FOREX OANDA
looking for forex trader advice?
hello, I want to open an account with an online forex broker and I need to ask if anyone has traded or is trading with invest2forex.com. I also consider oanda, saxobank, alpari, gftforex and mgforex but I am somewhat concerned as i have been reading the past two days that there are a lot of scammers out there.Many customers have had slippage or other problems with even the most reliable and well known brokers. Any personal experience is highly valued.
thank you
How do you spot a scam?
- A scam will want to get as much money as they can from you, with the least amount of contact from you.
How do you then avoid scams in the foreign exchange market?
You find a broker that allows you to risk as little capital as possible. You look for a broker that has been around for a long time, with the least amount of complaints. You won’t find a broker that has a perfect record. Find one which others are using and will highly recommend.
Slippage is common. You will experience this even in the stock market. Slippage is more an issue with daytrading where you execute trades in very short time periods, in and out every few seconds or so, where the smallest increment will cost you a lot of money. To solve the problem of slippage, you zoom out. You trade a bigger time frame.
Brokers today brag about their dealing desk. Find one where there is less dealer intervention; where your orders will get filled automatically, no matter what the size, and what time you enter your trade. You may not get the price you want at certain times, like economic data release. That happens, and it is part of doing business. If you do not want that, then do not trade such times.
To succeed as a trader is within your control. I know forex traders who can make 8% monthly in third world countries, such as Kenya, Manila and other asian countries. These traders understand, accept and work with what they have, then build on it. They make it work for them.
I have tried several online brokers. I am now trading with OANDA. I started trading with them with only $10. If they were a bum company, then I would have lost only $10. Now all of the funds under my management are with oanda. Most of the new clients I get have no qualms when I tell them I trade with oanda and that their managed accounts will be with that firm.
Their customer service is good. You can contact them via live chat or email. They will respond to and resolve any issues you have within reasonable time.
With regards to secure funds, theirs is as good as the top brokers out there.
You won’t find oanda being advertised, other than through their own website. You will hear a number of traders using this firm. Some will rant, others rave about this firm. There are no perfect trading firms out there–find one that has lesser evil.
Other firms will want a higher minimum account balance. I do not have experience with the new brokers out there. I am wary of those because there is a capital requirement with the govt regulating entities. If for some reason they are not able to meet those requirements, they will get shut down. Then what will happen to yours and your client’s money? This is why you will find the new brokers offering sweet deals to get you to open a new account. Other times their sales people will hound you with phone calls or emails every day to get you to open an account.
Hope this helps.
- Jim http://jsforex.blogspot.com
Sunshine Forex-A/c Opening Guide-Oanda Part 2
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The Forex Trader’s Bill of Rights $4.98 … |