Another thing that is interesting, they have a warning for EA’s:
Expert Advisor Execution: The client will face slippage on all trades executing via EA and the slippage can be of any amount/pips. This is because the speed of EA allow the system to give slippage in order to our bank manage the risk. We would like to make it clear from the start that EA position might face some slippage.
I tried reaching out to them about this because I’m an Algo Trader, and this concerns me. I got an answer that the slippage warning is specifically for EA’s and not for manual traders. Apparently, it’s out of their control and has to do with their banking partners. I have never heard of such a thing. I would have to start small and conservative while monitoring for issues–to see if my system will work with this broker. I can handle some slippage, but how much are they talking about is the question “any amount/pips” seems pretty scary to me. Or, is this typical for every broker for EA’s, and I just missed the fine print? At least they are being upfront and honest about it.
That’s one way of looking at it. On the surface, it seems suspicious to me. This kind of wording is dangerous. Their reasoning does not make sense and should be investigated further, in my opinion.
Been messing around with FTMO and should be pretty easy to get to their trading objectives. However trading the DOW mini is typical futures specs with commissions at $3.50 round trip. Same as my AMP Futures specs. Can add up fast as you can see.
Trading it on EagleFX is way cheaper with commissions at $0.60 round trip at half the contract size.
So I was trading S&P but 1.00 size which is equivalent $/pip as 10.00 dow and only paying $3.50. Not sure if that would help you, they basically move the same.
I think that it may also depend on the lot sizes under contract specifications. I notice that some brokers offer different lot sizes for indices. I made some trades on a demo account and below you can see the costs for trading via Coinexx. The FTMO objectives are obtainable, even in the short-term, but careful consideration must be made for proper money management and risk mitigation. Oftentimes, I think that people want to maximize their profit potential over the short-term, and end up over-leveraging the account. Even in the example below, this is probably much more aggressive than it should be, and this is not how I normally trade.
Yeah, contract specs with FTMO-LMAX look like straight CME Dow Mini futures specs. $5 per lot w/$3.50 round trip commission. Not really a deal breaker. EagleFX/Cryptorocket/Hugo all have the same specs. Half the margin required with about $0.60 round trip.
DO WE REALLY NEED CFTC TO DO MORE “CLEANUP” OF THE FOREX SPACE??
Just more CFTC prosecution I found, while searching for a glimmer of hope that our
offshore brokerage situation might improve. I guess they are fighting crime and fraud,
but can’t you give us our U.S. brokerages back ? (purely rhetorical question)
I don’t have 2fa setup yet, so they sent an email stating “We have reviewed the Bitcoin withdrawal that you submitted recently. Due to security purposes, we kindly request you to get back in touch with us by replying to this email and confirm that it was yourself initiating this transaction.”
