yeah funny how people come here and say we should be trading with a regulated broker, did they not read the title of this thread- self explanatory.
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Seems like the same guy, judging by his MO and writing style. Hard to fathom what his motivation could be. He is investing a lot of effort.
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I have one reason, as a hedge in case we get cut off completely from offshore. I do keep one market maker domestic account active.
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-Citizenship renunciation may become a more attractive option for some if restrictions become that overreaching.
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Yes, if one earns a better living trading than being employed, not to mention the time independence, the stress and cost of siting in trafficā¦yes, absolutely time to go. Plenty of great places in the world (safe, affordable, non-oppressive govt.) to live.
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I think that is fair enough. They also offer segregated funds as well as do a number of the offshore brokers. There is a clear niche to fill which these ones are. Sadly of course there will be scammers but isnāt that the point of this thread?! To highlight the good from the bad?
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yes sir thatās the point
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Exactly, I just donāt see the point of the people that come into this thread to spew bile. What good is it to anyone?
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The only 2 domestic brokers I would vouch for are Interactive Brokers & Oanda
If you trade in size, IB have fantastic market depth liquidity on the majors (200-350 lots are no problem), but their proprietary platform TWS is the absolute worst.
Oandaās main non commission feed has comical levels of manipulation around report releases, but that is absent on their raw core pricing feed. Their commission fees are uncompetitive @ $10 round turn, however commissions are always subject to negotiation especially if youāre doing significant monthly volume.
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IBās TWS platform should not be a big issue since you can have your own quote source., and only use TWS to execute trades.
IB requires 10M net worth to trade forex; and IBās futures leverage is too small to trade futures. So if you use IB, you need to have separate accounts for forex and futures( futures account at outside broker).
While I can trade both forex and index futures on one account at offshore brokers or AMP futures(currency futures.)
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ah yes, i forgot they exited the retail FX space a few years ago.
I currently trade S&P mini & 3-mo eurodollar futures with AMP. I only trade the FX majors during US session, so if offshore was shut down at some point, I would probably transition over to CME currency futures @ AMP rather than any of the US FX brokers.
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Funded account update: I tried the MFF challenge. 1st month I made it to 5% at peak and ended up with a free retry.
2nd month just ended with me getting a little crazy with risk at the end and violating daily DD.
It was a learning experience. Key is that I tried the small account and knew the risks. The small fee that I lost was worth it to me for the experience. Havenāt decided whether to try again another time or just stick with personal accounts. Either way, no regrets.
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ECN is the key they have no real access to any money orders and this keeps them nicely interested in you trading with them
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Mrinvisible said he likes to trade only the US session for currencies. As for me, I like to trade primarily the 1:00 AM to 7:00 AM European session because currencies really do tend to trend more during the European or London session than during the 7:00 AM to 4:00 PM American session. As one trader put it, āThe trend is your friend until it bends.ā Good old FXCM once said that the European session generally trends while the American session is āchoppy,ā which I have found to be quite true. The American session, though, is best for economic reports, which is when most of them occur that produce a big reaction. Currently I usually trade only the EUR/USD and CHF/JPN pairs in between reports. Since Iām single and retired, I can get away with going to bed around 10 AM to noon, or at least trying to, with the help of a heavy dose of melatonin, so that later I can also monitor the 7:00 PM to 1 AM Jap session. Oops, I mean the Asian session, which also seems to trend more than during the US session. Hope this information is helpful for currency newbies.
I daytrade SPX500 and EUR/USD.
Trade EUR/USD from 3:00 am through us session.JPY/USD is more trending in European session than US session, but EUR/USD is trending in both sessions.
Sometimes it is choppy in US session such as yesterday,but you need to understand why this happen. Currently EUR/USD is impacted by US equity. So if US equity is at the last stage of a downtrend ,and panic is high EUR/USD could be choppy for one day or so.Because EUR/USD is also impacted by JPY. JPY is going high on the day equity has big panic, dragging EUR/USD to the upside, while equity drag EUR/USD to the downside, that is why EUR/USD become choppy.
By the way, EUR/USD is very likely to drop big on Monday, because it follow US equity. Since Friday US equity drop big while EUR/USD didnāt drop, Monday it will make up that drop.That is one day delay pattern that happen frequently for UER/USD and other currencies.(You can also deem Friday EUR/USDās up was an one day delay pattern as Thursday US equity went big up but EUR/USD didnāt go up.)
Any of you here can easily qualify for residency in Mexico (or other countries) and still reside in the U.S. The process takes about two months after they approve your application in the U.S. (You apply near your hometown but complete the process in Mexico.)
When you receive your residency card, (similar to a green card in the US) more, but not all brokers will accept you. Iāve added two new brokers because I am a Mexican resident. One of them has moved into the top equity position on my system because of phenomenal spreads and execution. I routinely trade majors at 0-1 pip, XAU between 10 and 13 ticks and US30 under 1 point. Other symbols are comparable or better than the brokers all of us know here. Guys- the scalping with this broker would bring tears to your eyes. It has been well worth the time and effort to qualify to trade with these conditions.
Still, brokers remain that restrict US citizens āfor tax purposesā which means āWe donāt want to do the paperwork to have American citizen clients.ā Residency status doesnāt matter. The keys here are citizenship and residency.
The next level up, is to hold residency long enough to qualify for citizenship and a second passport. In my case, thatās five years. I have three more to go and will likely apply for citizenship. A few more brokers will allow me to trade with a non-US passport at this level but others will see my country of birth, and I am once again, kryptonite.
The third level would be to ultimately renounce U.S. citizenship. That is the only path Iām aware of to remove all of the taint. The Treasury Dept. can make life very difficult for brokers and their banks if they choose to do so. Iāve spoken with brokers that could technically accept me based on residency status but decide to limit any U.S. citizen clients as āpotential future riskā.
I have accomplished my near term goal of having more broker options. I donāt think it will ever be necessary to renounce my citizenship (I donāt want to) but if things go off the rails in the future, I will have that option.
In the meantime, Iām always looking for new brokers with better conditions that will accept me as a U.S. citizen regardless of residency. I posted a link to Solid ECN recently but have not traded with them. Anyone here give them a look or trade with them yet?
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Do you mind sharing which broker you mentioned in this post that gives the phenomenal spreads across all the instruments?
As for Solid ECN, I havenāt looked through them thoroughly but here are my preliminary notes:
- MT5 only
- Crypto funding only
- Created 1:500 ECN demo
- Spreads are TIGHT on everything. 0.1-2 pips across all 28 currency pairs, 10 cents for gold, 1-1.5 points on NAS100 and US30 (subject to change depending on market conditions)
- Min and max trading sizes: 1-50 lots for indices, 0.1-50 for oil, 0.01-100 for gold and currencies. Havenāt looked at their stocks but they seem to have all the major NYSE-listed ones.
Canāt speak to their reliability and ease of deposits/withdrawals, but the reviews on Forex Peace Army are consistently positive.
Let me know if this helps! 
solid ecn is interesting , really good spreads with 3$/lot commissions , 1000x leverage(edit:leverage depends on your balance, higher balance lower leverage) and supports trc20 usdt. only minor downside is mt5 only.
but on their FPA page there is a review from a turkey client , he says he made a mistake in lot size and blown his account and solid ecn refunded his initial deposit! how is that even possible?! if they send the orders to the market then that means they paid him for his mistake from their own pocket?!
Tron payments is cool. Not sure many use that. Good commission too. What are spreads like?
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