Yes I have been researching and will continue to do so. I am simply looking for some advice from people who have opened accounts of this size or larger.
I read John F. Carter’s book, Mastering the Trade, and he suggests Trade Station.
I’ve looked around and found them to have about 1.8 pip spread on EURUSD.
FXCM = 2.6
I like the idea of being able to trade more instruments on the same platform as I grow as a trader.
My plan is to open an account with 2k and see how it goes. I have an account with Oanda but it’s only $500. I will place the same trades with each platform to see who is the best.
Hey Bill, yes your are missing something quite important. Regardless of the platform, broker or the spread…the most important element is the trader him/herself…
The question should be: Can I trade profitably?
The post was not directed at my trading. It was directed at increasing my account and changing brokers.
Your answer is kinda like answering is the sky blue with my name is Fred. It might be true but has nothing to do with the question being asked.
I am and will continue to work on my trading until I stop trading.
So I am asking for information from traders who have opened accounts of 10K or more or know of people who have.
So to clarify:
I’ve looked at many brokers and I’m in the US so 50:1 leverage is max, which is fine with me because this is my trading account not my gambling account.
The most reputable brokers I’ve seen are IB, FXCM and Trade Station. For my account size Trade Station has the lowest spreads and all of what I “think” i would need.
The problem is I have not done this yet so experience tells me to ask people who have.
I’ve only traded with MT4. I don’t mind it but would like more features.
You mentioned increasing your account, so you might be interested to know that FXCM clients with a balance of 25K or monthly trading volume of 10M can qualify for an Active Trader account that provides lower spreads with NDD forex execution.
And since you’re currently trading with a broker on DD execution, you might like to know that FXCM also offers a DD option with comparable spreads.
Are there some specific features that you would like to see in a trading platform?
I would really like to get away from DD broker and I appreciate the information. If was to put 25K into an account I would go with FXCM but I want to see what I can do with 10k first.
Options I want are more and better options for back testing.
I would like to be able to place an order at the market with a SL and TP.
In addition to MT4, FXCM offers Trading Station and NinjaTrader. Both platforms support back testing and will allow you to set stop loss and take profit orders along with your market orders.
Trading Station uses Lua, and NinjaTrader uses NinjaScript which is based on C#. There’s even a free plugin for Trading Station called FX Strategy Wizard that helps people who don’t have programming experience to create simple strategies.
You might also be interested to know that the amount you’re looking to deposit would entitle you to 4 hours worth of free programming services ($600) from our specialists who could code your strategy for you.
