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Good morning Donald,
No sir, I’m in the US so finding a trustworthy broker outside of the states is a little tricky. If i had a larger account and 1 really good EA for each currency pair I’d be using one of the two main ones here. But i stick to regulated brokers in their respective countries. I know my money is safer here up to $250k but our brokers dont allow hedging which we obviously need to run multiple EA’s on different time frames. Currently I’m using FXChoice, and as Petko would say i’m not affiliated with them in any way. But since they are not in the US, funding the account is a little bit of a pain. Get hit with 14% transfer fee to the 3rd party, then hit again with 2% fee to deposit what’s left of my initial funds into my account. Haven’t tried pulling money out yet since i’m still growing the account so stay tuned for that experience LOL.
Hey Roman,
did you really pay 14% transfer fee? That is ridiculous. Can’t believe it…
I know it is a pain to have a broker in US and I really do not understand why is that. Everyone should have a choice.
Anyway, well done you are growing the account.
@Andi – Yea I mean It’s a good thing that our brokers are so highly regulated here in the states with all the shenanigans that have happened with brokers in the past. But that as everything is a double edged sward. Cant have more than 1-50 leverage, no hedging, FIFO… on the flip side accounts up to $250k are safe. I’ve only really used and trusted two brokers outside the states, FXChoice is my current due to how many instruments they have available, and Tradersway was another that I’ve used with no real issues. The fee’s to load my FXChoice account made me mad at first, but i like the range of markets they offer. So had to “build a bridge and get over it” as we say here in the states LOL
Hey Roman, so as far as I get, FX Choice is a broker that is outside the US but accepts US citizens. Do they allow hedging as well? I ask because I have few fellows in US and I know they have hard times with the brokers.
Hola Andi,
Yes sir, they accept US customers. They’ll have to set up an account with UPayCard in order to fund the account. FXChoice doesn’t accept their US customers to Wire Transfer or use Debit/Credit cards to deposit $$.
Thanks for making this clear, Roman. I am sure it will be useful to many of our students. I see that you did not withdraw funds yet, but I hope it wont be an issue.
Hi Petko,
Yes sir, I have yet to withdraw. I’ve seen a few other traders here in the states using this broker and withdrawing with no issues. So i’m pretty confident. Once I’ve doubled the account and can really increase my size I’ll start making withdrawals.
Hi Roman, make sure always to check that. If you saw some comments from other traders ( if you do not know them) this could be always from the broker itself. The brokers nowadays have people in the Forums posting to bring some positive comments. But I have heart about FxChoice, I think they are big, I do not think they can afford to stop withdrawals.
Good morning Desita,
I’m big at looking around to make sure that overall the broker has positive reviews on websites i’m familiar with here in the states. I always check around before opening live accounts. Not only for the money i could lose to scam brokers, but also our personal information that could lead to identity theft. I’m super cautious, and have only ever opened accounts with 4 brokers in total. Two US and Two none for the leverage and assets.
Nice, Roman! I have 2 different brokers at the moment with live account but I am thinking about adding another broker for crypto trading. So far I avoided it, I wanted the market to get calm and I think now it is. Tested many EAs(some from Petko’s courses and the results are great) Also, the Bitcoin jumped recently which might bring some extra volatility.
Hey Petko,
Thank you sir!
@Bob- I have yet to trade any of the Crypto’s. I’m terrified of the spreads and lack of real correlations I can measure. At least with Forex i can look at the economic calendars (when i decide to, which hasn’t happened in months) and know economic conditions are changing like FOMC tomorrow.
Hi Roman,
I do not watch the calendar anymore as well. I take a look from time to me but I do not think it reflects our trading with the EAs.
When we generate the EAs it includes all the news and events so it is expected they will be robust enough during the news. I prefer as well the Forex because there are not such explosive moves up and now.
Hey, guys, you are quite correct that with algorithmic trading we do not need to monitor the news daily. But I would suggest you keep an eye when there is very important news which reflects a lot the market. These are NFP, Interest rates changes, situations like Brexit. These might crucially affect your trading. Because they create volatile moves which might have positive but at the same time negative effect on your account. In these cases, it goes to 50/50, so I prefer to lower the volume at these moments.
Hello all,
decided to hare my lessons from live trading:
1. Listen to Petko! đŸ™‚ All his advises are very valuable. I broke some of them – increased the lots few times, did not pay attention to the statistics and hurried to place some EAs on live too quickly.
2. Watch the courses many times! I watch all of his courses 2 times, and still I keep missing things that are said inside, and I do exactly the opposite.
3. Be very strict to your system – the acceptance criteria when generating EAs and the criteria to keep the EAs on live.
I see and realize that we have a great profitable system here, and at the same time I keep doing stupid mistakes which drives me crazy. Anyway I am above 500 pips each month this year, but I know I could do much better.
Smart trading!
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