Forex trading broker

ECNs

Pros:

You can usually get better bid/ask prices since they come from several sources

Variable spreads between bid and ask may give no spread or tiny spreads at times

If they are a true ECN, they will not be trading against you but will pass on your orders to a bank or another customer on the other end of the transaction.

You will be able to offer a price between the bid and ask with a chance of it getting filled

If they support Stop-Limit orders, you can prevent slippage during news by making sure that your order either gets filled at the price you want or not at all

Prices may be more volatile which will be better for scalping

Cons:

Many do not offer integrated charting

Many do not offer integrated news

Many of the trading platforms are less user-friendly

Because of variable spreads (between bid and ask,) it may be more difficult to calculate stop loss and profit target in pips beforehand.

Examples of some ECNs*:

http://www.mbtrading.com

http://www.efxgroup.com

http://www.hotspotfx.com

http://www.interactivebrokers.com

* Some of these "ECNs" may not be true ECNs, and you may be going through a dealing desk. It is impossible to verify for sure because of the lack of regulation governing forex brokers.

It is important that you carefully look into the pros and cons of each broker before choosing the one which best suits your needs. You may also wish to have several broker accounts to mitigate the risks, and so that you can compare bid/ask prices and trade on the broker with the best prices for the direction you wish to trade.

Because of the unregulated nature of forex, US brokers are not required to keep your money in an untouchable account that only you can have access to if they were to collapse.

As customers of Refco (was one of the world's largest brokers) found out, their unprotected accounts made them unsecured creditors, and thus are less likely to get their money back than those who had given secured loans to Refco. What this means is that the customers' money was used to pay other creditors.

The moral of the story is this:

Deposit as little money with your broker as you need for trading, and withdraw your profits when they exceed a certain amount. Keep the rest of your trading capital in your own bank accounts which are probably government-insured.

Forex trading broker

online forex trading :: Easy GBP/USD forex System

Easy GBP/USD forex online trading System

At 5PM EST:

1- Close out any open positions
2- Cancel any unexecuted orders
3- Set an Entry Buy order 1 pip above previous high
4- Set an Entry Sell order 1 pip below previous low
5- Set stops and limits using the following guidelines:

50 pip profit target, 25 pip stoploss if ADR ABOVE 200
40 pip profit target, 20 stoploss if ADR BETWEEN 175 and 199
30 pip profit target, 15 stoploss if ADR BELOW 175

Do no trade if ADR is below 100

How to calculate ADR (Average Daily Range)

It may be easiest to use an excel spread sheet for this.

Take the H/L for each day, for the past 14 days.

For each day list the amount of pip's between the H and L

Example. H = 1.5623 L = 1.5586

5623 – 5486 = 137

Add the total amount of pip's for all 14 days and divide it by 14.

This will give you the average daily range.

Average pips: +250 – 300 /month.

Max drawdown since 2004:175 pips.

Online Forex trading

How to Insert and activate Forex Automate System

How to Insert and activate an EA ?

This should be done in a demo account only. Use at your own risk.

1. Make sure that the Expert is in the right folder c drive > your Metatrader > experts

2. Make sure that you have the indicator and or indicators that go with it and that they are in the right folder too. c drive > your Metatrader > experts > indicators

3. Now that each of these is in the right folder open metaeditor. Make sure they are compiled by opening each one at a time and clicking compile (mt4) verify (mt3). They should compile with no errors, can have warnings but no errors if they do, repost to the group.

4. Close the metaeditor if open

5 At the top of the screen you have File > View > Insert > Charts > Select Tools select Options .

6. In options tab Server > Charts > Objects > Trade > Expert Advisors select Expert Advisors

7. Make sure that Enable Expert Advisors and Allow live trading have check marks in the boxes click your mouse in the box. Close this by clicking OK.

8. In the navigator box find your expert click on it. Under common click on allow live trading then click on ok.

9. Make sure that it is on the right time frame.

If it will trade it should trade now.

But you must remember that a EA only trades according to a set of rules being met not because it looks like a good trade. Depending on the expert it could take a week or a second or two only make one or two trades. Quality is what we seek first then quantity. So if your expert makes 5 trades that all lose vs a expert that only makes 1 and wins.

If you continue having problems post again someone should help you.

Doc

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