Any one making money from easy-forex?
- Thread starter Tunenchi
- Start date
BadyBoySEO
Regular Member
- May 17, 2013
- 320
- 95
easy-forex are poor brokerage my friend. Wide spreads and poor execution, if you are going to try your hand at Forex their are a number of better options. Their CySEC regulated company also has a history of regulatory problems. I would do more research regarding whether Forex is for you and if it is pick a better brokerage.
wokaka
Senior Member
- Apr 1, 2010
- 997
- 269
Never had problem with IBFX (except their weird claim about where I wired my money from when I was about to make withdrawal. they said i used different bank account number with where I deposited from. but that thing sorted out in just 30 minutes and never had any withdrawal problem ever since)
I think Alpari UK also works just fine.
and btw you shouldnt learn how to trade from tutorial videos. Go to forexfactory there are some great methods there that you might want to learn such as Sonic R System and CHOROS. Also you need to diversify with several methods to minimize drawdown. I even still invest in several other MAM accounts just for diversification although obviously we should trade most of our money on our own.
I think Alpari UK also works just fine.
and btw you shouldnt learn how to trade from tutorial videos. Go to forexfactory there are some great methods there that you might want to learn such as Sonic R System and CHOROS. Also you need to diversify with several methods to minimize drawdown. I even still invest in several other MAM accounts just for diversification although obviously we should trade most of our money on our own.
Tunenchi
Regular Member
- Jun 30, 2011
- 279
- 98
Thanks and Rep+
Tunenchi
Regular Member
- Jun 30, 2011
- 279
- 98
Thanks and Rep+
Tunenchi
Regular Member
- Jun 30, 2011
- 279
- 98
Thank you buddy, well they have a very sweet talking consultant....
seoguy81
Senior Member
- May 18, 2011
- 1,077
- 287
Besides what the other posters have mentioned..
easy-forex doesn't have a good record in terms of conversions. most importantly accessing/opening account with their MT4 is quite a hassle and most traders (at least newbs) prefer mt4. Further more their CPA + Rev Share deal might look good, but the fine print states that you get your $250 CPA when there is a depositor of $250 and more.
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If you are referring to trading forex, there are better brokerages out there. Currently ASIC regulated brokers are the best of the lot. Cysec brokers do play around and play tough when it comes to withdrawals if you win quite a lot. Best is to look out for ECN or NDD brokers. Also unless you have a good trading system with the discipline/rules in place you can be sure to lose out your money quite quickly.. Demo for at least a good 6 months practicing with a trading system that suits your style and money management.
Forexfactory/Babypips are great resources for learning.. and if you search enough there are tons of other forums where they share ebooks and stuff to get you on the right path with money management.
easy-forex doesn't have a good record in terms of conversions. most importantly accessing/opening account with their MT4 is quite a hassle and most traders (at least newbs) prefer mt4. Further more their CPA + Rev Share deal might look good, but the fine print states that you get your $250 CPA when there is a depositor of $250 and more.
-----------------------------
If you are referring to trading forex, there are better brokerages out there. Currently ASIC regulated brokers are the best of the lot. Cysec brokers do play around and play tough when it comes to withdrawals if you win quite a lot. Best is to look out for ECN or NDD brokers. Also unless you have a good trading system with the discipline/rules in place you can be sure to lose out your money quite quickly.. Demo for at least a good 6 months practicing with a trading system that suits your style and money management.
Forexfactory/Babypips are great resources for learning.. and if you search enough there are tons of other forums where they share ebooks and stuff to get you on the right path with money management.
Tunenchi
Regular Member
- Jun 30, 2011
- 279
- 98
I have done Babypips...besides thanks for the great share...rep+
wokaka
Senior Member
- Apr 1, 2010
- 997
- 269
Nice advise.
However, MT4 is not for newbs man, a lot of traders with serious money still trading (or at least analysing) with MT4. It's one of the easiest and most conservative trading tools hence why it's very popular. Also if you care to code your manual strategy into an EA, actually MT4 is the way to go. Coding for something like Dukascopy Java trading platform for example might be too "foreign" and im not even sure if strategy involves tons of price action movement is possible outside MT4. Even when a trader doesnt trade with MT4 most of the times he still use MT4 demo account at least for analysing stuffs because it's easier to do it there.
I wouldnt recommend demoing for 6 months though. Demo for 3 months is OK but everybody has to start with real money at some point because you don't learn psychological effects from trading with demo account. You will have drawdown, bad weeks, etc. and people would never learn how to conquer those feelings and doubts from just demo or micro account. Personally i would recommend OP to forward testing for 3 months and after that backtest his strategy for the past 3 years to gain confidence and expectation on what kind of consistency he could get from his strategy. Then he must start with real money. For backtests, you can always get tick data history from dukascopy or minute data from forextester then import to MT4.
and I agree that ASIC regulation is good. Anything regulated from UK, US, or Australia is actually good but you still need to do a bit research. For example, i wouldnt recommend Vantage FX over IBFX even though both are regulated in Australia. You can also read some government website about their financial data. Here's for example:
http://www.cftc.gov/MarketReports/FinancialDataforFCMs/index.htm
you can read about FXCM, IBFX, and some other brokers' total amount of retail forex obligation here. Wouldnt do much harm to read something like this.
Last edited:
BadyBoySEO
Regular Member
- May 17, 2013
- 320
- 95
I would personally say demo for six months, the majority of traders jump in too quickly. I can say from personal experience it took me more than six months to really get to grips with the markets. I take your point about how real money trading can be very different but if you treat the demo with a degree of seriousness you can determine whether your strategy is working. I always have a demo account on the go, even now I have a real money cash as it allows me to try new things out.
UK, US and Australian regulation are definitely the strongest and it is advised you work with a brokerage regulated in one of those territories. Though I have had positive experiences with brokerages based both in Cyprus (CySEC) and Switzerland (FINMA). I personally don't like Vantage FX as wokaka does.
Picking a brokerage can be quite personal and in some part depends on the trading strategy you wish to adopt. I would strongly recommend STP/ECN brokerages over Market makers (with the exception of Oanda). If you want any advice feel free to PM me, but you have already got some good advice in this thread.
UK, US and Australian regulation are definitely the strongest and it is advised you work with a brokerage regulated in one of those territories. Though I have had positive experiences with brokerages based both in Cyprus (CySEC) and Switzerland (FINMA). I personally don't like Vantage FX as wokaka does.
Picking a brokerage can be quite personal and in some part depends on the trading strategy you wish to adopt. I would strongly recommend STP/ECN brokerages over Market makers (with the exception of Oanda). If you want any advice feel free to PM me, but you have already got some good advice in this thread.
seoguy81
Senior Member
- May 18, 2011
- 1,077
- 287
Amount of time to spend on Demo, is subjective.. some take just 3 months, some a bit longer. But its always good to have a demo. I trade for real but constantly play some trades on Demo. I would advise noobs who are itching to go live to upgrade from a demo to a cent account, if you must. This way, a measly $100 which is nothing in real money is 10,000 cents and with micro lots that's a good enough play ground to get the real feel (fear/greed/panic and all things that come with the package)
Personally I trade on MT4 (only to place orders) because multicharts which my broker offers is over-priced compared to their features. Issue with MT4 is that there is always room for the broker to tweak the spreads and to become a counter-party to the trades. Of course it all comes down to how the broker conducts their trades.. pass through or market making.
Although all said and done, I think there is a certain rite of passage for any trader.. lose some money (could be $500, could be $1000) first, and then learn the real lessons the hard way of discipline and money management. Experience is the best teacher... better than the dimwits selling a $1000 trading course promising to make people rich.
Personally I trade on MT4 (only to place orders) because multicharts which my broker offers is over-priced compared to their features. Issue with MT4 is that there is always room for the broker to tweak the spreads and to become a counter-party to the trades. Of course it all comes down to how the broker conducts their trades.. pass through or market making.
Although all said and done, I think there is a certain rite of passage for any trader.. lose some money (could be $500, could be $1000) first, and then learn the real lessons the hard way of discipline and money management. Experience is the best teacher... better than the dimwits selling a $1000 trading course promising to make people rich.
Robin Trade
Newbie
- Oct 15, 2013
- 1
- 0
- I choose forex trading for earning because in forex trading no limit of earning we easily earn money from forex every day in just a minutes. This is very easy and new way for earning money.
forexrider2
Newbie
- Oct 16, 2013
- 1
- 0
there is no age barrier in forex.so anyone can make money from forex!!!!I am a student so i think it is money earning source for me