Forex Broker Forex.com and ForexTrader Platform Review

Selecting the best forex broker, and the best forex trading platform will be the most critical and important decision you'll need to make when you decide to trade currency. Your selection will make a huge difference in regards to your success as a trader, so be sure to take your time to determine which broker, and trading platform will best suit your needs.

Simply due to name recognition from years ago, the first broker and free demo account I decided to test was Forex.com, which is aka Gain. After utilizing their free demo account, this is my personal review of Forex.com and their trading platform, "ForexTrader". Please keep in mind my review is a result of my own personal testing of their free forex trading demo account, and not a live account using real money.

Since initially trying Forex.com I've tested 3 other forex broker demo accounts, and have eliminated Forex.com and their trading platform ForexTrader from my list of potential forex brokers and forex software trading platforms. Here's why I chose to NOT go with Forex.com:

1. Annoying Phone Calls Received from Forex.com

Although I appreciate the business perspective of a company wanting to secure the business of a new prospect, multiple phone calls to that prospect are annoying. I received more than 3 phone calls from one of their representatives attempting to convince me to choose them as my forex broker. In one of the conversations I mentioned the name of one of the other forex brokers I was also researching and the Forex.com rep then attempted to inform me as to why I shouldn't go with their service. Her tactics turned me off, but that was only one reason I eliminated Forex.com from my choices.

2. Forex.com Has a Dealing Desk

In that a dealing desk can affect my financial outcome, I decided to move on to other potential non-dealing desk brokers. No sense in having the odds of winning trades stacked against me!

3. The Price You See is Not Always What You Get When Closing a Trade!

I realize the market changes quickly, and often when a trade is closed it can be lower or higher than what you saw on the screen seconds before. However, numerous times while attempting to close a trade a prompt box comes up and indicates there is a price change. You then have to close out the prompt box before you can make another attempt to close the trade. I found this quite an inconvenience and a concern. Perhaps it is a result of what they do at the dealing desk? I don't know, but what I do know is that on one trade when I attempted to close out at $1,100.00 their annoying price change box came up and by the time I clicked it closed to again choose to close the trade, the value dropped down by more than $200.00. If it were real money and not a demo account, I would have been quite angry!

4. Antiquated Trading Platform, "ForexTrader" is Lousy

Their trading platform is not desirable, especially in comparison to more savvy forex platforms available. You have very limited graph selections, and very limited tools or other methods for customization.

What I Did Like about Forex.com

Their reports I had access to for viewing my trades and account values, were well done. Other than their reports, I've ruled Forex.com out as a potential forex broker. If they want to compete with the mainstream they need to eliminate their dealing desk, and update to a better trading platform!

Come back and visit again to read about my additional forex broker and forex trading platform reviews I'll post in the next several weeks. Happy trading!

Forex Swing Trading

Trading on the forex (foreign exchange) is exhilarating! I've been practicing my forex entry and exits, and I'm becoming much more proficient at swing trading. At first I didn't practice much swing trading because my main focus was on learning the proper entry and exits, so I was scalping.

Now that I'm learning more about applying the Elliott Wave theory, it also makes swing trading a greater opportunity for profitability, with less profit loss, but it will take some time to learn how to recognize the forex market wave patterns. It's quite fascinating to say the least!

Scalping is the easiest to learn initially, but scalping takes a great deal of time to make the right entry and exits. Also, some brokers will not allow you to perform forex market scalping, so swing trading resolves that issue. If you plan to do scalping, you'll want to select a broker who is okay with trade scalping. However, keep in mind that swing trading is more profitable with less work and time at the computer.

Swing trading provides you with the ability to get away from your computer with peace of mind that your trade won't go awry, that is of course assuming you properly set your stop loss, take profits, trailing stops etc. I'm having fun learning the forex, how about you?

Forex Scalping Allowed

If you're looking to trade currency pairs on the forex, you will need to determine what your trading strategy will be, and select a broker that fits your trading style. For example, if you're planning to become a scalper you will absolutely want to make sure the broker you choose will not only allow scalping, but not frown upon you for doing so.

As I'm in the process of determining which forex broker and forex software I'll be going with, I'm also researching which brokers will allow scalping. Some of my trades I'll plan to scalp, while other positions I'll be holding longer.

If you're in the process of determining which broker might be a good fit if you plan to scalp the market, then reading this forex scalper article may be for you. From there you will find the results from numerous broker inquiries as to their take on scalping. Keep in mind that some brokers do not want scalpers because they feel it cuts into their potential profits, therefore if scalping the forex is a strategy that you wish to implement, then you'll want to choose the right broker!

Forex Play Money to Burn

The vast majority of people don't have money to burn, but if you make use of a free forex demo account, you'll be able to do just that - burn money! If you plan to trade currency you'll absolutely want to begin by using a demo account, or numerous demo accounts to test your trading skills, and to determine which forex trading software will work for you, and which broker will be best for you.

Before you get too excited about jumping into trading currency, you must be aware that like anything else that involves an investment of capital, you can lose a great deal of money if you're not careful. The upside of course is that you can also make a great deal of money by trading currency on the forex. Volatility is a word that should come to mind as you determine if it's right for you. In my first post about the forex, I mentioned some things I'll be sharing with you about the forex, so let's get started!

First off, I'm by all means no expert, but that's the advantage here for you if you're not either, because I'll be explaining things in an easy-to-understand manner for the beginner. I've found much information online about trading on the forex, but some is written in a too well advanced manner if you're a beginner like myself.

To begin your forex journey, you'll want to determine which brokers you may consider. The first thing you need to keep in mind is that you will need to select a broker where you reside, not in another Country. Therefore, you should only select a demo account from a broker you would possibly consider.

Once you select a forex brokers demo account, the fun with play money begins! Keep in mind that the play money forex demo account will enable you to trade large amounts of units, which may far exceed the working capital you will actually have if you should decide to jump into the live currency exchange market!

Be conservative with your approach even while using the demo software. In other words, trade currency in the number of units that would be realistic for what your amount of capital will allow you to trade. That way when you suffer a loss you'll know a realistic amount for the profit loss, and when you profit you'll know a realistic amount that you would profit. Make sense?

Secondly, remember that your goal of using a forex demo account is to enable you to learn to trade, and that what you earn or lose is not the important factor, but instead learning to trade! Of course you'll want to learn to become proficient with your trading, but the point I'm making is that the forex demo account is where you need to learn from your mistakes! So, have fun with it and don't get too hung up on how much money you lose, or how much you gain. Instead let your focus be on what strategies enabled you to win, or caused you to lose.

Trading currency on the forex is not something that a normal person can learn overnight, but rather over weeks, and most likely months, depending on your aptitude and time you have to invest in learning. Therefore, be patient and don't be anxious to switch from a forex demo account to a real live trading account! It will take time to learn!

Online Coin Game

Money is a fun topic to discuss with kids, and should be taught at an early age. One way kids love to learn about money is through games. Here's an online coin game you and your kids could have fun with! You might also want to check out the opportunity to teach them about counting change with coins and dollar bills.

Forex Sideways Market

Earlier today I shared my first post in regards to the forex market, and promised to share some of my experiences. Today my experience has taught me to stay away from the a frustration I learned yesterday - don't trade during a sideways forex market where most currency pairs neither go up or down! The lesson I learned yesterday was repeated today, and now I finally have it in my brain that it's simply best to not trade during a sideways market - lol!

Although I made some profits with my forex demo play money account this morning, attempting to participate in a sideways market made it difficult and resulted in greater losses.

Best lesson to learn from a sideways market is that you will have a difficult time determining what the tool indicators would normally forewarn or alert you to do! So, I have made the decision to stay out of a sideways market, which I believe is a good thing!

Learning Forex to Trade Currency

Years ago I wanted to trade currency on the foreign exchange, but avoided doing so due to too many distractions in my life, and not enough capital to give it a serious shot. Now that timing is better, I've recently began training and learning how to trade currency on the forex, and wanted to share the opportunity with you.

No, I won't be advertising or pushing a particular broker, but I will share with you what I learn along the way from using the demo forex software platforms various forex brokers offer. I'll also share with you some of the information I learn about the technical market indicators that provide vital signals and status for a currency pair at any given time.

With that being said, let me first begin by mentioning that you can begin trading on the forex with very little capital, but you can also end up being undercapitalized, just like with any other business. Although many brokers will tempt you with how little you can get started with, such as only $200.00, it really doesn't make much sense to start with so little unless you only want to make pennies on the dollar.

Even though timing may not be right for you, I encourage you to give numerous forex demo software programs a try because the learning curve can be steep. Most importantly, it's far better to burn through play money as you learn the forex rather than burning up your real money! Learning how to trade currency on the forex is a great amount of fun, but you must remember it's serious fun if you plan to move from a demo account using play money vs your own money!

For today, I'll leave you with that, but be sure to come back and learn about the forex software programs I'm testing, and my findings as I add new posts on this topic in the days to come. Happy currency trading to you!