL zones / Values ....
2. When I started trading FX, FX trading was not that evolved in India as it is today .... Learning curve was tougher, highly time consuming .... Free advice / knowledge was not coming easily .... Most of the times, Google was the answer sheet, Google was the teacher .... But without having a Mentor / Teacher, it is very tough to master am ocean called FX Trading ... There was a FX work shop that I attended in Delhi by paying 65k, 7 years back ... It made me to learn all technical jargon's ... I could have become a FX adviser on a channel, but did not help me earn green bucks .. Then I learnt that FA helps you to increase knowledge, but TA is where the actual money making is ...
3. Advantage/s of having a bigger account size is, you can play around with your strategies ... Learn lots of Tech things .... Learn using different TF's ... Learn using different pairs ... It gives you, a breathing space .... Gives you a secured zone ..... Trading is more about the Psyche ... The Motivation comes from profits ... Consistent profit/s .... If you keep blowing up account/s (albeit smaller one's) ... You will be de motivated ....
4. Tell your friend that MM and ED are more important than any FA and TA ... If one has a water tight MM and Nirvana kind of ED, he does not have to blow up any account ... Smaller or bigger ..... It is a wrong notion that the losers keep feeding the winners ... The sheer size can and will absorb large winners ...
5. Let him not have lots of Indicators on his charts ... More indicators will lead to confusion and chaos than clarity to trade .... Remember what great Bruce Lee said "I'm not scared of an opponent who knows hundred kicks ... but I always worry an opponent, who has practiced one kick, hundred times" ... this is true in trading as well ... Stick to one strategy that you are comfortable with ... than keep searching for easier / better strategies ....
6. "Chew only as much as you can eat and digest" ... "have minimum number of pairs to see, analyze and trade" ... looking at large number of pairs ... again will not only be confusing, but will again confuse and chaos .... you will start thinking if EU is going up ... by default even GU has to go up ... as USD is the second currency in both pairs ....
7. Try not to use lower TF's ... they are very noisy and confusing ... Let him start with 1H ... then gradually go to 4H ....
8. Trade a pair ... when atleast one market of the pair is open ... For eg, do not trade AJ in New York session ... when both Sydney and Tokyo markets are closed .....:clap::clap::clap:

Next installment will come after your questions / doubts about these or anything else ...
Happy trading .....

 

[vish13.fx]

i think Admiral Markets is best forex broker ...they have presently 6 office in india....& Admiral Markets have successfully expanded to 32 countries worldwide

 

[vish13.fx]

Which is best broker on Forex trading ? I want to start trade in Forex. Can anyone guide me.

you go with Admiral Markets .....its a best forex broker .....its a regulated forex broker ....if you need more about admiral markets pls contact me through skype :- mehtafx

 

[sarahalice]

Just try Greenvault Fx a leading online Forex broker which provides excellent profit opportunuties with risk free trading platforms.It provides a very simple and user friendly interface using which any beginner can start trading.Moreover it's a FSP and FSCl regulated Forex broker.

 

[looser89]

any broker having ecn account without commission or low commission