Being a newby at FOREX, it is mind boggling the amount of information out there and there also seems to be as much positive as negative towards most brokers, most platforms and the charts these various platforms provide….cutting through the clutter is simply a process of trial and elimination by playing with the various platforms to find the one which is most comfortable for me as an individual.
I now believe I have come down to a fine list of where I need to start as a beginner and then as I become more experienced and familiar with trading I will naturally look for a better platform and/or broker and/or charts.
The combination factors I have selected were to firstly choose my preferred platform then find the right broker that supports that platform because to me it seems crazy to read and plot a chart and then place a position on a different platform that is not synched.
I have decided I want to develop my own technique and work out my own indicators so I do not necessarily need a plarform that provides robots or preset trading strategies so I do not need a Market Maker Broker that provides simplicity gimmicks, rather it is in my interest to use a Non Dealing Desk Broker which does not work against my positions and gives me a smaller spread which ultimately means I potentially make more money and/or it also costs me less per trade.
I also need a broker that will allow leverage up to X200 plus scalping plus does not require me to start with a $10K min trading account so all these factors have reduced my option of brokers which is a good thing.
For those that are interested in my research , here are the result of my trials.
* I have tried eToro – absolutely love the simplicity but spreads are way too large and system just seems too simple – charts are crap - This is a Market Maker Broker so it instantly puts them out of the equation anyway.
* I have tried – DealBook 360 and DealBook Web. Nice system but for some strange reason it does not feel right??? As I see it, DealBook is like Apple v Microsoft where Dealbook is Apple.
* I have tried Matatrader 5 but as I understand it is still in beta phase and not many brokers use it although it is based on a new platform and does have enhanced features over Metatrader 4 so possibly something to watch going forward.
* I have not yet tried the Tradestation software and it appears I will probably not use it because Tradestation as a broker, price themselves out of the market for beginners and they make no quarms about the fact that they appear to only want to deal with professional traders......if you look at their prices, you wonder why anyone would use them....maybe their software is just sooo brilliant but unfortunately at this stage I will never know.
* I have tried AxisTrader using Metatrader Axis platform linked to MyFx Console which allows for simple template 1 click trades – at present, this seems to be my preference…not sure why but maybe because they are Australian, good reputation, excellent spreads and simple 1 click template setup trading. This uses the Metatrader 4 system. BUT what brings this together for me is the synch with MyFx Console.
It appears that 80% of trader use a spin off of Metatrader 4 so I suppose at this stage I cannot go too far wrong.
So there you have my journey and now that I have made my decision of platform and broker I will now start studying, working out my own indicators and demo trade, demo trade, demo trade......
PS: I forgot to mention in my previous thread, during my trial phase I have tried to communicate with many brokers and all bar 2 have taken the time to actually call me. All the others have been via email only and there have been days delay in communication. So to sum up, in the past week I have had amazing support service from AxiTrader with numerous phone calls from them so if this is any indication considering I am not even trading yet, it appears my selection of broker based on service has been pretty good.
using TRAD as a broker is a choice in the end... one can still use the platform, and send the other to other brokers triggered by the TS9 platform.. there are tools that enable you to do that, and some ELD's written by other platform vendors... as an example.. Tradevec enables systems trading from tradestation... another one that does similar thing is NinjaTrader, and then there is also tradebullet... and that is just to mention a few.
LOL, I am not going so start trading with X200 leveredge but once I get good at it, I would like to know I have that option available to me. Besides, with my curren broker I can trade a lot smaller $ entry positions with up to X200. They do not require that my minimum buy in must be $1K or even $100.
I ran Tradestation and NT/Mirus side-by-side for a few months. 75% of the time there was minimal difference, but Tradestation definitely had more data lag during high volume and even froze occasionally while NT hummed along. The only time I have had NT lag issues was when I had too many indicators (that will get you in trouble anyway), global draw objects on too many charts, or certain indicator shading opacity. Tradestation writing was so much easier for a non-programmer, and the historical data was better, but for stability, NT was in a completely diffferent league.
The following user says Thank You to GaryD for this post:
Ever consider MultiCharts? For current TradeStation users, it seems like a more logical switch than NinjaTrader in many ways.
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Hi Gary, thanks for the feedback. I have eventually decided to use AxiTrader which uses the MT4 platform but I have attached MyFx Console and the 2 together work great. Granted the charts leave a bit to be desired but at this stage I am now focused on getting my trade indicators right and doing a lot more practice trading then once I am more confident and am trading live then I will look at more in depth charting software.
I will first try and master my system on a basic charting program.