Funding Forex

[jesimps]

I am a newcomer to forex and have recently registered with FXCM. After a few weeks messing around with the demo platform, I feel like I am in a position to get started in a small way. My questions are: when I fund my account from my UK bank with pounds sterling, what rate do FXCM use to convert to dollars? If I close my account, I assume that they will pay me the balance in dollars, is this correct? If I bottle it and do no trading at all, then I close my account, then what I get back depends on the pound/dollar exchange rate at the time, therefore I would be using FXCM like a bank without the bank interest. Correct? Grateful for advice.

[garyh]

Perhaps the best people to ask is FXCM, anyway you could look at the GPBUSD chart to get the current exchange rate.

[PCA]

I am a newcomer to forex and have recently registered with FXCM. After a few weeks messing around with the demo platform, I feel like I am in a position to get started in a small way. My questions are: when I fund my account from my UK bank with pounds sterling, what rate do FXCM use to convert to dollars? If I close my account, I assume that they will pay me the balance in dollars, is this correct? If I bottle it and do no trading at all, then I close my account, then what I get back depends on the pound/dollar exchange rate at the time, therefore I would be using FXCM like a bank without the bank interest. Correct? Grateful for advice.

Basically you can park the money in any currency available with your broker when you just don't use leverage. But as you say, no interest payments.

[fxtrader]

I am a newcomer to forex and have recently registered with FXCM. After a few weeks messing around with the demo platform, I feel like I am in a position to get started in a small way. My questions are: when I fund my account from my UK bank with pounds sterling, what rate do FXCM use to convert to dollars? If I close my account, I assume that they will pay me the balance in dollars, is this correct? If I bottle it and do no trading at all, then I close my account, then what I get back depends on the pound/dollar exchange rate at the time, therefore I would be using FXCM like a bank without the bank interest. Correct? Grateful for advice.

hey u newbie,

the exchange rate u will get will be same as in any bank.......

2ndly if u want to use fxcm like a bank then i would recommend u to use oanda because they pay interest on your money which is free....i.e. whch u r not using for trading.....browse oanda.com start to end and u can get answers to all ur queries....or simply email them.....they also hv a demo account.....

[Chivas]

I am a newcomer to forex and have recently registered with FXCM. After a few weeks messing around with the demo platform, I feel like I am in a position to get started in a small way. My questions are: when I fund my account from my UK bank with pounds sterling, what rate do FXCM use to convert to dollars? If I close my account, I assume that they will pay me the balance in dollars, is this correct? If I bottle it and do no trading at all, then I close my account, then what I get back depends on the pound/dollar exchange rate at the time, therefore I would be using FXCM like a bank without the bank interest. Correct? Grateful for advice.

hey u newbie,

the exchange rate u will get will be same as in any bank.......

2ndly if u want to use fxcm like a bank then i would recommend u to use oanda because they pay interest on your money which is free....i.e. whch u r not using for trading.....browse oanda.com start to end and u can get answers to all ur queries....or simply email them.....they also hv a demo account.....

How the hel_l does anyone claim to be a forex trader whilst communicating in pidgeon English as above.

To the poster it actually pisses people off trying to decipher !

[jesimps]

I am a newcomer to forex and have recently registered with FXCM. After a few weeks messing around with the demo platform, I feel like I am in a position to get started in a small way. My questions are: when I fund my account from my UK bank with pounds sterling, what rate do FXCM use to convert to dollars? If I close my account, I assume that they will pay me the balance in dollars, is this correct? If I bottle it and do no trading at all, then I close my account, then what I get back depends on the pound/dollar exchange rate at the time, therefore I would be using FXCM like a bank without the bank interest. Correct? Grateful for advice.

hey u newbie,

the exchange rate u will get will be same as in any bank.......

2ndly if u want to use fxcm like a bank then i would recommend u to use oanda because they pay interest on your money which is free....i.e. whch u r not using for trading.....browse oanda.com start to end and u can get answers to all ur queries....or simply email them.....they also hv a demo account.....

Thanks mate will have a look at that site. Another question: I opened a trading account with FXCM and did a bit of trading yesterday with no problems. Tried to brin up the trading station today and keep getting the following message:

"Cannot connect to http://microlot.fxcorporate.com server.

Trade and update servers are only available during regularly traded market hours.

If you have received this error during regular market hours, there may be a problem

with our network settings or firewall software which is preventing the connection

to the servers.

Check it or contact your system administrator."

Does this mean that I'm not allowed to trade at the weekend or is something wrong with the system? I get the same message when I try to log into my demo account.

By the way, understood everything you said, but I have six kids and have been used to decyphering their text messages over the years. Right then, will have a look at that oanda site seeing that I can't trade FXCM.

[jesimps]

I am a newcomer to forex and have recently registered with FXCM. After a few weeks messing around with the demo platform, I feel like I am in a position to get started in a small way. My questions are: when I fund my account from my UK bank with pounds sterling, what rate do FXCM use to convert to dollars? If I close my account, I assume that they will pay me the balance in dollars, is this correct? If I bottle it and do no trading at all, then I close my account, then what I get back depends on the pound/dollar exchange rate at the time, therefore I would be using FXCM like a bank without the bank interest. Correct? Grateful for advice.

hey u newbie,

the exchange rate u will get will be same as in any bank.......

2ndly if u want to use fxcm like a bank then i would recommend u to use oanda because they pay interest on your money which is free....i.e. whch u r not using for trading.....browse oanda.com start to end and u can get answers to all ur queries....or simply email them.....they also hv a demo account.....

Thanks mate will have a look at that site. Another question: I opened a trading account with FXCM and did a bit of trading yesterday with no problems. Tried to brin up the trading station today and keep getting the following message:

"Cannot connect to http://microlot.fxcorporate.com server.

Trade and update servers are only available during regularly traded market hours.

If you have received this error during regular market hours, there may be a problem

with our network settings or firewall software which is preventing the connection

to the servers.

Check it or contact your system administrator."

Does this mean that I'm not allowed to trade at the weekend or is something wrong with the system? I get the same message when I try to log into my demo account.

By the way, understood everything you said, but I have six kids and have been used to decyphering their text messages over the years. Right then, will have a look at that oanda site seeing that I can't trade FXCM.

Hate to reply to my own post, but belay my last. Just found out that fx trading platforms close for the weekend. Told you I was a novice. Been practicing for a few weeks on the demo platform and did my first day's trading for real yesterday. Lost 12 dollars then gained 2 back, so quit at -10 bucks. Wouldn't mind, am up about 3,500 dollars on my demo platform! Maybe it's because I'm ultra cautious when using real money and need to widen my stops to something like I use on the demo. Am using simple charts and have been trying to go with the trends. Also been sticking with the big 4 currencies.

Any advice would be appreciated, am well aware of the risks and have taken on board all thats been said in this and other threads, but any little hints and tips that haven't been aired would be welcome.

[lannarebirth]

I am a newcomer to forex and have recently registered with FXCM. After a few weeks messing around with the demo platform, I feel like I am in a position to get started in a small way. My questions are: when I fund my account from my UK bank with pounds sterling, what rate do FXCM use to convert to dollars? If I close my account, I assume that they will pay me the balance in dollars, is this correct? If I bottle it and do no trading at all, then I close my account, then what I get back depends on the pound/dollar exchange rate at the time, therefore I would be using FXCM like a bank without the bank interest. Correct? Grateful for advice.

hey u newbie,

the exchange rate u will get will be same as in any bank.......

2ndly if u want to use fxcm like a bank then i would recommend u to use oanda because they pay interest on your money which is free....i.e. whch u r not using for trading.....browse oanda.com start to end and u can get answers to all ur queries....or simply email them.....they also hv a demo account.....

Thanks mate will have a look at that site. Another question: I opened a trading account with FXCM and did a bit of trading yesterday with no problems. Tried to brin up the trading station today and keep getting the following message:

"Cannot connect to http://microlot.fxcorporate.com server.

Trade and update servers are only available during regularly traded market hours.

If you have received this error during regular market hours, there may be a problem

with our network settings or firewall software which is preventing the connection

to the servers.

Check it or contact your system administrator."

Does this mean that I'm not allowed to trade at the weekend or is something wrong with the system? I get the same message when I try to log into my demo account.

By the way, understood everything you said, but I have six kids and have been used to decyphering their text messages over the years. Right then, will have a look at that oanda site seeing that I can't trade FXCM.

Hate to reply to my own post, but belay my last. Just found out that fx trading platforms close for the weekend. Told you I was a novice. Been practicing for a few weeks on the demo platform and did my first day's trading for real yesterday. Lost 12 dollars then gained 2 back, so quit at -10 bucks. Wouldn't mind, am up about 3,500 dollars on my demo platform! Maybe it's because I'm ultra cautious when using real money and need to widen my stops to something like I use on the demo. Am using simple charts and have been trying to go with the trends. Also been sticking with the big 4 currencies.

Any advice would be appreciated, am well aware of the risks and have taken on board all thats been said in this and other threads, but any little hints and tips that haven't been aired would be welcome.

My advice is this. Find a methodology you intend to use. Spend 1000 hours or more simply observing it or until you instinctively know what may happen next from having so much observation time. Then spend 100 hours on a demo platform. Then trade exactly as you have trained yourself to trade. Do not overtrade. do not use excessive leverage.