For a while now I have been contemplating being an online forex trader. I am working and studying CFA but I want to try my hand at online forex trading to put some of what I have learnt from the CFA program to practise since my work is not in investment management and also to boost my income. Does anyone know the best trading platforms I could consider? Since I am totally green in forex trading which trading platforms offers the best training and induction into the industry. I know that to be a forex trader one does not need to have a background in finance but does one’s involvement in the CFA program allow one to better understand the intricacies of forex markets vis’-a-vis online forex trading?
Try CitiFX Pro or Deutsche Bank FX. I don’t know if any trading company is going to provide you with “training”, but they generally give you market research.
two words: use stops
I am working and studying CFA but I want to try my hand at online forex trading to put some of what I have learnt from the CFA program to practise since my work is not in investment management and also to boost my income I don’t really think you can trade forex based on the CFA knowledge - in fact I think it might do you harm. Trading forex is all about strategy and less about knowledge in my opinion. I also think that forex is the hardest thing to trade. for that reason I’m not touching that:)
i know a guy who used http://www.babypips.com/ you can practice with fake accounts for a while and then lay it down
I would check out Oanda - some of the lowest spreads around and they have unique crosses, options, and variable position sizing.
why would you automatically think that you can make money in Forex Trading?
Because everyone does at first. Generally, there is around a 50% probability that you’ll make money…
ohai I really believe that 50% is way over estimated - maybe 10% - the distribution is very skewed to people/institutions with enough money and with an actual trading strategy/system/discipline
I’ve been live trading for about a year. I use Forex.com and FxPro. Forex.com is ok. Their spreads aren’t too good. FxPro’s spreads are good and they’re pretty fast wiring money in and out. However, they don’t take US citizens. I use the Metatrader 4 platform for both. It’s pretty easy to use and there are lots of indicators you can download and use, or even write your own. Using a practice account helps to learn the platform and maybe test out a strategy, but once you go live and real money’s on the line, it’s a different story, so I wouldn’t spend a whole lot of time on practice accounts. As for the making money part… that’s another story. Did pretty well for a while, but this summer/fall has been very rough. I’m gonna continue doing it, but with a smaller account and on the side, not full time anymore. I would recommend doing on the side, to supplement your income, (if you find a reasonably profitable strategy).
Hey my friend. you and I have a lot in common. Both of us aren’t in finance industry, and were trying to make up our lack of experience using afterwork hours to trade forex.
Iam a FXCM client. I have heard bad stuff about them, not the best execution, not the best spread. Personally I think their platform is excellent. Very user friendly indeed.
If you want to program your strategy in C#, you can do it with their strategy trader also. I think it is much better than MT4 IMHO as I come from a java/C# background.
There’s a VPS hosting also, so you can run your strategy in their server 24/7. Around $30/month but can wavie the monthly fee if you have more balance in your account.
If you just beginner in forex trader I think you should try PAMM investment. When you invest invest in PAMM account, you are putting your money in an experienced trader. And the potential return are significantly higher than bank saving accounts.
Haha mate that links to the Alpari site - sorry to be the bearer of bad news but they went under a few months ago. If you’re trying to sucker people into sh!t managed forex accounts, you’d probably best move your “PAMM” account to a broker that still exists as a going concern…
Sheesh…
I think you have the wrong mentality for trading as you expect the CFA to teach you trading and you are clearly looking for someone to hold your hand as if there was a standard recipe to be a successful trade. I think there is a mismatch in personality here and you should consider other career paths.
It took me a while to figure out the difference between trading and investing.
It’s confusing to the uninitiated because investors have to trade in order to invest, but traders don’t have to think of the investment case in order to trade (though they might invest in a system, as opposed to a business).