Best Forex Platform for Beginner?

Ok, I've decided to give forex a try, I've been using a practice account at eToro, and I've been managing to make $200+ a day with the practice money they put at our disposal, now, I plan to invest $500 in a forex plataform, and I'm looking for your guys opinion on where should I deposit my money, I've been hearing that eToro is great for newbies, which is what I am, I feel that although I've made some virtual money with forex, this was due more to pure luck than marketting skill, honestly I still don't understand 95% of how the forex market operates.

So, in a nutshell, what would you guys say there is the best forex plataform for a forex noob start trading real money?

If you guys have any tips, suggestions, they would certainly be appreciated!

Thanks.

Make sure, whoever you use, that the 500 dollars you plan on losing. I'm not saying this is what is going to happen but you should never speculate with money that isn't risk capital. With that said, trading live is much different from a practice account in the sense that you're playing with your own money which makes it more difficult to be completely detached. Personally, I use gain capital (forex.com) but that is because I like their platform and charting program.

etoro has a easy to use platform. but i would suggest that u should look into broker using MT4 platform..to name a few: FXDD, IBFX or FXCM.

Practice accounts can suck you right in. They tend to make you think you've got it down pat. Everything changes when you go live.

I can almost guarantee that you will lose your $500, and quite a bit more if you continue adding money to your account. It takes quite a few winning trades to make up for one bad one. When you're in that loosing trade, you just can't believe it won't turn around, because your system says it will.

I, and a couple of friends traded for several years in commodities. They moved on to Forex after I quit. One of them lost $60,000 in one Forex trade last year. No thanks. One trade like that is a killer.

The emotional highs were great, but I didn't want to continually deal with the emotional lows. At least when you sell on the Internet, you only have relatively minor lows when things don't go your way.

The problem wasn't in being able to predict which way the markets would move. We were right about that 98% of the time. The problem is when will it happen. The set-ups that you see today, might not happen for two weeks. We would get into trades, but did not have enough money to hold out until it went our way.

If you do it, just be prepared for the emotional roller coaster that is part of it. Whatever you decide to do, good luck to you.

acidevil said:

etoro has a easy to use platform. but i would suggest that u should look into broker using MT4 platform..to name a few: FXDD, IBFX or FXCM.

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What's so good about MT4? I've tried it once and it looked very complex, what is the reason that makes it so praised among traders?

Dillusion said:

What's so good about MT4? I've tried it once and it looked very complex, what is the reason that makes it so praised among traders?

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So that you can use and program EA's and stuff so that you can have your strategy executed without human input, i.e, when you're not at the computer.

majestry said:

So that you can use and program EA's and stuff so that you can have your strategy executed without human input, i.e, when you're not at the computer.

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Well, I have absolutely zero programming knowledge, so I would probably stick to eToro

I'd try OandA. As far as I'm concerned, they're the best broker. Sure, the platform is Java, and you can't program it without paying a ton of money (or executing a ton of trades), but you really want a good broker, not an easy platform.

I mean really, what does it matter if you make a ton of money if you never get cashed out, or if you get slipped into being unprofitable? I'll take a crappy interface over a crappy broker any day.

btw, don't go nuts. there's a biiiiig difference between demo trading and live trading.

exactly, demo and live account was totally different. u really need to get more knowledge on trading and also a good money management skill though.

What exactly is the difference between live and demo, I mean, aren't they tecnhicly the same, don't you sell and buy, exactly the same way, don't you have the same spreads, what is this major difference that you speak of?

In THE demo when you click to sell or buy it happen. Now when live it all depend your platform, with oanda i ve been losing 1000s cause i could not sell in time, first THE big guys get out of the game then you

pyangt said:

In THE demo when you click to sell or buy it happen. Now when live it all depend your platform, with oanda i ve been losing 1000s cause i could not sell in time, first THE big guys get out of the game then you

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That's been a big part of the experiences of my friends. They've tried many things to get real time buying and selling. None of it worked.

i heard of this before, in demo account, there is no broker monitoring ur trade, but instead there is while u trade live account. some broker might manipulate the price that makes u loss money.

You can try Oanda. It is popular platform.
You also need MetaTrader4 because you can have many technical analysis tools also create EA for robot trading.

Don't buy any EA. There is many place to get cool EA for free.
Try this website

Hope it helps.

i trade forex occasionally, and I can share with you the feeling of using practice account and real life account. During practice, since it is not real money, you tend to let the money and would not care much but during real money, your heart will be beating very fast because depending on your pips, you can lose 500usd within 60 seconds.

And there is no such thing as making money like usd200 a day unless you are investing about 10000 to start off with and you are a damn good expert.

Play forex if you can lose that $$, the risk is higher than even gambling at the casino. At least in the casino you can bet $100 and win $100 and your chances are 50%.

If forex, you need to control your emotions, play very very small and start making like usd 10-20 a day from your 500 investment. If you can do that consistently for the first month, reinvest another 500 to make your investment 1000 and double your profit. This also is very very optimistic.

acidevil said:

i heard of this before, in demo account, there is no broker monitoring ur trade, but instead there is while u trade live account. some broker might manipulate the price that makes u loss money.

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Some brokers operate like this. It's called a "Dealing Desk". A lot of Metatrader brokers have a dealing desk, but I heard that there's a new one offering Straight Through Processing (STP).

The real difference is that you're actually in the real market. Just like buying and selling real merchandise, people will beat you to the price you want when you open a trade and you'll be forced to open it at a worse price. Conversely, when you want to close a trade noone might want it at the price you want to close it at and you'll have to take a worse price. If you find a broker that offers level 2 quotes you'll see what I mean in action. You can also see a large scale version at OandA's "open position summary". I'm not sure I can post links yet, but you can google it.

This is called "slippage" because your trade "slips" to the next price. This is extremely common when trading in times of high volatility like news releases or in times of low liquidity like holidays.

Oh, if every strategy I ever wrote would just work like it did in demo...(daydreams of cars, houses, women, booze)....

Don't get sucked in and blow all your money, yes, it is true that people have made money from forex, but these 'practice' accounts are just there to lure you in.

dillusion: currently this month is not a good time for forex...the market is changing.. kinda unstable..so my advise is dont go into live yet..just my 2cents