New to the site

[aussierob]

Hi all,

Im just getting started in the forex world and stumbled across this site (from a google search i think). I've been demo trading for a month now, and would like to 'go live' in the next few months. Im an Australian living in Japan, and have only been concentrating on the AUD/JPY pair while I get started since I'm most familiar with it already and it's easier to keep up to date with the news from both countries.

I have a question though about brokers. I have been using oanda which I believe is US based (?). Being based in Japan, where should my broker be based? Japan, US, Australia, other offshore country? I like the idea of having a broker based here in Japan, it would simplify transactions to and from my forex account.

Does anyone know of any reputable Japanese based brokers? I've tried using a search engine but I always seem to find brokers with bad reputations or worse, no reputations!

Any help/advice greatly appreciated.

Rob

 

[Timmy]

Hello aussierob and welcome.

The more active FX people will probably have some comments to add when they wake up on Monday (FX 24 hours Monday to Friday so the poor dears tend to have to sleep on the weekends!), but a quick answer to your question is that finding locally based FX brokers seems to be very difficult, whether you are in Australia or, for you, Japan. You may end up having to go with one of the brokers based in a country where financial-market regulation is well established, such as a western Europe- or USA- based broker.

 

[Euler]

I have a question though about brokers. I have been using oanda which I believe is US based (?). Being based in Japan, where should my broker be based? Japan, US, Australia, other offshore country? I like the idea of having a broker based here in Japan, it would simplify transactions to and from my forex account.

Does anyone know of any reputable Japanese based brokers? I've tried using a search engine but I always seem to find brokers with bad reputations or worse, no reputations!

Any help/advice greatly appreciated.

Rob

Rob a very simple question, but no simple answer. All depends on what you want in a broker. But, to get you started have a look at the following link ....

http://www.goforex.net/forex-broker-list.htm

... there are many similar sites, and there is a lot of good info in the various threads here, but this will kickstart your search. Work out your requirements given your needs, incl. but not limited to; ECN/MM broker, broker location, starting account size, spread etc..... and the list will shorten very quickly.

Good luck in your search.

 

[lasty]

AussieRob,
Here are my personal thoughts from years of experience.
The platform.
Dont look at anything else but an ECN. It cant be manipulated as there are usually 3+ pricemakers.
You can join the bid or offer as well as bid and offer inside the spread.
(Spread is what all FX traders try to eliminate.
Where the ECN has it over all other fixed spread platform is this.
When placing an order on a fixed spread platform the market has to go bid or offered to be executed whereas on an ECN it doesnt.
This is the difference between getting set and not.
With stops you are more than likely to get protected with multiple prices rather than just one.
You will pay brokerage but you can save depending on the liquidity of the platform.
As for where the company is based, most have 24 hour service desks so it doesnt really matter.
If you are playing anything less than 100k per trade you are wasting your time.
You find that most complaints about platforms is when news or economic indicators are announced.
Welcome to the real world. The interbank trader is in the same boat.
90pct of the feeds come from the interbank market fed through a portal.
The other 10pct are just punters like you and me.
Some days you win, some days you lose, on news.
Anyone who punts over economic data either has a high risk tolerance or rocks in their head. The risk reward is zero.

As for punting AUD/JPY, I applaud your choice.
Both are in your time zone,you have a fair idea of the fundamentals and it trades well.
Too many choose the wrong ccy pairs to start with and do their dash.

Good luck.