Broker Issue

[ts404]

I can't find a broker that fits my needs.

This is what I'm looking for:

1:100 Leverage
$1000 or less Minimum Deposit
Integrated Pivot Points
Stochastics

I've been using Oanda and they have everything except the leveraging. Also I've been checking out QuesTrade, a broker located in Toronto - where I live. They offer everything except Pivot Points. Their Stochastic's are an issue as well because I cannot change the parameters to 8,3,3. I know how to draw the Pivot Points but I rather just have is in the Software to save the time.

I was thinking I could use Oanda's platform to determine a signal to buy/sell then go on QuesTrade and place an order. I know they're quotes would be off. But I've checked and its only by 1 or 2 pips at most. I rather not have to do this; however, its the only soution I have come up with so far.

Thanks,
TS

[n_aftab]

Hi,

Good luck hunting for everything you need.

I just want to shre my exp with you of Oanda, as far as im concerned they are pretty much out there as one of the more honest and fair brokers, personally i wish i started my trading with them.

They have tight spreads.

As for the leverage do you really need leverage that high??

N

[Pipcrawler]

I was about to ask the same question too n_aftab... hehe

How much of your account are you risking on every trade ts404?

[pipbull]

I think it's important to reiterate what's been said by so many others at diffierent points throughout this forum.

100:1 leverage is what a broker is willing to offer you but it doesn't necessarily mean that is the leverage you will use for each trade.

100:1 might be the available leverage but your effective leverage is what you actually end up putting on the line with a trade. If you are using 2 or 3% per trade you are most certainly not using 100:1 leverage.

That siad, however, there are methodologies out there that involve adding into positions and that would require higher leverage.

[ts404]

I'm thinking I need 1:100 leverage because of my demo trading experience on MetaTrader 4 ( I was using 1:200). I used Pivot Points and candlesticks it proved to be a reliable system.

I started with 3k and ended with 10k. I've done that 3 times just under 3 months. I risked about 10% of my account on each trade, I think. I didn't really pay attention to the lot size... I know I just traded 1-2 lots at a time.

[ts404]

Now that I think about it I don't think I really paid much attention to lot sizes and leveraging...

Correct me if I'm wrong: On Leverage

Leverage increases my exposure to the Market so... 1:1 ratio would make my $10 investment move by a couple cents whereas 1:100 would make my investment move by a couple dollars

Now, for lot sizes:

I'm thinking that a lot is a measurement of my investment value. I set the lot value then submit it into the market. Then the value of the lot combined with the leverage will then effect my account balance.

Just double checking my understanding.

Now... On MetaTrader 4. I don't know how to set the lot size. Its at the default settings for a 3k account. I've browsed the options tabs and account tabs and I cannot find any options pertaining to lot sizes. So... I don't really know how much of my account I risked! Oh my, and I thought I was ready for live trading.

Thanks,
TS

[gailellis]

cmsfx offers all the indicators you mentioned, $200 minimum deposit and 400 to 1 leverage. I've been working with them for 6 months demo followed by 6 months live and they seem very honest to me.

They have a good platform (VT trader) and it has good support. In addition to having the indicators you mentioned, the platform lets you program any others you need, and there are support forums where you can request additional indicators, and where other people upload indicators and trading systems they have programmed.

You rarely get requotes, and they usually stick to the quoted offer even after price as moved a few pips (I don't trade news so I don't know what happens then). I don't think they would be good for news trading because the platform does sometimes disconnect and become inaccessible during big news events. This happened pretty frequently during the first few months I traded with them, but less often now. (They've upgraded the platform a few times. ) You can still call them on the phone to trade if you want when this happens.

They also have over 10 million in assets and CFTC and NFA certification. They were recommended to me by the mentor in a forex course I took and also Dirk Du Toit is an introducing broker for them, which also makes me think they are ok

Originally Posted by Freshie

anybody got any experience with FXCM ? how is their behaviour. seems like they make awfully lots of monies .

A quick search of the forums will get you lots of info.

[bammy96]

I'm not sure of my answer but I suggest you Marketiva. You can place the ammount you want and you can use the stochastics. For the pivot points, I'm not sure but you can try to see. OK, have a nice day.

Bests regards
Bammy96