Usually, the brokers that don’t charge ANY commission, charge you from spread mark ups. So, basically you are paying them indirectly through higher spreads. Wide spreads often create problems to traders, specially scalpers. I advise you to look for a broker that offers low commission and narrow spreads.
Agreed. Reaching profit targets in my experience as a scalper and a swing trader both, has been easier to realize with scalping mainly because the smaller price movements in the few pips range are more likely to take place. Trading on smaller time frames on different platforms, say avatrade, xm, fxview, has always worked better for me.
Ya I am settled in my head with this point now
Who did you settle on?
Hi, I’m looking for a broker change and I’m in serious need of some suggestions. Thanks.
That’s right. Can’t do without low spreads and finding a broker that not only provides them but is also reliable is such a treat.
What I am settled with is that I don’t want a no commission broker
If I am making profits currently I wouldn’t see any reason for change.
Try not to worry about it so much. Just make a list of them and pick one or more. Do whatever suits you because ultimately it is you who are trading. Oanda, Fxview, Fxpro, etc are all okay and reputed platforms.
In my experience, creating the right balance between the position size can make some good difference to trading. No matter what strategy or broker you’re using, it is important to focus on the right trade size. The position size is usually determined by the number of lots and the type of lot you use.
I don’t think you should pay so much attention to it and simply focus on managing your trades. Try to set up the risk limit per trade and try to understand the pip value of the trade. Good luck mate!
Sound good! Adding an example to my previous point. IC markets is one of them. Check their standard account, it is commission-free but have a mark-up to their spreads. You are ultimately paying with wider spreads.
I agree with you and this is exactly how I go about selecting a broker. I analyse their trading conditions and add them to a list I have. Whatever suits me best, I go with it. Right now I’ve been working on some major currency pairs with Cityindex and Fxview. I have even changed my strategy from scalping to day trading, and experimenting with JPY and even gold
Really? With so many people raving about its low spreads? I heard from so many traders that spreads with IC Markets are less than 1.
Yes, that is right.
A proper risk and money management can really be helpful for any trader.
They have two account types, one with raw spreads and the other one with the mark-ups.
Alright, thanks for replying, what’s the commission structure on both the accounts like?
Yes, I believe that too and there are so many benefits of risk management that go unnoticed most of the time. Shouldn’t take it so lightly.
I kind of agree with you on this one. A broker with low commissions works best in most cases and especially if you want to scalp more. No point paying them through spreads in the name of zero commissions, right?