Forex Trading - Help!

[teacup]

FOREX trading - Help!!!

Which company…????

For anyone who are doing FOREX!!!

I’m trying to get in to the forex trading here.

Been thinking/lurking for such a long time on this idea, so now I think it's the time.

Just want to know……from your own experiences

Which company is good/reliable to sign up with?

Average monthly fee

Good customer service

Good/reliable access to technical indicators/ live charts

Ease of transaction and money transfer

Offering paperless statement

Convenience /Accessibility of trading from Thailand

Or anything you want to point out….

I just don’t know which one is the best, there are sooooo many of them to choose from

Thanks in advance for you help

TC

Edited February 18, 2009 by teacup

[Chivas]

Personally I use Tradefair based in London.

They pretty much cover everything you asked and with zero monthly fees.

Spread is 3 pips on currency Sterling/Dollar

Chivas

[teacup]

Personally I use Tradefair based in London.

They pretty much cover everything you asked and with zero monthly fees.

Spread is 3 pips on currency Sterling/Dollar

Chivas

How much is their minimum deposit?

I'm in the US currently, so should I pick out those that are based in the US...would it be better?

[Chivas]

If you're from the States you cannot use Tradefair for some reason.

I really dont know why but it specifically excludes access from the States.Perhaps use a company from the USA.

Margin on £1 trade on currency is x200.

Chivas

[teacup]

BUMMER

Thanks, Chivas

ok back to square one again......anyone else?

[Naam]

If you're from the States you cannot use Tradefair for some reason. I really dont know why but it specifically excludes access from the States.

banks and financial institutions nowadays not only hesitate but a lot of them flatly refuse to accept U.S. citizen or U.S. persons as new clients. the reason is that they don't want to comply with the complicated report system (form 1099 for each and every transaction) and especially want to avoid the blackmailing of the IRS and some U.S. courts.

besides, a base that let's you trade forex with a spread of 3bps can costwise impossible afford to comply with the afore-mentioned regulations. as simple as that.

[trd]

Try Interbank Fx. I have an account with them. Based in Salt Lake City. They have a good reputation.

http://www.ibfx.com/

[thaihome]

So let me make sure I understand this. The OP wants to get into FX trading, to make money I assume, but he is going to an Thai Visa Internet forum for advice on what broker to use?

Strongly suggest the OP go the link above and run a demo account for long time to see what he thinks before actually betting (and it is betting) any real money.

Red Flag:

If you deposit 100k USD and make 1,000 trades within 90 days, they give you, get that GiVE YOU $2,500.

Gee, I wonder how they do that?

TH

[trd]

Yes absolutely. Don't even think about trading real money. Run a demo account for 6 months to a year until you can prove that you can make consistent returns. You should know that 95% of traders lose money.

[Chivas]

Not long enough-use a demo account for a minimum of 2 years

3 important things to remember IMHO

Pick a specific financial instrument re forex and do not be a jack of all trades-learn one market and stick to it.

Secondly-dont make the mistake of actually having a live account and feel the need to be in the market at all times.

Pick your times on entry and be in no hurry.

Charts etc are well and good but they are historical at best and use a stop loss facilty and stick to it !!

(most live accounts automatically set a level for you)

Chivas

[teacup]

Just to clerify

Yes I want to get into FX trading, but not right away tho….I’m more sensible than that, give me some credit here boys.

For your info - I have been trading in the “equity markets” including “options”, for quite sometimes now, (more than 6 yrs on my own and have been doing quite ok)…..So I am no green in trading.

No I’m not a day trader, I do have a real/day job, but just want to get into FX market cause it might be useful for me when I’m moving back to Thailand this October.

I’m pretty good in reading those technical charts, and will be transferring big sum to Thailand for major purchases, so just want to know the best timing for each transfer thus maximizing the exchange rate, thru chart readings.

If it’s proven to be interesting then I might get into doing FX trading “for real” later. But for now it's still an uncharted territory for me.

Just want to know.... which is the good company to sign up for. I just want to set up with them while am still in the US here, just in case I want to tickle it once I’m in Thailand later on.

Now don't think that ....just because I have breasts, I'm pretty dumb when it comes to trading

[OriginalPoster]

If you're from the States you cannot use Tradefair for some reason. I really dont know why but it specifically excludes access from the States.

banks and financial institutions nowadays not only hesitate but a lot of them flatly refuse to accept U.S. citizen or U.S. persons as new clients. the reason is that they don't want to comply with the complicated report system (form 1099 for each and every transaction) and especially want to avoid the blackmailing of the IRS and some U.S. courts.

besides, a base that let's you trade forex with a spread of 3bps can costwise impossible afford to comply with the afore-mentioned regulations. as simple as that.

1099 Forms are an annual summary of income other than wages. They aren’t a record of individual transactions.

[keestha]

Teacup,

Forex threads keep popping up on TV, and there are "professional traders" posting who are "making money".

A good idea for you: dig deep into the search function, and try to contact posters who claimed to be making money with this 3-4 years ago. Ask them if they are still into forex.

[trd]

If you like trading options you will like forex for the same reasons - namely leverage, except you won't have the greeks to worry about and expiry dates. My interest started with options but I moved to forex. And if you know tech analysis then no problem. Price action principles are the same in any market.

It's not necessary to set up with a broker while you're in the US. You can do it all online as I did from Thailand. They all accept scanned documents by email.

[teacup]

Trd

So which company are you using?......very happy with them, or just ok?

[trd]

I use IBFX and I'm happy with them. Best to go with a broker that is regulated by the National Futures Association. Can you not trade forex through your options broker? If not spot market you should be able to trade currency futures.

Here's a useful independent review of brokers.

http://www.100forexbrokers.com/

[teacup]

Fidelity wouldn't let me do option!!!.....they still don't trust me....haha

I'm doing all my option thru Scottrade

[lannarebirth]

Just to clerify

Yes I want to get into FX trading, but not right away tho….I'm more sensible than that, give me some credit here boys.

For your info - I have been trading in the "equity markets" including "options", for quite sometimes now, (more than 6 yrs on my own and have been doing quite ok)…..So I am no green in trading.

No I'm not a day trader, I do have a real/day job, but just want to get into FX market cause it might be useful for me when I'm moving back to Thailand this October.

I'm pretty good in reading those technical charts, and will be transferring big sum to Thailand for major purchases, so just want to know the best timing for each transfer thus maximizing the exchange rate, thru chart readings.

If it's proven to be interesting then I might get into doing FX trading "for real" later. But for now it's still an uncharted territory for me.

Just want to know.... which is the good company to sign up for. I just want to set up with them while am still in the US here, just in case I want to tickle it once I'm in Thailand later on.

Now don't think that ....just because I have breasts, I'm pretty dumb when it comes to trading

Been using:

http://www.interactivebrokers.com.hk/en/main.php

Cheap commish.

I'm an IB customer as well and I recommend them to just about everyone. For large volume options trading however I recommend Eregal. $19.95 for unlimited quantity.

http://www.eregal.com/products-services.htm

[trd]

The best thing about trading here is that the most active session is at the very civilized time of 3 in the afternoon. Beach, couple of hours trading the London open, followed by beers.

[jesimps]

Am with FXCM - micro account ie 10 cents a pip. Accept proof documents by fax or email and payment by credit card. Only been with them for six months and haven't attempted to withdraw funds as yet. Only complaint is that there is no way to contact them in an emergency, they won't give out phone number. If internet drops out and you haven't had chance to insert a stop, you could get whipsawed for lots of lolly.

[ultimateoffshore]

Your right there TRD beers or tears...currently using alpari uk FSA registered if that means anything and funds insured up to 10k.Found there platform trades fair compared to other MT4.

[trd]

I also have an account with Alpari UK but didn't mention it because I don't think Teacup as an American can apply. Good broker.

[ultimateoffshore]

I heard New laws in US forbid online gaming which seems to knock on to Uk brokers however i do know that US nationals are using offshore LLC to gain access,a friend of mine has a capital spreads account ,they don,t seem to mind corporate entities.

[trd]

An american has no problems in opening an account with a US broker, but they have to give their social security number which the broker passes on to the IRS. That doesn't happen if you are a Brit. Alpari in the UK isn't interested in my tax details and I can open an account in the US with just a copy of my passport and a utility bill. Unfortunately for americans the IRS hunts them down wherever they reside and they ensure that non US banks and brokers agree not to take them on. That's how much power the US government has. On a related issue the US is trying to wipe out all the offshore tax heavens, with Gordon Brown's help of course.

Not for one second would I advise anyone to avoid their tax obligations of course.

[ultimateoffshore]

Agreed TRD ..do not avoid your tax obligations but if you wish to use UK brokers there are avenues.

Regarding the US Governments suggestion to wipe out the tax havens i believe it is said what he has in mind here are offshore personal accounts since many people use these to hide money. But they will not be able to close down offshore company accounts since these are essential for many companies who do business overseas.

[ultimateoffshore]

Hi Trd..your earlier comment was spot on..i have just heard this news online

"The Swiss Bank will turn over Identities of US citizens using their banks to avoid taxes"

[Chivas]

Am with FXCM - micro account ie 10 cents a pip. Accept proof documents by fax or email and payment by credit card. Only been with them for six months and haven't attempted to withdraw funds as yet. Only complaint is that there is no way to contact them in an emergency, they won't give out phone number. If internet drops out and you haven't had chance to insert a stop, you could get whipsawed for lots of lolly.

I would dump them soonest then !!!

No telephone access ?? Are you sure ??

Surely they insert a stop automatically or have you overridden the facility ??

Chivas

[Naam]

If you're from the States you cannot use Tradefair for some reason. I really dont know why but it specifically excludes access from the States.

banks and financial institutions nowadays not only hesitate but a lot of them flatly refuse to accept U.S. citizen or U.S. persons as new clients. the reason is that they don't want to comply with the complicated report system (form 1099 for each and every transaction) and especially want to avoid the blackmailing of the IRS and some U.S. courts.

besides, a base that let's you trade forex with a spread of 3bps can costwise impossible afford to comply with the afore-mentioned regulations. as simple as that.

1099 Forms are an annual summary of income other than wages. They aren’t a record of individual transactions.

wrong! in my case for each and every coupon i received and for every individual transaction (purchase and sale of any asset whether bonds or currency conversions) a form 1099 was issued. the originals were sent from my offshore bank to the IRS, the copies to me. when i was a U.S. taxpayer i had more than two dozen of emerging market funds. most of them paid monthly dividends, i.e. each year i ended up with a bundle of 1099s which made filing the return for two years a pain in the àss till i found a more elegant solution.

[trd]

Am with FXCM - micro account ie 10 cents a pip. Accept proof documents by fax or email and payment by credit card. Only been with them for six months and haven't attempted to withdraw funds as yet. Only complaint is that there is no way to contact them in an emergency, they won't give out phone number. If internet drops out and you haven't had chance to insert a stop, you could get whipsawed for lots of lolly.

I would dump them soonest then !!!

No telephone access ?? Are you sure ??

Surely they insert a stop automatically or have you overridden the facility ??

Chivas

I've just clicked on "Contact Us" on the home page of the FXCM web site and I see 5 telephone numbers listed.

Chivas, I have never seen a broker that will put in an automatic stop loss. A stop should never be automatic. Where to place it depends on the time frame, support and resistance levels and other parameters and is an integral part of trading?

[trd]

Am with FXCM - micro account ie 10 cents a pip. Accept proof documents by fax or email and payment by credit card. Only been with them for six months and haven't attempted to withdraw funds as yet. Only complaint is that there is no way to contact them in an emergency, they won't give out phone number. If internet drops out and you haven't had chance to insert a stop, you could get whipsawed for lots of lolly.

Hey jesimps have you looked at FXCM contact page. I just had another look. I've never seen such good telephone broker support. There is even toll free from Thailand. And another thing. I'd forgotten I still had FXCM Trading Station on my computer. You can insert a predefined stop as an emergency stop. Perhaps this is what Chivas meant just in case you lose your internet connection.