I'm brand new here and am wondering if anyone could help with three questions:

1) Given recent spread issues, which broker should I choose for my new account? I read in the forum Alpari has recently reduced spreads? I've scratched FxPro off my list. Still considering Jilly's Activtrades, FxOpen, FXDD and IBFX. Would love to hear your opinoins about which is best.

2) Also, how muhc do they cost? I've read: 15 per mo? Is that accurate?

3) How do you get money out once you've made a bunch?

Thanks in advance!!!!

PS: Given January conditions, is there anyone here that would recommend not purchasing the EA?

1. IBFX is a no no due to high spreads but any broker might change for the worse at any time so not going to recommend one. Take a pick and give it a go.

2. They don't have a monthly fee but make their money on the spread.

3. Most of them can put money back on to you card, paypal or wire to your bank.

January has been very poor but that doesn't mean February will be if the market conditions go back to more normal ranges and volatility. I'm not going to recommend for or against. It's not expensive and if you want to give it a go by all means do. Don't risk any money you can't comfortably lose though and start small to see if this EA still is profitable.

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http://harre.mt4stats.com/ - FAPT euro pairs and usdcad on Broco Demo

Harre, thanks! I appreciate it. I think I'm going to try Alpari. I believe they recently announced reduced spreads. One last question: the broker gets paid on the spreads, how much does that typically (ball park) add up to. Let's say I make 40 trades in a month, and profit $1000. What might the spread fee be?

Thanks in advance!

You cannot calculate it like that. I'll try to explain:

All currency pairs have 2 prices, one for sell and one for buy. The difference between what the broker will sell and buy the currency for is called the spread. A simple example:

The currency pair xxxyyy is offered by the broker with the price 1.0015 - 1.0010. This means the spread in this case is 5 "pips". If you want to buy this currency pair you have to pay 1.0015 but if you want to sell it at this particular moment you only get 1.0010. So the broker pockets the difference.
You don't pay anything as such but say that you open a position, you decide to buy this currency because you think it is going to go up. You pay 1.0015 for it but then immediately change your mind and want to sell it back. The broker only offers you 1.0010 for it so you've lost 5 pips straight away. You decide that's not cool and wait for the currency to move up. When it has moved up 5 pips the price is 1.0020 - 1.0015, that means you can close your position but your profit is 0. The spread is the number of pips the currency needs to move in the right direction before you even start making a profit.

How much a pip is worth depends on how big your lot is. A lot (1) is 10 dollar per pip, a mini lot (0.1) is 1 dollar per pip and a micro lot (0.01) is 10 cent per pip.

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http://harre.mt4stats.com/ - FAPT euro pairs and usdcad on Broco Demo

Harre, Great Overview, thank you! Not everyone writes so clearly. Based on your overview, I think I want to be a broker! Just kidding. Should I get a broker and set up an account prior to purchasing fapturbo, or is selecting one part of the fapturbo 5 minute set up process?

Thanks again.

If I were you I would get FAPT and try it out on a demo account for a few days. FAPT recommend FXDD (I think) but they aren't regulated and not a broker I would chose because of this. If you go with Alpari, as you mentioned earlier, it will take a couple of days for them to set up you live account, so you could start the process now if you want. You can set up a live account and then fund it when you feel you are ready and comfortable with FAPT. Don't forget you have a 56 day money back guarantee with click-bank, so there is plenty of time to try it on a demo before moving to a live account.

Lol, you're not the only one :-)

As Jilly says, start your application process now. It doesn't cost anything and you don't have to fund the account straight away. Use the demo account to get used to the platform and how to use FAPT, just don't expect the same results on the demo as you'll get live.
Alpari have received a good deal of critisism in the past but look like a decent broker in the current climate. I don't think they're any worse than the rest and they've been in the game for a long time.

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http://harre.mt4stats.com/ - FAPT euro pairs and usdcad on Broco Demo

I will do that: thank you so much! Okay, one last question. I can already see that I'm going to have to download MetaTrader 4. I have two computers: home and work. I"d like to trade and manage the account from home but view it from work. Do you think I should download MT to both, or just from home?

If the answer is too technical then feel free to not answer. I've seen other posts on the board and can find them and/or wade through it myself if need be. Seems like it might be a common issue so just thought I'd ask. AGain, thank you. As I recently said to Jilly, I'll definatly share any knowledge and/or success I have.

To be able to view your account at work you will need to download MT4 onto both computers. If you load it at home first and set up a demo account, make a note of your login and password. Then when you download it at work you can put in your login and password for the same account. To do this go to File: login: and remember to select Alpari demo account server.