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I can give you information but no experience - I researched forex
extensively a few months ago, but ended up going back to e-minis.
There is no centralized exchange in Forex, therefore you are at the mercy of
your broker. The key issue is to find one whose system does not allow them
to "read" your trades - make sure they're giving you the bid/ask *before*
you tell them whether you're going long or short, and beware of "requotes" -
if the prices consistently change against you, get another broker.
Brokers who have a good reputation for integrity, from what I could
ascertain:
www.gaincapital.com - arguably the "Cadillac" of the industry.
fxtrade.oanda.com - unique features, smallest spreads, no minimum deposit.
Canadian firm, not U.S. regulated.
www.fxsol.com - this is a smaller firm, but came recommended by Timothy
Morge, who knows one of the principals of the firm personally and trusts
him.
www.gftforex.com - recommended by Joe DiNapoli, again through knowing the
broker personally from earlier days in the commodities business.
Oanda and FXSOL have smaller lot sizes, which is an advantage if you're
starting with a smaller account. OANDA has good message forums
(http://www.oanda.com/cgi-bin/msgboard/Ultimate.cgi).
Good trading,
Merlin
-----Original Message-----
From: jdfo [mailto:jdo1@xxxxxxxxx]
Sent: Sunday, August 04, 2002 7:44 AM
To: realtraders@xxxxxxxxxxxxxxx
Subject: [RT] Forex Trading
Does anyone on the list have any information or experience with Forex
trading? I have seen several sites that provide real time quotes and
charting capabilities, but I am worried about where their market quotes
originate and, in many cases, their commission structure.
I believe that many of these organizations principal the trade, thus in
effect they are making a market from the larger bank market and using their
own bid/ask with the appropriate markups. This, combined with a commission,
would make it very difficult to turn a profit.
Does anyone have any suggestions as to where to locate a good, reliable
site/broker for online trading? And, any comments on trading the Forex also
would be appreciated.
Thanks in advance,
JohnO
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