Can anyone suggest a good Forex trading platform.?
It will be great if you had tested the platform and share the pros and con. It could be a house locally in Singapore or Oversea. It will be nice if you can share the risk experienced and may be look into ways of controlliing such risk. I am currently exploring the potential associated with trading Forex.
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Tagged with: Forex Questions • house • Oversea • platform • risk • Singapore • trading • trading forex
Filed under: Forex Brokers
The best thing I can tell you about forex is beware of scams. There are a lot of them out there so make sure you are working with a legitimate broker or bank. I’ve heard of people losing a ton of money when they thought they were trading in the forex market when they were really sending all their money to some scam artist in Nigeria.
I found a great site where I puchase a book that has all the information you could dream of. It has multiple link to trusted forex brokers and demos on trading and avoiding losses. Plus loads of other helpful links in the stock exchange and investing.
I can certainly tell you how to lose money in FX. I still love it and I’m pursing Forex at a slower pace.
First rule: All trading companies are poor. You have to pick the company based on what type of trading you’re doing and the cost. Also…. what are they doing to help you learn trading.
The vast majority are poor at "News Trading". Also you need to know if you want a "dealing desk" or not. I’m using one of each, depending on the trade.
Take your time. Use "mini-lots" if you can. Watch out for greed and emotions. Know why you’re in a trade & when you’re getting out of a trade (before you get into it).
Stay away from any web site that promtes "riches" in Forex. They’re all scams. There are more scams in FX than almost any other investment arena (metals may be worse… but not by much). Stay away from software that will tell you when to get in or out of the market (also scams).
GOOD LUCK!
As a beginner trader, I would look into Oanda. Always try out the demo account on any platform. That is the best way to find out if you like the layout, features, and if you can connect to it without having problems. Also, look at the spreads between currencies that each Forex trading company offers. This is your cost of trading. A company that has a wider Bid-Ask spread is more expensive; avoid them. You want to go with one that has a more narrow spread. One final thing, if you have less than $2500 to trade with, don’t invest in Forex. It is too volatile day-to-day for smaller accounts.
FXCM.com Check out FXCM. It has now an upgraded trading platform Download the demo version and just fool around. Plug in your data into this utility checker and see what is your forex aptitude. http://www.geocities.com/lcming/Forexbooks . scroll right to the end. FXCM has offices in HK, Australia and USA. You can trade through their toll free numbers while in those countries.