I am new to Forex trading but I have several years of stock trading. For the last few months I have been trading demo accounts and I want to open a live account. However, I have read many reviews describing substandard broker activities that seem worse the market makers.

With varying opinions about different brokers, it is not always clear which traders are complaining caused they lost money due their own poor trading practices and which brokers are actually as bad as the reviews claim.

My trading style for Forex is technical with strong chart support during my trades. I will trade as a daytrader only in the PM EST. Some brokers offer good trading platforms, however when I investigate and read reviews, I am reluctant to sent $10K for a mini account.

Any advise or broker recommendations to start a small $10K account?

Thanks,
Dave H

Personally I like fxcm.com; there's many out there to choose from... I can't provide advice nor reco's per sec/nfa regs though ... that's who I like.

Ken

Thanks Ken. I have been using demo accounts with FXCM and FX Solutions.

Thanks - I've tried, and like FXCM.com, haven't tried others yet. I personally only want to try the "biggest and best known" vs the endless parade of fx bucket shops out there (and people who would try to reco them). Comparing spread size, fill speed and the rest is important, eg pip slippage and the rest of it.

-k

They say the Forex markets is a trillion dollar market.
Isn't the market the retail Forex trader trades in, a rather smaller market. Don't Forex brokers make markets from quotes they get from a bank or two and then typically widen that spread and pass it on to us the retail traders. A Forex trader trades the Forex market made by his broker. And is this why the bids and offers on multiple Forex trading platforms are always a little different, at the same time?"

Commission free Forex trading vs commissions
Commission free; Won't you be paying a spread that will likely average 2 or 3 pips which means $20 or $30 dollars in hidden commissions.
Isn't a Commission broker that charges a commission $2 - $5 dollars a trade, a better way. The brokers that charge commissions typically have the smallest spreads (.5 - 1 pip for the Euro/US during heavy trading hours).
When someone realizes how much they are paying for commission free trading, they then should realize how cheap real commissions really are. Aren't they better off paying commissions or am I missing something?

Forex for me is a necessity. I am so addicted to it that i dont like my weekends. I feel the Best brokers is one which suits best in your investment perspectives. I have tried around 10 forex dealers from which i found FINEXO the best from me. In order to profit from the forex market, you will need strategies not the broker and also the will to mold these strategies against time. Traders who lack a well thought out trading plan are prone to panic and confusion, when unexpected swings in the forex market occur. Many traders will tell you that trade driven by emotion is the fastest way to deplete your funds. Whether or not you are using a technical or fundamental style, it is still essential that you have a proper view of the market.

Successful traders often have a unique style of trading and take up various strategies during a trading session. Only continuous practice will help you gain a feel for the movements of the forex market.

Broker comes second. But my friend the key in Forex is YOU and YOUR TIMINGS.

I have had 2 brokerage accounts for months, one with a typical broker, the other with a commission broker. The only downside to the commission broker is the fact that the leverage only allows me to make fewer trades and getting around their platform. but I got use to it.

The advantages are many. I never have problems placing an order when there is high volatility and trades actually cost me less. Since the spread is almost always much lower than conventional brokers, even with the commission (which amounts to about 1 pip per turnaround, but depends on the value of the currencies) I almost always end up paying less with the commission broker. Since my commission broker does not have a dealing desk, there is no incentive for my trades to be delayed at certain times the way I suspect with other brokers. In fact the broker claims to lack the ability to do so, since they just pass the trades on directly to the bank.

Believe me, your success will depend more on how well you can maneuver your platform and perform your strategy (assuming you have a profitable one) than how much leverage a broker will give you or how tight your spreads are. I am a big proponent of platform performance...if your platform allows you to perform well, spreads will mean a lot less.

Hello Ken:
ECN markets are always a better option than bishop markets? Aren´t ECN more expensive?
Thanks for your help!

Dear Dave,

your best bet is just to select one of the biggest and most regulated fx brokers at first.

they will give you a basic understanding of how the forex market trades. also, your money will be safe with them.

as for the reviews, there will always be bad reviews for every single broker. you will see that once you've traded for a while the broker (while necessary) will become less and less an issue. spreads will become less a problem too. if you are an experienced trader the spread won't matter as much for you. as long as they are not exorbitant most likely your trading will be fine. once achieving success you will probably at some point feel that you could trade well on any platform and with any broker. in any event, you can find a new broker later once youve grown accustomed to fx trading.

dont believe the hype. after you are comfortable with fx trading you can meet friends and learn more and find out those features that you really like and need and go open accounts at brokers that provide them.

Cheers!