Retail Forex Trading.

SouthKerry

Ive been interested for quiet a while in opening a retail forex account but having done research on the internet most people are saying that most of these companies are a scam, i just want to know are they, as i really would like to get involved in fx trading without been conned, i came across one here in Ireland ( dunno if i can mention the name?) anyway it seems legit so i was thinking of depositing some money. My question is does anyone else here trade FX and if so can they point me to a legit comapny that i can trade on.

SouthKerry

???? no one??????

InReality

maybe cmcmarkets

JackieT

what kind of lot size are you looking to trade? For smallish accounts, try Alpari. larger ones - Oanda, or setup a forex trading account with a bank. You can also check out the forex broker reviews at www.forexpeacearmy.com

BrazilianNutter

Hi there,

Finally I've found some Forex traders in Ireland!
I've been living here for the past 5 years and haven't met a single soul that trade forex privately.

I'm trading forex now for 6 years, and enjoy it. Specially because the volatility that you don't get anywhere else!

Currently I trade with a broker called Tamley Global Markets (www.tamley.com) they are regulated by the FSA. I've been trading with them since Oct08 and no complaints so far.
One thing that I like about them is the customer service and the trading platform (the best I've ever seen). Also their spreads isn't too bad at all, 1 pip on majors.

Do you guys know about a forex trading community here in Ireland?
If not, I'm thinking of setting up one...what do ya think?

Anyway, let keeping in touch.

Cheers!!

JackieT

Hiya! I dont know any other forex traders in ireland, I'm not in the financial industry anymore though. Feel free to setup a forex trading community, but as I'm a swing trader myself, don't expect too many live calls!

I'm long EURUSD at the moment from 1.2510, but will probably close position on Sydney open Sunday I think! Looks like the equity market rally has run out of steam now, so i'll look at going short EURUSD again around 1.3

mpearce

Hi,

as in the first post above, i am also interested in opening up a forex account/spread betting account.

Reliaible/Clear information is pretty hard to find - well, i am finding it difficult to find relevant information.
So many conflicting reports on brokers - it's hard to tell the genuine stuff from the blurb.....

If there is anyone with 1st hand experience on forex here.

Basically i am looking for a forex/spread account with;

24 hr trading on currencies
small'ish minimum deposit - e500
simple account opening procedures/do they require documentation.Does a broker based in the uk need extra account opening details?


The comparison sites and actual broker sites are far from clear and it would be nice to here from someone in ireland who uses these and the do's and don'ts involve.

Currently have tried to narrow it down to cmc and igindex. So anyone who has opened an account with either of these or an alternative????


Any advice/pointers welcome.

Thanks for your time......

BrazilianNutter

mpearce wrote: »

Hi,

as in the first post above, i am also interested in opening up a forex account/spread betting account.

If there is anyone with 1st hand experience on forex here.

Basically i am looking for a forex/spread account with;

24 hr trading on currencies
small'ish minimum deposit - e500
simple account opening procedures/do they require documentation.Does a broker based in the uk need extra account opening details?

As I said above, I trade with this crowd Tamley Global Markets. They are very reliable and the quotes is one of the best in the market.

However they only offer Forex, they don't offer Spreadbetting or CFD.

As I only trade Forex, they suffice my needs, plus the platform is a work of art (takes time to get the head around it tough...).

JackieT

Spread betting companies are probably fine when it comes to smaller sums, but when it comes to larger trades I'd be hesitant, as they have a vested interest in seeing you lose money. If I'd put more than a few $ mil on the market in a single trade, I would use a reputable forex broker (not a bucket shop).

BrazilianNutter

JackieT wrote: »

Spread betting companies are probably fine when it comes to smaller sums, but when it comes to larger trades I'd be hesitant, as they have a vested interest in seeing you lose money. If I'd put more than a few $ mil on the market in a single trade, I would use a reputable forex broker (not a bucket shop).

Well Jackie,
Your comment is unfounded and incorrect.
I use to work in the Forex industry myself, the reality is that the brokers want their clients to win, because they earn the commission in the spread.

Broker don't want a client to deposit few thousand euros, blow it and walk away. They want clients that will be profitable, because they will carry on bringing business to the company.

Broker usually hedge all their positions automactically, therefore, they never trade against the client.

That's my two cents...

JackieT

hey, I think you misunderstood - i was talking specifically about bucket shops, i.e. brokers who don't place a matching order in the market. So by dealing with them, you are effectively betting against the broker, not the market.

billdubs

I'm also looking into trading the forex currency market. I used to trade stocks and the hours did just not work out for me, at the most I could trade 1 hour per day and I like to day trade.

One thing I'm looking at is this megadroid program that is like a robot that trades for you. It's designed for the forex market and I'm following that persons blog to see if he can make some profit with it. Seems like an interesting thing to try out.

Have you guys every tried any of the MetaTrader expert advisors? If so, how did they work out for you?

BrazilianNutter

Hi there,

From a personal point of view: Keep away from Trading Robots!:mad:

Trading Robots are merely designed to follow the technicals, but as you probably know, there is plenty of fundamentals surrounding the Forex market.

Trading Robots can express this view (trading the fundamentals), and this can cost you dearly, you just need one fundamental fact to blow away your entire account trading with robots.

Well, I suppose there's no harm for you to try it out on the Demo account and see for yourself.

As per this systems Metatrader, it got famous among newbies that were fascinated by the world of the automated trading (thinking that could make easy bucks!).
This trading plataform isn't the worst I've seen, but certainly is far from what I can call: good trading platform.

The major flaw on Metatrader on my view is that many features, just work while your logged on (ie. trailing stops).

Take care.:pac:

InReality

Defo be v careful with robots or "educational" packages.
ESP the ones that offer 30 refunds !

I don't know how cmc are for forex , but they were *ok* for me I was just dipping a toe in the water.

Have similar forms needed to opening a bank a/c , they have an office in dublin , so was quick enough , maybe a few days , once I got the forms together.

Sometimes refused / requoted trades , but not often.

Would be interested to see what others thought or them and IMG.

Oh & I could check CMC from work , but not IMG - prob the main reason went for CMC.

Merjock

I've been trading Forex with Alpari UK for the past six months, and
I'd regard them as a pretty good broker. They're fully regulated and their spreads are reasonable. I was able to open a Euro account with them as well which avoided any currency exchange risks. Regarding 'Robots' or EAs (Expert Assistants) as they're known in the trade, some of them do actually work and can be a useful adjunct to manual trading. I've been using one called FAPTurbo for a few months with reasonable success, getting around 14% return over two months (better than the banks anyway!).I've demo'd the above mentioned 'Megadroid' and found that it hardly ever trades! Definitely not worth the money. I'm afraid I'd beg to differ on Tamley's trading platform which I've also demo'd. It's one of the klunkiest I've ever seen! MetaTrader 4, I've found, is quite a decent platform, as is CMC's Market Maker.
Does anybody know of any Irish Forex brokers?

BrazilianNutter

Hi there,

Well I'm not gonna get into this discussion around automated trading, defo it doesn't work on the long run.

As for Tamley's plataform, yes it can be a bit overwhelming for novice traders. I've been trading with them for a while and just love the platform, took me a good few weeks to get used to it, but now, I'm flying.

Metatrader platform is rubbish, pretty bad engineered, and for the back-testing, that is a joke, try to run it a forward test and them run a back test for the same period and you will know what I mean..hehe
MT4 has got popularity, solely because of the capability of creating trading robots, that's it.

Simple feature like "Trailing Stop" only work when the platform is on!!

Anyway, this is just my two cents.

Alright guys, let's organize this meet up in Dubs??:cool:

Take care and good trading for all.

Merjock

Yes, it would be good to meet up for a natter on forex trading over a pint or two. We can argue about the merits or otherwise of EAs as well!

Regards
Dermot

margin_maestro

Hey all,
I know this posts a year old, dunno if any of you are still trading? Stumble across any communities here in Ireland?
I'm a day-trader in Dublin and looking for a programmer who knows MQL4 (the language of Metatrader and what expert advisor/robots are built in) as I want to automate some of my strategies. To respond to some of your opinions, most commercial EA's aren't profitable in the long run for various reasons.
But using your brain and working your own strategies is very do-able when you're not approaching them as black boxes that do or don't work.

Dermot: ever organise those pints?

Thanks!

Merjock

No, I'm afraid not! I've been to a few free seminars given by Online Trading Academy and made a few contacts there.(didn't take them up on their offer though, costs about €3000!)
I'm not trading myself at the moment, as I am finishing up a masters degree. But I'm gathering as much educational material as I can, as I plan to trade full time in a year or two. I did trade with a few commercial EAs and actually made money, but I'm determined to learn to trade manually,
as I know that that is where the money is. If you're looking for a MQL4 programmer, I doubt if you'll find one in this country. You could do worse than to contact a lady called Donna who runs a web-site and forum devoted exclusively to Forex. She has a lot of contacts in that area, and I'm sure she'd put you in touch with the appropriate people.

http://www.donnaforex.com

Forum: http://www.donnaforex.com/forum/index.php

Let us know how you get on. Nice to know somebody has made a success of Forex Trading!

arrowloopboy

SouthKerry wrote: »

Ive been interested for quiet a while in opening a retail forex account but having done research on the internet most people are saying that most of these companies are a scam, i just want to know are they, as i really would like to get involved in fx trading without been conned, i came across one here in Ireland ( dunno if i can mention the name?) anyway it seems legit so i was thinking of depositing some money. My question is does anyone else here trade FX and if so can they point me to a legit comapny that i can trade on.

I've being daytrading forex a couple of years,i can vouch for Easyforex ,there spreads aren't the lowest but the price is the price no messing.I'm also in the process of opening an a/c with IG Index to trade via spreadbetting for the no tax implications.
I wouldn't bodder with the Irish firms,i looked into them and decided against them.
Firms dont want you to loose your money ,thats bull****.
Don't rush into fx ,you'll loose all your funds,trust me.
Here are 3 websites that will help alot www.babypips.com
www.Forexfactory.com and for free charts tips etc www.dailyfx.com .

If your new to f/x ,youve alot to learn ,try to learn without loosing money,maybe demo till you know what your doing.

Any questions,pm me

Happy pippin

Arrow

arrowloopboy

BrazilianNutter wrote: »

Hi there,

Finally I've found some Forex traders in Ireland!
I've been living here for the past 5 years and haven't met a single soul that trade forex privately.

I'm trading forex now for 6 years, and enjoy it. Specially because the volatility that you don't get anywhere else!

Currently I trade with a broker called Tamley Global Markets (www.tamley.com) they are regulated by the FSA. I've been trading with them since Oct08 and no complaints so far.
One thing that I like about them is the customer service and the trading platform (the best I've ever seen). Also their spreads isn't too bad at all, 1 pip on majors.

Do you guys know about a forex trading community here in Ireland?
If not, I'm thinking of setting up one...what do ya think?

Anyway, let keeping in touch.

Cheers!!

Hey Brazil,

Theres a handfull of private traders that i know of,myself included but most are private annonomous types.
What do you trade,i stick with e/u which suites me,sold @ 1.3590 and again @ 1.3550 last week closed this morning @ 1.3445, happy days:D:D.

Regards....

Arrow

DublinJobs

There is a company with an Irish based partner that runs free forex training. Website is makemoneycurrencytrading dot co dot uk . They also do free seminars for beginners as well as advanced. There is free daily report also.They teach people how to trade in general and how to trade their strategy in particular .They also run a live demo portfolio so you can see their strategies working live.

another good site for beginners is babypips dot com .Its a good forum with a lot of helpful people

Merjock

Why not just post the name of the broker here?

Merjock

I've used their demo account and I found their spreads to be
on the high side compared with brokers based elsewhere.
You should also be aware that the currencies they quote are
Futures and not spot Forex, as with most other brokers.
Essentially, therefore, they are a spread-betting company.
I also found their platform to be very slow compared to other
brokers based abroad, but maybe this applies only to the demo servers.
And by the way, the link you provide is clearly an affiliate one!
That's not allowed here!

Watson1

what about the Forex Multivers and the Forex Overdrive those two are winning a lot on the Real Money Accounts Competition at http://www.forex-robots.com. I believe those two robots are very solid, I will give them a chance on my account.

gb153

While we're on the topic of forex does anyone have recommendations for good books or other resources on how to get into it?

Become

gb153 wrote: »

While we're on the topic of forex does anyone have recommendations for good books or other resources on how to get into it?

Have often heard "Trading in the Zone" by Mark Douglas praised by many, haven't gotten round to reading it myself though and possibly might never get round to it, as there's so much other free stuff everywhere online to keep you busy 24/7. Post # 20 above seems good advice too if you haven't yet gotten round to it. BTW am myself also a complete newb to this too :-)

Kimi001

Trading is a very good platform to earn good money, especially Forex trading system. As said in the thread there are so many Forex trading systems available, but most of them are fake and scam. It’s up to us to do some research and homework before choosing a Forex trading system.

Merjock

gb153 wrote: »

While we're on the topic of forex does anyone have recommendations for good books or other resources on how to get into it?

The others are right. Don't whatever you do fork out loads of cash
for so called trading courses. Most of them are scams.
Yes, there are some good ones out there, but you can
get loads of free education online without paying a cent.
Just get googling and take part in some of the better trading forums.
Besides ones mentioned above, try:

http://www.donnaforex.com/forum/index.php

http://www.forex-tsd.com/

Merjock

Kimi001 wrote: »

Trading is a very good platform to earn good money, especially Forex trading system. As said in the thread there are so many Forex trading systems available, but most of them are fake and scam. It’s up to us to do some research and homework before choosing a Forex trading system.

Yes, you can make money trading Forex but it's not for the faint hearted.
My advice is to take your time, spend at least 6-12 months to learn as much as you can and to practice on a demo account before you invest a red cent. There's an awful lot to learn, especially about risk management which is the bedrock of any good trading system.

arrowloopboy

Kimi001 wrote: »

Trading is a very good platform to earn good money, especially Forex trading system. As said in the thread there are so many Forex trading systems available, but most of them are fake and scam. It’s up to us to do some research and homework before choosing a Forex trading system.

What kinda systems are ya on about Kimi ?

Most systems dont work ,because lazy fools think theirs a short cut in this buisness,and instead of putting in the hard yards,they want someone else to tell them when and what to do.

Develope your own system,that suites you,after all its you thats going to trade it.

As an old mentor used to say,this is the best buisness in the world,no office no staff,trade from anywhere,you set the odds,you can add to a winner,cut a loss short.

The profits from Forex can be disgustingly high, but only for the 5%,rest of the 95% just donateing.