Forex trading

[C32B]

Found a few brokerage firms (Pardon me as I don't really know the term) that to register a forex trading account, need a deposit of S$3,000. Is this a MUST in Singapore or applies to brokerage firms ?

 

[forextradingkid]

Found a few brokerage firms (Pardon me as I don't really know the term) that to register a forex trading account, need a deposit of S$3,000. Is this a MUST in Singapore or applies to brokerage firms ?

Nope not true. Never encountered that before. Find one that do not have this clause.

Cheers

 

[simonang13]

Any to intro ma? I interested to play for some knowledge too...

 

[forextradingkid]

Oanda, GFT, CMC, IG Markets.....

 

[mSnooze]

Any idea which few has the lowest pip rate?

 

[forextradingkid]

Any idea which few has the lowest pip rate?

They are all pretty competitive these days. Then again, go for the overall package. See if the platform, service, etc make sense to you

Visit their websites, open a demo account and try for yourself

 

[Shiny Things]

Any idea which few has the lowest pip rate?

Don't bother comparing brokers by their spreads, really; the difference between, say, 0.5 pips in EURUSD and 1 pip in EURUSD is irrelevant unless you're trading a zillion times a day trying to scalp one or two ticks (and if you *are* doing this, you should stop).

Just pick one from this list of MAS-regulated brokers and go for it.

 

[OnlyHuman]

Don't bother comparing brokers by their spreads, really; the difference between, say, 0.5 pips in EURUSD and 1 pip in EURUSD is irrelevant unless you're trading a zillion times a day trying to scalp one or two ticks (and if you *are* doing this, you should stop).

Just pick one from this list of MAS-regulated brokers and go for it.

Well said ..

 

[agenda]

Best is oanda or gft.. ig and cmc dont seem to have good reviews at forexpeacearmy

 

[menpowerup]

Oanda best ~ ^^

 

[jgyy1990]

Just wondering how much do you all earn with forex???

 

[barefooted]

I think another important thing to note when selecting a broker is how far the spreads widen during news. Especially if your trading approach requires you to keep tight stops, this can make a very big different in your trading outcome.

 

[Shiny Things]

Just wondering how much do you all earn with forex???

Here's a stat for you, before you get the idea that anyone earns consistent money from FX trading - the average life of a retail FX account is somewhere between six and twelve weeks.

I've heard different numbers from different sources in the industry, but they all agree that the median retail FX account gets wiped out within three months.

 

[Dividends Warrior]

Here's a stat for you, before you get the idea that anyone earns consistent money from FX trading - the average life of a retail FX account is somewhere between six and twelve weeks.

I've heard different numbers from different sources in the industry, but they all agree that the median retail FX account gets wiped out within three months.

This is a pretty scary stat......

 

[Majestic12]

Here's a stat for you, before you get the idea that anyone earns consistent money from FX trading - the average life of a retail FX account is somewhere between six and twelve weeks.

I've heard different numbers from different sources in the industry, but they all agree that the median retail FX account gets wiped out within three months.

Those are accurate numbers. I blew up my first account within a month. I doubled my second in a month.

Ultimately trading like everything else is a skill - if you have the passion and dedication for it, your odds of success increase.

 

[FP_IFA]

The learning journey of forex can be brutal. Winning for consecutive months does not equate you being successful. All it needs is one brutal month to bring you back to reality.

 

[forextradingkid]

Here's a stat for you, before you get the idea that anyone earns consistent money from FX trading - the average life of a retail FX account is somewhere between six and twelve weeks.

I've heard different numbers from different sources in the industry, but they all agree that the median retail FX account gets wiped out within three months.

Great point!

Hopes this puts those "get rich quick trading forex" ideas to sleep....

 

[barefooted]

Hi ForexTradingKid, Didn't know you were on this forum too! haha.

Yup, actually most people who are keen on "get rich quick" has the mental mindset that sets them up to trade badly. A trader on TradersInterviews.com (I can't remember which trader) mentioned that the 3 legs to trading are (a) Technical Analysis, (b) Psychology, and (c) LOTS OF HARD WORK.

 

[bardsmanship]

When would you say someone is ready to trade live? How many data points would be enough to determine whether you have an edge?

For me, my original intention was to trade demo until I hit 3 consecutive months of profit, then start a small live account with the same amount of money that I traded with in demo ($500).

This month is the end of my 3 months. But because I don't take trades often (the signals I use don't always concur, plus I miss some trades because I'm busy / at work), I've only had about 10 trades in the past 3 months.

I suspect this isn't enough to prove that I have an actual edge, but should I still go ahead anyway? (will learn faster if I have some skin in the game?) Or should I stick to demo for another 3 months.

 

[C32B]

Just to share, I open an practice account 2 months back with Oanda. It was good, with both profit and loss. Till then I open a real live account with S$50, right now profit and loss is still within S$50. The reason is, my margin was small. It hit S$52 with realized profit, but it falls back to S$50. Total activity is around 400+ for the whole month.