To trade, go with MT4 or NinjaTrader. Not because they are the best, but because both are widely used, so you won't stay with a broker and will have to learn a new platform if you switch. I use a broker called FXChoice. They have a very high trust rating on FXPeaceArmy (higher than Oanda) and also have 200x leverage for US clients compared to a 50x maximum of Oanda.
I have been with FXChoice for about 6 months and I haven't had a single problem with them. As many of you know, few Forex brokers are currently allowed to offer their services to clients in the United States. Similarly, a Forex broker regulated in the United States must have a minimum capital that allows it to perform all its functions as an intermediary between its clients and the market itself. In short, such a broker must be a legal and fully established company.
There is no such thing as investing in Forex, forex trading for amateurs (which everyone is unless they are Goldman Sachs) is pure speculation. Forget about your friend, you can only warn him but you can't force him not to. Because there is always a clear bullish case somewhere in the forex market (the entire stock market may fall, but never the forex market). However, I use their software partner ProRealTime for all my trades, so I haven't used their platform to trade, but the trades themselves work as intended.
First, foreign exchange trading on margin accounts outside India is not allowed for resident Indians according to the RBI (Reserve Bank of India) FEMA (Foreign Exchange Management Act). ForexTime (I stopped here because I don't really like forex trading, I prefer indices and stocks). While swing trading can place only a few trades, each one could be worth a significant amount of money. I left for a while, went back to create a demo account and on the second day I ran into another problem where I couldn't see my trade on my chart (take profit, sell stop and the trade can be manipulated on the chart).
Forex attracts because new traders receive false expectations from the “Forex gurus” they see on social media. For the most part, scalping strategies will produce few profits per trade, but will compensate you in total trade volume.
