Page 1

Your Questions About Forex Reviews Rated The following Question and Answer is brought to you by our Forex Consultant with interaction from members of the Yahoo Answers community.

David asks…

what is the truth about forex? I traded succesfuly in a demo account for 3 months, now if i can make a 10 % monthly accumulated, then it seems like i can score a million in 4 or 5 years. now what’s the catch ?? i use scalping and also trade in 15 min frame trading, use several indicators, now there are several miths (or thuths i dont know) out there about forex: it’s a zero sum game !!! ecn dont manipulate your prices like market makers do!!! forex is a scam they hunt your stops and or manipulate prices, they delay your orders !! when you start making a lot of money they close your account !! they dont let you withdraw your money!! It takes a little comon sense to realize that it is not a zero sum game since a currency pair that moves 100 pips in one direction from 1.2810 to 1.2910 ten guys can make ten pips each buying and selling each other. and even the last guy could probably buy for a longer position and hold for days or weeks with larger stops. I also heard that things changes when you move from a demo to a real live account: with slippage and other problems. Now with so many scams it is hard to make a desicion about what broker to choose. FXCM, CITI, SAXO, CMC, CMS, OANDA, ETORO, FOREX.COM, GFT. Seems to be the best rated, but then again is so easy to fake a review, plus i found all of them to have negative reviews in some websites. My question is what is the technical difference between a real and demo account, not the emotional of course when you trade a real one you risking hard earned money. i also found this link in wikipedia: http://en.wikipedia.org/wiki/Forex_scams CFTC investigated more than 80 cases involving the defrauding of more than 23,000 customers who lost $350 million.

1/3


So im looking for somebody out there that has been trading succesfuly for more than a year, and tell me his/her experience regarding all this matters. What is the best broker, ecn and so on and on. I appreciate any help and comments, best of luck.

admin answers: Paper trading is never an indication of how well you’ll do. Never ever. It’s great to learn the platform & order types. Of the brokers you mentioned I like (in order of preference); GFT FXCM OANDA FOREX.COM Stay away from SAXO, ETORO & CITI. Slippage is the key problem with demos & psychology follows very closely. Besides…. Unless you paper trade for a year or two…. You won’t really test different markets & your money management skills. Needless to say you’re trading against a non-existent market… Since buyers and sellers don’t see your order & can’t react to it. In FX…. If your money management skills aren’t excellent….. You’ll kill your account quickly. Read many books. One good one to start is; Millionaire Traders (Kathy Lein & Boris Schlossberg)

Powered by Yahoo! Answers Expert Service Links: forex, forex analysis

2/3


Click here for answers to your most burning Forex questions.

3/3 Powered by TCPDF (www.tcpdf.org)

Your Questions About Forex Reviews Rated  
Read more
Read more
Similar to
Popular now
Just for you