To introduce myself briefly: I am Australian and primarily interested in FX and am really green, ha !....well I have a little knowledge, which is somewhat interesting, if not outright dangerous.
I almost blew up an account on Options and am skittisch as a result, when it comes to live trading. So, I am paper trading at present trying to get a 'handle'on the HawkeyeTraders software, which I have purchased a month ago. (no I am not trying to sell or spam - just info on where I am comming from).
Once I go live I would probably trade 1 - 2 hours a day max, preferably far less.....lets see what kind of style I can develop that fits in with my schedule. I free-lance for a living in 'arts and culture' and have a few balls in the air, so not able to spend half a day in front of a screen, nor would I want to.
I appreciate this forum, which I sometimes visit. I like the lack of BS and the resources. Am an Elite member.
I currently use NinjaTrader with Kinetik and papertrade FX on ThinkOrSwim (ToS), which I used when trading options. I want to open an account with a different US broker, as ToS is too expensive for FX trading.
QUESTION: I do have one question on FX brokers and would be grateful for feedback:
I have my funds in the US (held in USD) and given the current high AUD it would be crazy to transfer them out.
For FX, does anyone have good experiences with MBtrading or another broker, for small/modest account sizes?
My wishlist is: Reasonably tight spreads, low fees, minimal round turn fees (which is why I want to leave ToS) very stable fast platform, no "funny buisness", good customer service and security of funds.
On security of Funds: A few Australian FX brokers offer customer funds held in separate AAA rated well known Australian banks. Does MBtrading or another broker offer the equivalent in the US. Does anyone have a well founded advice on security of funds when working with a US broker
thanks very much for taking time to consider the above
The following user says Thank You to sienna for this post:
I just found this nice forum together with Mike's blog and it looks really interesting to me.
I have started about one year ago, and did all the mistakes a beginner could make. I doubled accounts, I busted accounts, had highs and lows but never really "traded".
Right now I am in Gibraltar to learn more about forex trading. I think since then I am slowly but surely moving into the right direction, understanding the importance of consistency, about having a plan.
Sadly, I still have to work on my mindset, which also encourages me to move on with my trading robot development, which I started one year ago as my degree disseration as a Computer Scientist.
I am still developing my own little trading blog, so I can improve my skills by and motivate myself by writing about trading and showing my thought processes to others.
I am sure I will find a lot of useful hints here, and maybe I can even help out some other beginners with my experience I gained so far.
The following user says Thank You to DRAGONByTE for this post:
I am sending this reply from down under Newcastle Australia.
I have been trading the SPI 200 futures on and off for about 10 years. Unfortunately I have mixed blessings with this instrument. Comfortable $25 point value, however it has been quite erratic to trade. Have recently moved over to US based account where i have begun trading the ES and NQ. What is interesting to note is that i am still able to trade the SPI but at a significantly reduced commission than what i was (and still am) paying in Australia - work that one out?? I still have a lot to learn from the US stock index futures. I am determined, however, to enjoy this journey.
Kind regards to everyone on this thread.
The following user says Thank You to DrMatt for this post:
So glad I found this forum. I cannot wait to dive in and read all the post and information on this site. I can tell by the post I have been reading that there are some really interesting people out there.
I am new to trading and hope this site will be my resource to make it happen.
The following 2 users say Thank You to Dantheman for this post:
I'm from Belgium ...
But I trade only the US markets.
Looks like a nice place here ....
I mainly focus on high relative strength stocks, but I ignore fundamentals completely. (So I'm a pure technical trader ).
I have about 10 years of experience.
What I learned is that the key is to limit your losses (of course) on one hand, but also trying to be only involved in the market when it is really healthy .... and I guess we all know that being patient and waiting for the right opportunities is not always easy ...
The following 2 users say Thank You to fonzzz for this post:
when I started this journey I never imagined quite how many detours I would need to make to get to where I am now. I've blown my account a couple of times and eventually come to realise that I am (or at least was) my own worst enemy....interesting how FT71 calls your emotions, your Monkey.....I think he was being very generous (or polite)...mine is a *&*!"%(:@ devil.
I think I have the hang of this game now....but really only time will tell. I used to trade the Euro exclusively until I realised that an instruments behaviour is inversely proportional to the number of idiots trying to trade it...so now trade it (the Euro/USD that is) small and for fun only.
I have gone through the gamut of indicators and systems and even spent a solid 18 months programming auto-traders only to realise that while they were profitable it was too painful to watch....like being a car with a learner driver...so now just use volume profiling and price action.
I now like to focus on two things....learning instrument behaviour......the "why does it do this, when that happens" and trading psychology. With enough screen time I hope to master both.
I'd just like to thank Big Mike for pulling this resource together and if not necessarily making my life easier...at least explains a lot of what goes on.
The following user says Thank You to lostprophet for this post: