Yes, you’re right there … a lot of the ‘horror stories’ are just disgruntled traders trying to shift blame for their own incompetence on their brokers. Still those reviews make me uncomfortable, as they might contain a grain (or a pound of grains) of truth.
Oh well, I guess looking for a reliable and trustworthy online forex broker is just like everything else on the internet: 50% common sense, 40% trial and error and 10% luck.
I’ll know soon enough if I’ve made a good choice; I guess.
Yep. And, I would be as careful with the very positive recommendations as with the negative. People used to complain if something is wrong, but seldom write if they are satisfied.
As you are located in DE you could also choose some, many can’t from the US. Look in Switzerland for instance. I’ve one broker there which is no mt4, but I can use a bridge software. Not the best solution actually, but I had never to complain anything regarding their order execution. Really like day and night compared to my market maker from UK before. Said this, I even made money with the UK broker. It was a good broker at start, but after a year or so the order execution freezed til 30 seconds or so. When I asked what was the issue they wrote that this is okay and should be considered as normal. I would not even go with them anymore if I’d just open one trade a year, lol.
Anyways, if you should be unhappy, you can always then check how the withdrawal procedure works.
Yes, I’ve traded forex for some years, but I’m kinda rusty … the last position I opened was USD/DEM, using a telephone, hehe.
And I have zero experience with online brokers and platforms.
So at the moment I spend my time reading up on MetaTrader and similar technologies, broker hunting and relearning analysis.
I guess, as a ‘warm up’ and until I’m ‘fit’ again I’ll stick to Price Action Trading, since it has a minimum of confusing stuff, hehe.
Okay, then you are a swing or long term trader, right? So order execution with an online broker is probably not your biggest concern. Well, if you go with any regulated broker then I wouldn’t worry about much. Most big UK or in general ez brokers have insurance of your account.
I day trade with a bot and I would become mad quick if order execution is beyond a second. My former UK broker told me it is normal that they could have delays til 15 seconds and the bad thing with mt4 is that if there are delays of more than 5 seconds it goes into an endless loop of trials. Which can then end up in several minutes of order rejection, slippings, etc. Or I could change the bot that it would give up after the first order rejection, but that was not the reason for my strategy, to miss the trades.
Actually I’m planning to trade intraday mainly, with as few rollovers as possible, like average position hold time 2-6 hours.
But since I won’t be scalping (at least not until I’m firm enough again), I don’t really mind a second or two execution time.
It goes without saying that I’d prefer execution times of 500ms or something (who wouldn’t), but since I won’t use EAs for some time, execution time isn’t my main concern.
So far, I’ve decided on an ECN broker in Australia, ASIC-regulated … once I’m really fit again, I might shift to the EU branch of a Swiss ECN broker.
I take it ASIC regulation is as trustworthy as any European regulation agency?
Client accounts of the broker of my choice are held segregately with the Australian National Bank, according to ASIC statutes, so I guess no sweat there.
Really, I do not see any issues with your choice. Well regulated by a civilized and stable country and ecn.
However, any trade intraday imho needs a reliable order execution. We had vola of 90 pips in a minute and if you imagine you open an order, waiting for a second, two, it shoots up 40 pips, you are still waiting … those seconds become centuries!
My broker gives me a fill in 100 ms. If it’s slow it can take maybe half a second. Never beyond a second so far.
Here is one math that involved in 100% / 3 = 33.333333333… % ( we lose 0.00000000…000…000 where is the last digit of “1” stand? exactly we lost it. there is nothing 100% in this world.
we are using TA, FA, PA = 99.9 % win ratio
Risk and Reward = 100 % risk = 99% profit
Today is the flat day, new test will start at Monday, anyone ready to participate with this research ?
Well BE THAT AS IT MAY: WHY (I ask with TEARS in my eyes) are you so ‘hell bent’ on making OR LOSING 100% in ONE DAY???
I’d FAR rather look at it THIS way:
Say you had $100 000 in your trading account and your living expenses were $5 000 per month. You’d only need to make ONLY 5% per MONTH in order to live. That: you could make EASY in one WEEK if you traded ‘decent’ ‘high paying’ instruments while still managing risk. You could then withdraw your living expenses and spend the rest of the month ‘trading at your leisure’ and building up your account. That’s one HELL of a lot easier and a LOT less stressful and FAR more ‘probable’ or ‘likely’ than doubling an account (of ANY size) in a single day.
Which brings me BACK to a point that I made SOMEWHERE on this thread before: is this just an ‘experiment’ or a ‘I need to prove that this can be done’ type of thing or are you serious about opening and trading a live account and trading for a living??? For your sake: I hope it’s not the latter if you continue with this.
We’ve ALL said that ‘nothing is impossible’. That’s true. But there’s a BIG difference between ‘possible’ and ‘probable’. That’s why answering you puts everyone on a bit of a ‘slippery slope’. NOBODY want to ‘quell your enthusiasm’. But at the SAME time: nobody wants to see you ‘lose your shirt’ EITHER and the PROBABILITY of your doing that in trying to double an account daily is VERY VERY VERY high.
And here’s something else that you may or may not have considered:
If you’re counting on the fact that you can margin your entire account out and if things go ‘bad’ you’ll still have the amount of margin that WAS tied up in those positions left over after being margin called then ‘think again’ my good man. There are brokers that will allow an account to go NEGATIVE AVAILABLE MARGIN so as to TOTALLY ‘clean out’ the account i.e. they’ll let the losses go against you until your CAPITAL BALANCE is zero. I don’t know if this forms a part of your ‘daily doubling strategy’ but if it does??? Don’t!!!
I didn’t say that’s what I’m DOING!!! It’s not I assure you. But it’s ‘the ideal situation’ I believe. It’s a sort of ‘sledgehammer to crack open a nut’ type of thing (or however the saying goes).
I don’t know if it’s the $5 000 per month that you’re talking about here or what. If it is: I hate to tell you but at R7.00 ZAR to $1 USD (which is where the ZAR ‘normally’ trades) then that’s only R35 000 ZAR per month. Assuming no ‘creative tax accounting’ you’d end up paying about 40% of that in tax (maybe a BIT less but not THAT much less that it would make any material difference) so now we’re down to R21 000 ZAR per month. In ‘the good old days’ (BEFORE I STARTED TRADING FOR A LIVING) that wouldn’t cover my mortgage at the time and the monthly instalment on ONE of my cars let alone fuel, utilities, and food, and not to even MENTION entertainment!!! LOL!!!
If you’re saying that $5 000 per month is too LITTLE well THEN I’m TOTALLY ‘with ya’!!! LOL!!!
Regards,
Dale.
Edit:
Come to think of it: why do you think I’m in this business??? For FUN??? LOL!!! It’s ironic. It’s the reason why I’m ‘in the sht’ and it’s the only way I can 'get out of the sht’!!! LOL!!! It just seems to be talking a WHOLE LOT longer to ‘get out of the sht’ than it did to 'get into the sht’ is all!!! LOL!!!
