New to Myfxbook, need help
Jun 03, 2015 at 07:24
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6 Replies
Jun 03, 2015 at 07:24
Hi everybody
Am new to myfxbook, i want to open a live account and copy traders from the autotrade systems, can you help me please choosing the best broker to do so, and what systems do you recommend me to copy? i want to deposit 1000$
Thank you
Am new to myfxbook, i want to open a live account and copy traders from the autotrade systems, can you help me please choosing the best broker to do so, and what systems do you recommend me to copy? i want to deposit 1000$
Thank you
Jun 03, 2015 at 16:29
Hi mazenmr,
You can find the best brokers based on reviews from the myfxbook community if you click on the 'reviews' tab. It all depends what style of trading you wish to follow if the trader is a scalper (in and out off the market during relatively short periods of time) or a swing trader. Scalpers mostly prefer ECN brokers such as IC Markets, FXOpen, ATC Brokers and so on where spreads are tight while swing traders may use a STP based account where the commission is paid in sacrifice for the wider spreads.
You can find the best brokers based on reviews from the myfxbook community if you click on the 'reviews' tab. It all depends what style of trading you wish to follow if the trader is a scalper (in and out off the market during relatively short periods of time) or a swing trader. Scalpers mostly prefer ECN brokers such as IC Markets, FXOpen, ATC Brokers and so on where spreads are tight while swing traders may use a STP based account where the commission is paid in sacrifice for the wider spreads.
“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” - Warren Buffet
Jun 05, 2015 at 14:40
markdoc1 posted:Thank you for the help makdoc1,
Hi mazenmr,
You can find the best brokers based on reviews from the myfxbook community if you click on the 'reviews' tab. It all depends what style of trading you wish to follow if the trader is a scalper (in and out off the market during relatively short periods of time) or a swing trader. Scalpers mostly prefer ECN brokers such as IC Markets, FXOpen, ATC Brokers and so on where spreads are tight while swing traders may use a STP based account where the commission is paid in sacrifice for the wider spreads.
am thinking of copying steady profit and ambush Capital, and use zarfx broker stp account, any advises? thank you in advance
Jun 05, 2015 at 14:53
(edited Jun 05, 2015 at 14:54)
Thank you for the help makdoc1,
am thinking of copying steady profit and ambush Capital, and use zarfx broker stp account, any advises? thank you in advance
Ambush Capital seems stable enough although I would not increase your risk following this system as losses are common and you could be caught out in the beginning of your trades. I would ask if they could change history to 'open' so you could see what exactly the trades where as I would not follow a trader/system without appropriately viewing their history.
In regards to ZARFX I have not had an account with this broker so I cannot say for sure although they do seem relatively new to the industry and cannot seem to find any strong regulation on them. They may well be a decent outfit but for me I would go with someone who have more reviews, are regulated by the likes of the FCA or ASIC and have a longer history in the industry.
Hope this helps.
“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” - Warren Buffet
Jun 06, 2015 at 15:38
markdoc1 posted:Thank you for the help makdoc1,
am thinking of copying steady profit and ambush Capital, and use zarfx broker stp account, any advises? thank you in advance
Ambush Capital seems stable enough although I would not increase your risk following this system as losses are common and you could be caught out in the beginning of your trades. I would ask if they could change history to 'open' so you could see what exactly the trades where as I would not follow a trader/system without appropriately viewing their history.
In regards to ZARFX I have not had an account with this broker so I cannot say for sure although they do seem relatively new to the industry and cannot seem to find any strong regulation on them. They may well be a decent outfit but for me I would go with someone who have more reviews, are regulated by the likes of the FCA or ASIC and have a longer history in the industry.
Hope this helps.
Thank you for being very helpful Markdoc1,
Actually, I want to go with IC Markets but i see scary reviews on them especially with withdrawing, what do you think about steady profit? they seem to be very stable
Thank you
Jun 06, 2015 at 15:56
Not a problem mazemr.
IC Markets are a stable and reliable broker for myself and I or my clients have never encountered any problems. The worst thing I can say is that occasionally at weekends the platform server may go down but as you can not trade during most of the weekend it does not have an impact. Like anything though no matter how big and reputable a company is they will always have negative comments it is impossible not to if you obtain thousands of reviews. If a broker has 5 star reviews with 50 votes and another has 4 star reviews with 1000 votes it's simple I would follow the 4 star broker as more people have tested and reviewed the service. FPA are generally good as they can also tell you if there is a chance of fake reviews.
After reviewing comments I will then check slippage and how tight the spreads are and finally who they are regulated by.
They seem okay however there is no 'discuss' tab that I can see where you can check opinions on the system I would suggest having a look at systems with a 'discuss' tab or if you can find copies of the system posted by followers of the trades.
IC Markets are a stable and reliable broker for myself and I or my clients have never encountered any problems. The worst thing I can say is that occasionally at weekends the platform server may go down but as you can not trade during most of the weekend it does not have an impact. Like anything though no matter how big and reputable a company is they will always have negative comments it is impossible not to if you obtain thousands of reviews. If a broker has 5 star reviews with 50 votes and another has 4 star reviews with 1000 votes it's simple I would follow the 4 star broker as more people have tested and reviewed the service. FPA are generally good as they can also tell you if there is a chance of fake reviews.
After reviewing comments I will then check slippage and how tight the spreads are and finally who they are regulated by.
They seem okay however there is no 'discuss' tab that I can see where you can check opinions on the system I would suggest having a look at systems with a 'discuss' tab or if you can find copies of the system posted by followers of the trades.
“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” - Warren Buffet
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