Nzer starting off with FOREX

Hi guys I'm wondering who is a trustworthy broker to start forex trading with. It appears CMC markets is the biggest in NZ? But they seem to have some pretty dodgy stories.
I would like to sign up with someone who offers a demo account too.

Thanks guys

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Originally Posted by ghost

Hi guys I'm wondering who is a trustworthy broker to start forex trading with. It appears CMC markets is the biggest in NZ? But they seem to have some pretty dodgy stories.
I would like to sign up with someone who offers a demo account too.

Thanks guys

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Have a look at OANDA, they are one of the largest. I have been with them for about 10 years and have found them to be pretty good. I dont think you can set your primary funding currency as NZD though if thats an issue.

Unfortunately the Forex thread on here is all but dead.

agree with Pumice, while it is easier to set up an a/c with CMC as there are no o'seas transfers involved , the Oanda trading platform is superior in all respects and offers much more flexibility in trade sizing as well.

Cool thank you very much for your replies!
So if I start using Oanda, I will have to convert my investment into USD first? Sounds alright.
Do you guys reckon $3000 is too little to start with? I am a student...

Anyone? Or am I dreaming

i dont know how much you know about fx.

start with much less than $3000.
you should start with a demo to get started with the basics.
just about all brokers have a demo. you will need to get a feel for how the platform works etc. you will also need to scan for setups in what ever strategy that you are using.
i dont know anything about oanda but people seem to like it and trust it which is important.
fx is as much about risk management as about making winning trades.
you have to get very good at your chosen strategy to get the win/loss ratio that will let you win overall.

once you have gotten used to the demo, open a small live account, $500 or $1000 and never risk more than 1% of your account on any one trade. that is the distance from your entry point to your stop loss. there are tools and explanations as to how to do this on the internet.

maybe less than $500 in your account. once you get good and you get consistent then add more to the account then

should you choose to go with oanda and you need to convert to us dollars, our exchange rate isnt too bad.
there are heaps of brokers around though.

there is alot to this and it is not easy. i am a bit of a starter also and am looking for a broker also.
there are brokers that will let you do it in nz dollars.

Hey Jenny thanks for the reply.

I will take your advice and start off with around $500 when I do go live. But it won't be for quite a while as I am still reading up on things and learning the ropes first.
If you could let me know what broker you eventually decide to go with, that'd be great :)

there are alot of brokers around, some better than others. there are some good ones. i dont know who is best, i dont think anyone does.

at the moment i am thinking pepperstone based in australia. i know of one professional trader who uses them and think they are ok. you can hold your account in nzd if you want.
they only have forex pairs, gold and silver but it will do for me for now.
i have a demo at the moment and their spreads are quite low. they have good history, back to 1991. this is important because you can look on daily, weekly, monthly for major long term support and resistance lines.

i should look at oanda also, people seem think they are good.

i am a bit of a beginner also. there are other people on this forum who know way more than me about trading forex.

i had a quick look at the oanda website and they look good. they have a good range of instruments to trade.
if, say you are looking to trade a nice strong trend and you find that the fx pairs are not providing one then you might find one on some of their cfds. it doesnt matter what you trade, all you need is something that suits your strategy.

maybe oanda is the way to go, particularly if we get people much better than me on here saying that they have been with them for years and find them to be trustworthy and good.

Interested in FOREX ??..

Just buy the system advertised Ad Infinitum.. On the radio.. Then sit back and book your holidays.. Pass the Tui. !!..

with a demo you can fake it until you make it.

i think i will go with pepperstone for the fx and later go to oanda for the cfd stuff.

pepperstone have extra small spreads and allow an acct with nzd.
the exchange rate risk is alot smaller now than it was when we were like 60c though. loading an acct at 60c then watching it go to 85c wouldnt be much fun. now it is more likely to go the other way.

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Originally Posted by janner

Interested in FOREX ??..

Just buy the system advertised Ad Infinitum.. On the radio.. Then sit back and book your holidays.. Pass the Tui. !!..

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Yes and you will be able to fly business class as well - what was the number or website again??

Do not go with CMC. They are rubbish and they cancel or amend your order

I started trade oil future in 2008 with them. doubled investment within one month. One day the system says that the stop order I made before bed was not successful....................the next morning my account ended up with 0.

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Originally Posted by Pumice

Have a look at OANDA, they are one of the largest. I have been with them for about 10 years and have found them to be pretty good. I dont think you can set your primary funding currency as NZD though if thats an issue.

Unfortunately the Forex thread on here is all but dead.

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Hi Pumice, what's the margin they have for currency trading, really like the NZD/AUD trend

I have been using NZ Forex for my transactions for over a year now and am happy with their service. I am not a FX "trader" by any stretch of the imagination though

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Originally Posted by 000831

Hi Pumice, what's the margin they have for currency trading, really like the NZD/AUD trend

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leverage on the majors is 50:1 (I would never recomend using that amount) Minors are 20:1
Spreads are pretty tight on the majors during normal trading hours (except news events)
between 1.5 and 2.8
What i like about OandA is you can trade any size you want, which is handy as they have changed the rules so that trades of the same size and pair use a FIFO rule. (that can now be avoided by adding 1 unit)

Are you people serious?

FX trading is a professional business - as opposed to taking a punt on an exchange rate. You are up against full-time teams of traders with the latest tech aids, trading in millions, moving markets for the smallest of margins in the blink of an eyelid.

Are you feeling lucky?

:rolleyes:

I know I'm a bit late, but for any other newbies reading this - check out babypips.com trading school. Its the easiest way to learn the absolute basics.
I've never heard about any problems with CMC from people I know, but where there's smoke there tends to be fire...

For me I dont see any problems with CMC or IG markets. They have tight spreads but they have different styles in rolling spot to the next day. I use SAXO but spreads are not tight but you can trade Shares as well and Futures. If you want to even try a better one go IB since you can practically trade everything in one platform even Exchange Traded Options my favourite asset class.

if you have a strategy that is indepent of what instrument that you trade(eg if you are just wanting to catch part of a trend) then oanda is a goodie because they have bonds, indexes, fx, comodities. that is a good range and if there isnt a trend in one area then chances are there is one in another area. also there isnt too much to scan for your desired setup/s.
they dont do shares though. does it matter? i think not unless you especially like shares.