Brand New to forex . Need help
May 22, 2014 at 06:22
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9 Replies
May 22, 2014 at 06:22
I'm a newbie and want to set up automated. There is SOOO much info out there to weed through. What is the best broker and platform ( Accepting U.S clients) to open an account with and is there FREE robots to run on the account? Surely there are some EA gurus on here that can give me some instruction. :)
Thanks Dillon
Thanks Dillon
Member Since Jun 28, 2011
465 posts
May 22, 2014 at 14:44
My advise, rethink what you know. Free robots? Why would you trust thousands of dollars to something others think so highly of that they are willing to give it away free?
There are free trials on some but most of the ones that you pay for isn't worth it. There are some good robotic systems but maybe about 10% are profitable and most just barely. When the banks set up the forex market, they didn't do it to lose money. They will allow some profits out there but if it looks to promising for the trader, they will cut it.
Being from the US, you have additional problems. If you read some of the older post on the forum you will see that I make robots. (I do the research work into the algorithms then code it). In 2008 I made a program that took over 3000 trades in just over a year with zero losses. By the summer of 2009 the US government instituted the FIFO requirements to eliminate the no loss system.
If you were outside the US, I could sell you RISE (well not me, I just do the research) but someone could sell you RISE and you would average around 12% a year. You can make more for a short period but show too much stability and even brokers have been known to close accounts. There is more to trading than just putting your money in an account and watch it grow.
Also, don't make your real (Live) accounts public. The IRS is watching and so are the bankers.
OK, now to answer your question, for US traders, check out the 'Passive Income Generator' from TheSafeInvestor.com I would start it on an IBFX mini account, remember the best marginal leverage that you can get as a US citizen is 50:1 so it will take an extra $20 to cover your margin requirements for each .01 lots traded. At 200:1 it would have only cost you $5. Isn't it wonderful to be a US citizen and have to obey the bankers?
Best advice, if you want to be a trader, get out of the US. Open an off shore IBC then your company can trade for you without all the US BS.
Bob
There are free trials on some but most of the ones that you pay for isn't worth it. There are some good robotic systems but maybe about 10% are profitable and most just barely. When the banks set up the forex market, they didn't do it to lose money. They will allow some profits out there but if it looks to promising for the trader, they will cut it.
Being from the US, you have additional problems. If you read some of the older post on the forum you will see that I make robots. (I do the research work into the algorithms then code it). In 2008 I made a program that took over 3000 trades in just over a year with zero losses. By the summer of 2009 the US government instituted the FIFO requirements to eliminate the no loss system.
If you were outside the US, I could sell you RISE (well not me, I just do the research) but someone could sell you RISE and you would average around 12% a year. You can make more for a short period but show too much stability and even brokers have been known to close accounts. There is more to trading than just putting your money in an account and watch it grow.
Also, don't make your real (Live) accounts public. The IRS is watching and so are the bankers.
OK, now to answer your question, for US traders, check out the 'Passive Income Generator' from TheSafeInvestor.com I would start it on an IBFX mini account, remember the best marginal leverage that you can get as a US citizen is 50:1 so it will take an extra $20 to cover your margin requirements for each .01 lots traded. At 200:1 it would have only cost you $5. Isn't it wonderful to be a US citizen and have to obey the bankers?
Best advice, if you want to be a trader, get out of the US. Open an off shore IBC then your company can trade for you without all the US BS.
Bob
where research touches lives.
Member Since Feb 22, 2011
4862 posts
May 23, 2014 at 07:43
GrindTime posted:
I'm a newbie and want to set up automated. There is SOOO much info out there to weed through. What is the best broker and platform ( Accepting U.S clients) to open an account with and is there FREE robots to run on the account? Surely there are some EA gurus on here that can give me some instruction. :)
Thanks Dillon
Hi,
there are 2 ways for you. The long and painful one - trying to learn to trade, playing with demos, taking first looses.
Or the shiny and short :) Follow someone with working system.
Pickup the systems you like here on MFB for example
Good luck.
To answer your question
Do your homework and find broker who accepts US clients like FBI or FinFx
https://www.forexfactory.com/showthread.php?t=430756
The most used platform is MT4. IT is free. It has huge community. It has a huge load of free systems and indicators.
Member Since Jun 28, 2011
465 posts
May 23, 2014 at 08:18
'find broker who accepts US clients like FBI or FinFx'
The problem is that after you get set up and are trading, the broker drops the bomb on you, no more Americans. Moving again. It is simply that you can't trust a system when there are only a couple of choices for brokers that will allow you to trade with them. I have had 4 accounts close on me because of being a US citizen.
The best choice is to go off shore with your business, (set up an offshore IBC) then it can trade like the rest of the world does without worrying about how long will it last?
Bob
The problem is that after you get set up and are trading, the broker drops the bomb on you, no more Americans. Moving again. It is simply that you can't trust a system when there are only a couple of choices for brokers that will allow you to trade with them. I have had 4 accounts close on me because of being a US citizen.
The best choice is to go off shore with your business, (set up an offshore IBC) then it can trade like the rest of the world does without worrying about how long will it last?
Bob
where research touches lives.
Member Since Feb 22, 2011
4862 posts
May 23, 2014 at 08:19
ForexAssistant posted:
'find broker who accepts US clients like FBI or FinFx'
The problem is that after you get set up and are trading, the broker drops the bomb on you, no more Americans. Moving again. It is simply that you can't trust a system when there are only a couple of choices for brokers that will allow you to trade with them. I have had 4 accounts close on me because of being a US citizen.
The best choice is to go off shore with your business, (set up an offshore IBC) then it can trade like the rest of the world does without worrying about how long will it last?
Bob
Bob
I agree offshore company is best but not for a newbie guy
Member Since Jun 28, 2011
465 posts
May 23, 2014 at 08:21
Oh, yes. Good point.
where research touches lives.
Jun 18, 2014 at 20:47
Appreciate the in depth responses. I actually owned an IBC several years back and may just need to pay registeration fees to renew it. How long are IBC's in effect after setting up?
Also, I found a broker ForexBrokerInc.com that offers 500-1 leverage and no FIFO rules , of course they aren't regulated and can pretty much just keep anyones money if they chose to without reprecussion but the reviews on them were pretty good so far.
Also, I found a broker ForexBrokerInc.com that offers 500-1 leverage and no FIFO rules , of course they aren't regulated and can pretty much just keep anyones money if they chose to without reprecussion but the reviews on them were pretty good so far.
Member Since Jun 09, 2014
138 posts
Jun 21, 2014 at 09:29
Where is the best country to open a bank account in btw?
Jun 21, 2014 at 17:34
I use to have accounts in Cyprus and Belize City ,Belize as the banking laws were good . But this was about 4-5 years ago. I used an Asset Protection company to form the IBC which was registered in Seychilles and set up accounts in Cyprus and Belize .
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