Hi Aspiring,
Just curious to hear about the platform your trading on and your thoughts on it? Do you think it was a good choice starting off trading with the micro account ?
Enjoy reading your journal so keep it up!
Hey mate, I'm using Easy-Forex, it's a web based platform that I'm still currently using on small 5000 lots. While the platform is relatively easy to use, it has its limitations for small account holders. General spread is usually 4-5pts on the majors and is a pretty much fixed rate that doesn't increase on event risk. It's limitations are that you can't place a stop or limit order close to current price, for example; you can't place a stop within about 15 - 20pts of current price or set a limit order within about 45pts of current price in your direction, which usually renders it useless for limit orders. This is because they say they guarantee no slippage to small account holders, which is crap because you'll get slipped on news announcements, it just says "The dealing desk is unavailable at this time" when you try to open or close a trade on extreme volatility, so by the time you close out or open the trade the market has moved by the time the dealing desk becomes "Available", so in other words, you get slipped no matter what account you have.
I don't use its charting software or desktop platform that it provides for free, because to be honest it's just not that good, and once again they only provide MT4 platform access to bigger account holders and not micro accounts. However, they provide you daily fundamental outlooks from subscription services such as UBS and Trading Central for technical, which is good.
I'm using a free web based application for my charting (
Forex Charts), while its fairly good software, I'm also finding limitations in its use, for example; you cant draw trend lines on indicators such as RSI, You can't save anything being it's web based and you can only draw simple line, no cirles, free draw, ect( I add these on MS Paint when i upload my charts). I still rate it as really good free charting software, but unfortunately i think I'm starting to grow out of it as i require more from my charts these days, but really good for beginners just starting out for sure!
So all in all, if you're looking for a broker you just need to do a bit of research and find out what's comfortable for you and what suits your needs.
Do i think it's a good idea to start trading on a micro account?
Yes, i would recommend it to anyone as long as they're trading with risk capital only. The main advantage in starting off with Micro is you get all the same emotions when trading with a bigger account but with out the risk of losing 50K. Even though you might only be risking 50c a point, you'll still feel that same emotion when losing money and making money, and this will be your biggest hurdle in your trading career.. emotions!! which I'm sure you're well aware of.
It's essential to learning trading, you need to know how to take a loss and how to take a win, especially before throwing big money at it. Because you will lose money before you start making it... it's just fact!
Anyway, hopefully that answered any queries you had from me
And i wish you all the best in your trading endeavors!
Peace!
AT.
