Hi guys, I am new on this forum and I have a question. I am from Belgium and I am searching for a good broker, is anyone of you familiar with IC markets? Is this a good broker for a beginner trader?
Hi, how long you trading? Regards Greg
I am now at the beginning of my backtesting, so I have a long way to go. Its not that I will open a account straight away but the more information I have the better. I know some friends from Belgium who are really talking good about this broker but I want a second opinion from guys who are longer in the market. Regards Laurenz
I trade through IC markets. It’s a safe broker, keeps client funds separated into AUS banks. Has a choice of platforms, including the MT4 & 5. Spreads are competitive - I’ve had no issues with them at all.
They are a good broker, although commission is higher on the side.
Sure, remember this, test the strategy on the data and conditions of your future broker. Regards Greg
Okay, thank you guys for responding on my question. I really appreciate it!
I am now almost finished with the book trading in the zone, can some of you recommend other books that I should read? Greets
You should look at Forexpeacearmy review. Check the negative reviews and see what users usually complain about and how often. You are likely going to experience same thing. IC market is been around a long time. Commission are high too. You’ll have to go offshore to lower spreads and commission.
The broker is a highly personalized choice which is the projection of the trader in the markets. I would say for your first account as a trader in the forex market, try your hand on demo accounts. The reason is that you will get the hang of the interface of a trading platform. There are many trading platforms which are available like the MT4 and MT5 which are the industry standards offered by many brokers like Xm, FXTM, Fxview, IG etc. or there are proprietary trading platforms which are provided by the brokers itself like Xstation offered by XTB. So if you have figured out which indicators you are going to use and the charts and trading platform, then you can demo trade different broker’s trading accounts to see how you will practically implement those strategies through them.
I favor backtesting too since it gives you an edge and you get to see where you stand in the market. I keep trying new strategies and it helps me understand my system better.
Are there any set rules I need to follow before backtesting or should I just dive into it directly?
That’s right. If a particular trading strategy works, it sort of gives a trader the confidence to stick to it throughout.
Yeah decent broker if a little pricey. Make sure you are well prepared for live trading.
Yes, you can have a trading plan in hand which should include some rules so that you don’t get confused later. This will help you reduce the chances of getting inaccurate results. The plan can include things like :risk per trade, time frame to be used, entry trigger, stop loss level, market to trade, exit plan, etc. Good luck.
I have been backtesting some effective strategies on my MT4 and Tradingview. I also use multiple timeframes so that works alright for me. I have used Ic markets before and now I’m trying my hands on Interactive brokers and Fxview since the transaction cost is low and it suits me well.