I’m off to a pretty good start with the DfxTrade Demo Quick Challenge! I’m up 10% already over 2 days, My goal and strategy for this contest is to use higher leverage and be very aggressive in the short term time frames… this way I can maximize my pips! You can check their current rankings at http://www.dfxtrade.com/demo-quick-challenge. My username there is ellie007! The competition is very high here as you can see! Wish me luck everyone!
March 1, 2010
February 22, 2010
Demo Challenge
Hey guys just want to give a heads up! My primary broker DfxTrade that I have been bloggin about is having a Demo challenge! 1st place gets a live $2000 funded account. So far Ive been having a good few trading months and am very happy with this broker. The sign up for demo is quick and easy. This contest is only for 2 weeks I will be posting my results here every few days! Wish me luck!
Ellie
February 10, 2010
Hi everyone!
As promised, I am here to update about my experience with DfxTrade. After 3 months of using their demo I have decided to start a live account with them. They have some promotions right now depending on your account size you have lower spreads and some form of monthly account interest. I wanted to take advantage of their lower spread accounts so I opened up a Vantage account which is minimum of $10,000.
Sometimes signing up with a new broker stresses me out because their sign up process would be so confusing … IE FXCM !! wow has anyone seen their site? Anyways the sign up process was quite smooth with DfxTrade, it took about 6-7 minutes to fill out the online form and within a business day my account was live and ready for funding.
OH YES!! Just thought this deserved its own lil paragraph. For every standard lot traded I received 5$ back into my account after the position is closed regardless of the outcome. This is a very nice bonus for me since my strategy calls for many short term trades (scalping).
Here are some other things that I want to point out some pros and cons so far.
• I don’t want to list the DfxTrade Platform under cons, because in the end I find it to be a wonderful platform, but the learning process certainly takes a little patience. This platform is not like others that brokers offer, it’s fully customizable and offers quite a bit of flexibility. Overall, if you give the Dfxtrade Platform a chance, I think you’ll come to appreciate its unique design, especially if you trade a lot.
• Order Types – great choice of order types, but I don’t think they offer anything to special, so I won’t be listing this as a pro or con.
• Customer Support – they certainly don’t fail here. I’ve never had an issue in this area…from the moment I opened my account to a few trades I’ve questioned, I always seemed to get a polite and genuinely helpful rep to assist me.
• Execution – for the most part, it’s always been on point. I’ve had the occasionally slippage price prompt I had to question, but for the amount of trades I run, I’ve been very pleased with the performance. And usually this only happens during extreme volatility
• Reliability – not an issue, platform is up all the time with the exception of maintenance and one or two down times that I can recall in the past 3 months due to technical issues.
• Charting is sufficient I wouldn’t go out to say its great since it could use some more indicators. But all the ones that I need and use are there and the ability to trade from the charts and see visually my tp and stop is very useful.
• Spread/Commission. Whats great is there are no hidden fees or commissions for opening and closing a trade. I am only charged a fixed spread and depending on the account type you chose you get a spread rebate cash back for each trade you place.
Anyways, everything is going well! I am planning to test the withdrawal system and see how quick that gets processed. Please stay tuned for my next update, I will take some screen shots of some of my trading as well!
May all your trading be fruitful!
Ellie
January 23, 2010
Search for a fitting broker
I have been getting some emails from readers questioning about my opinion on brokers. I realize my time may be better spent by focusing a bit more on broker research for my readers. I still try to put up some research over the next few month. Remember to keep the comments coming! thanks everyone
December 27, 2009
Testing out New Broker
Hey everyone! Just thought I would write a more personal post regarding my own trading. I have been in search of a few brokers and after a few days I decided to test out a new broker called DFXTrade. Here is a brief summary of how it has gone so far. I will try to keep you guys updated every month or so!
So far I have traded their demo for the past 3 months. The platform was simple and easy to use, It is not as cluttered as some of the other platforms out there. The main point I can speak of right now would be their service.
When I requested info about all sorts of things on multiple occasions, I always was assisted by helpful, knowledgeable people. Even though I only had a demo and tend to ask loads of questions since I prefer to know just about everything about things before I jump in, they never were upset with my questions and were always courteous.
A key thing i noticed was the server does not crash! It is so stable that it took me a few weeks before I noticed that not once did I ever have a problem getting a trade in.
They also broker other instruments, (which I do not trade) , like futures.
I plan to trade live with them in the coming months so I will keep you guys posted!
July 20, 2009
How to choose your forex broker!
Tips on Choosing the Best Forex Broker
Forex broker is an agent that does trading on your behalf. As such, they collect a spread everytime you make a trade no matter if you’re making losses or earnings. So, here are a few points to consider when you’re choosing a forex broker.
Reputation
Reputation of a broker usually exceeds them and it’s easy to see who makes money and who are experienced. In this case, you can check their record to see whether they are consistent in forex trading. In this part you should do a thorough check because it is important to see who you have as your broker.
Reasonable Deposit
One way of choosing a broker is by looking at initial deposit that they ask. Initial deposit is not needed as it is not for investment purposes, but just to pay the broker in case they’re not paid during the course of investment. The ideal payment should be between $200 to $500 depending on the market movement.
Good software
A good software should be simple, easy to use and at the same time is clear on the investment that you’re making. If you are new to forex trading, your broker should be able to let you trade on a demo account. A demo account works the same as a real software but it gives you the opportunity to test it before you actually make your first real trade.
Variety of Currency Pairs
Every good broker should be involved in different currency pairs and that makes them offer a lot of selections. So, choose at least a broker that has currency pairs that you are most interested in. Remember that every currency pairs have their own patterns in the market.
Customer support
With every currency pairs that you trade in, its actually different across the whole world. Therefore, you won’t want to call a broker who is sleeping half a world away when you want to make your trade. Therefore, it is vital to have a broker who can take your orders anytime you want. Try to contact the customer service desk and see how they respond to your questions regarding forex trading. Make sure you’re comfortable as these guys are who you entrust your money with.
Therefore, make sure you do enough homework regarding the aspects above before you really proceed into the forex market!