Platform: Metatrader but looking to find a good broker and platform
Favorite Futures: Forex - major pairs
Posts: 2 since Sep 2011
Thanks: 0 given,
newie looking for a good broker/platform/feeds
I am new to this forum and I must say that I think i have found a home on the web!!
I am fairly new to trading and am starting out in FOREX because of its low capital requirements to get started. I am currently using FX solutions but want to see what others would recommend. While starting with retail forex, i plan on expanding into futures stocks options etc. as my capital grows. It is my intent to get to a point where i can quit/retire from my current position and trade full time and substain/increase my exsisting family income.
Listed below are my requirements and I know that some of them are not realistic or viable but in my view of the world it would make things WONDERFUL!!
1. Low capital investment to start, like 500 dollars but no more than 2/3K..
2. allow me to use same account for forex and other markets.
3. Has a good mobile app that works on the ipad.
4. Has good customer service
5. Has a platform that works on a Mac. I know this is a killer!!
6. low spreads
7. accepts third party apps like EAs, and others.
8. reliable order procesing
9. low slippage.
10. Good market for third party add on products.
11. Has a good base of support programmers for developing custom trading code.
I have been looking at MB Trading and it seems like a good broker and platform but I certainly want to hear what type of recommendations that you all have to offer.
He wants to start with $500. I thought Oanda required 100k?
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I was with IBFX for a year. GOod broker in my opinion. You really don't need to be live until you are profitable SIM for a while, so why doing that maybe check out 10 or so brokers like I did. I would stay away from forex.com/Fxcm.
Limiting to a mac is a big hurdle. Most trading platforms are written for windows so using a mac will limit you mostly to web based interfaces. Web based stuff usually doesn't have the power and versatility of a stand alone platform. Also web based platforms rarely have programming abilities and thus poor/non existent developer base. Building a trading specific PC that allows you to use the majority of platforms will save you in the long run as you will have a better choice of platform. Over a trading career a good platform will easily pay for a custom pc every few years. That said a good value (not cheap) broker will probably put more in your pocket too.
A cheaper option would be to set up bootcamp specifically for trading but a trading specific pc has other redundancy advantages.
I'm not anti Mac, I just don't think they are the right tool for your job.
edit: play with a few trials for the more popular platforms like Multicharts and Ninja Trader. Once you have found software that suits your needs it will narrow down your broker choice and make things a bit easier. Or you could do the opposite and find a good broker and then chose from the platforms they offer. I tried everything I could get my hands on before putting a dime in the markets.
Last edited by Treggs; September 25th, 2011 at 08:05 PM.
I dont trust any FX broker in sim, that is just asking for trouble.. I rather research how many of their clients win on the quarterly report and take a look at those that offer wires out as well (those cant be recalled) via their website (vs. having to call it in).. dont ever do ACH/CC/Paypal for a broker.. that is asking for trouble as well.