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Sun, 10-08-2006, 02:41 PM
| #13 (permalink) |
| Member Join Date: Dec 2005
Posts: 87
 | I use them. Can't complain so far about them. Their charts and trading entry are pretty straightforward. The only problems I have with them are little technical things that could/will be changed in the future. 1. If you save a chart style to your liking, you can't save it as the default chart setting. 2. If you save a chart style you can't say "apply to all current charts," or something to that affect. It's annoying to have to open every currency window to load your new settings. 3. The chart window has two drop down boxes for currency pairs to switch the chart to that currency. They're currently working on it, but right now you can't have one of those boxes display only your favorites. It's just annoying to have to look through all the currencies you don't care about. 4. There is no automated trading yet. They're making that right now. This isn't huge though since it's difficult to make a great automated trading system. I can't think of any other problems I have with them. Those are really insignificant problems. Other than those I love the platform. The flexibility of the charts is amazing. It's almost fun manipulating any aspect of the chart. Oh one thing I just remembered. To get the advanced charting (A MUST) you need to open a standard account and not a live account. Also only standard accounts can be credited for positive rollover. Rollover is when your account is either credited or debited interest at 5 pm est during the trading days. Mini accounts can only be debited while standard accounts can be credited and debited. So it literally pays to open a standard account. Don't be afraid to do so though. They have forms such that you can change the margins to the same as a mini account. You can also change the standard account to have the same lot size as a mini account. Once you open the standard account you can also withdraw as much money as you want after 1 day with no penalty. Opening a standard account to get the advanced options is really only a technical thing. There is no reason to open a mini account. As far as support I've been very impressed. Their online live support is great. My forex account manager is very helpful. I highly recommend gft. Anywho, back to charting and then trading. Let me know if you want to learn more about gft. I'll be glad to set you up. Matt |
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Sun, 10-08-2006, 03:04 PM
| #15 (permalink) |
| Member Join Date: Nov 2005
Posts: 16
| thank you for the reply. I am going to open an account with them. I am spending the weekend on the demo account. If you have any ideas of how to set up your charts and the best way to trade, let me know. I am new at this, so anything you can contribute would be helpful. |
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Sun, 10-08-2006, 03:31 PM
| #16 (permalink) |
| Member Join Date: Dec 2005
Posts: 87
| Homestudy, Yes you can have more than one forex account. There is one problem however. I imagine more brokers are like GFT in that to get advanced charting options you need to open a standard account with $2500. The demo accounts have the full advanced options, but your account only lasts for 30 days. I suggest you try out all the broker platforms. I was unimpressed with FXCM charting and thats why I chose GFT. Their charting is supreme and order entry simple. I've recommended it to others, but they didn't care for it. It's all a matter of personal preference. Try before you buy. flyboy, I suggest you go over your goals in trading. There are more ways to trade forex than there are for stocks. Really play with the charts to see what suits you best. Things are weird at first because you can only select a time frame and not the chart period. You should be very analytical at first. Recognize that there may not be a difference in playing a 1 hour vs 30 minute chart in that profit potential on both is equal in one sense or another. It all depends on your trading style. Be careful with the indicators though. There are many more available to the forex trader. A lot more proprietary ones as well. I'm a follower of the KISS method. Something I'm considering right now is to find the time frame where a pip swings are faily predictable. For example, is it easy to predict a 100 pip swing on a 1 minute chart? No. How about on a daily chart? I hate to say yes, but it is much easier to get larger pip swings on a daily chart. Thats the principle behind my style right now. I'm going to play an hourly chart where swings average around 50 pips. Only thing is, to begin I'm going to set my limit at 25 pips so that I can more consistently get out with profits. I'm not concerned with profit maximization right now. Since it's a 24 hour market there will always be another opportunity to make money. If I enter a standard 100,000 lot size trade and exit 5 times in a week with 25 pips in each then thats $1250 for the week. Eventually when my bankroll grows I'm not going to look for more pips. I'm going to add to my trade size such that 25 pips a trade turns into $500, $750, $1000. You can see where I'm going with this. Get good at trading a certain style so that you can slowly grow your account. Eventually the money will start compounding on you. It all comes down to your goals and trading style. Hopefully the chat room or at least forum will start to create more interest and we'll get more players to talk about forex. It really is an interesting market. Matt |
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Sun, 10-08-2006, 03:38 PM
| #17 (permalink) |
| Member Join Date: Dec 2005
Posts: 87
| Another option is instead of looking for the same 25 pips and increasing my lot size to get more profit out of the same pips, I could increase my lot size such that to make the same $250 profit on a trade I need less pips. This increases my chances of exiting a trade with a profit tremendously. Doubling the lot size nearly cuts in half the number of pips required to exit with the same profit. Many strategies to be played out. Up to you really. |
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Sun, 10-08-2006, 03:44 PM
| #18 (permalink) | |
| CRUSTY ON THE OUTSIDE !  Join Date: Mar 2005
Posts: 839
 | Quote:
went to the GTF site and was a little put off by their "quaranteed" pip spreads. EUR/USD 03 pips EUR/CHF 07 pips USD/JPY 04 pips EUR/CAD 10 pips USD/CHF 05 pips EUR/AUD 15 pips USD/CAD 05 pips GBP/JPY 09 pips GBP/USD 05 pips GBP/CHF 15 pips EUR/JPY 04 pips CAD/JPY 10 pips AUD/USD 04 pips CHF/JPY 09 pips NZD/USD 04 pips AUD/CAD 10 pips EUR/GBP 03 pips AUD/JPY 08 pips NZD/JPY 10 pips AUD/NZD 13 pips GBP/AUD 15 pips EUR/NZD 30 pips *Maintained fixed spreads during normal market conditions. seems a tad excessive (on the whole) to me ! are these really the spreads one has to work with ?? mp | |
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Sun, 10-08-2006, 03:57 PM
| #19 (permalink) |
| Member Join Date: Dec 2005
Posts: 87
| I don't think so MP. I didn't check them all but just looking at EUR/CHF quickly I'm quoted at 4 pips not 7 as your list states. EUR/NZD is only 12, not 30, on my order entry too. Some are correct like EUR/CAD is 10. Looking at my majors I have the following spreads. EUR/GBP - 3 GBP/USD - 4 AUD/USD - 4 USD/CHF - 4 USD/CAD - 4 EUR/USD - 3 USD/JPY - 3 Are those really that bad? Let me know if you want actual quotes of the other currencies you list. I think those are "gauranteed" in that its the worst they'll be. Like I mentioned some are even half of what that list quotes. Matt |
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Sun, 10-08-2006, 04:11 PM
| #20 (permalink) | |
| CRUSTY ON THE OUTSIDE ! Join Date: Mar 2005
Posts: 839
| MP -- GTF Quote:
dont know -- i just copied and pasted the info from their site and you can see why it bothered me but perhaps youre correct in that this is their "top" spreads --- but even at that, a bit high (ok, there are extremely volitile times, like news release day ! mp | |
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