I'm considering opening an account for currency trading, who should I go with?
Wednesday, June 30th, 2010 at
6:18 am
I have experience trading securities and I’m ready to open an account so I can do some forex trading.
What are the fees involved with forex trading and who’s the cheapest?
Tagged with: Forex Trading • trading securities
Filed under: Uncategorized
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Currency trading in the US is completely outside regulation, except futures and options. It is not illegal for a FOREX trader to offer a price away from the market to trigger margin calls to make extra profit and it is done. Either pick an English FOREX trader, which you cannot do over the net, or go to E-trade and open a global account. I am pretty sure you will not be able to day trade currencies, but you will be able to daytrade foreign securities. A pattern daytrader gets less leverage than a FOREX firm gives, but you get legal regulation.
I’d recommend NOT trading currency. You are almost guaranteed to lose money. Your broker will make sure you make money on the first trade, then every other trade will be at the whim of the market. Put your money in small-cap stocks before currency, unless of course you have an edge over some of the most highly paid and connected people in the world.
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