Hey, me again.
I just wanted to know what brokers you guys use. I have been looking around and so far I like Oanda. Any other ones out there I should look at? I am not making my final decision but I have been trading a demo account with Oanda and like it so far.
pipsmcgee
You probably should give GFT a try!
what are the benefits of an ECN as compared to a MM account? I have been doing research on the account types. I was interested in Oanda because of the low requirement of capital. I want to test the water first with a small amount of capital before I jump in. The reviews I have been reading say that once they consistently make money using Oanda, they tend to encounter problems.
These problems range from being unable to log in to slippage. Any broker recommendations?
behind every “broker” decision lies a number of factors, which is why what you start with is very rarely the one you end with.
ive been working with FXCM regular account, using their trading platform (not MT4) AND its ease of use and ability for me to quickly and smoothly make changes, add trades and general “warm” feeling overrides the fact that they charge a bit more spread than let us say MB. For ME, its a really “no think” trading experience, and i simply use MT4 or my Quotetracker charts as theirs are not so hot.
now theres a whole lot of other stuff to consider — if you scalp or trade very short time frames, a broker has a MINIMUM number of pips away from market price that youre allowed to alter — if the broker has a 6 pip minimum and the present price is 1.4566 and you want to raise your tp to 1.4568 you wont be allowed to do it since you have to raise it to a minimum of 1.4572 to meet the 6 pip minimum — many brokers who dislike scalping have 15 pip minimums, effectively eliminating scalping altogether, even though they dont outlaw it.
most “brokers” use the well tested MT4 platform, and its advantage to me is it allows me to hold a long and a short (or any combination) in the same currency which is how i trade — i believe, without being able to do that, i would have to take up bowling instead !
there are brokers whose prices NEVER go to where the banks have been, with my favorite being INTERBANK, as dishonest as any ive met and of course theres always the “requotes” and power outages.
what i will say is that slippage should not be a real problem IF you use a limit cover order for your trade — THAT HAS TO BE HONORED, but exit manually and any broker can slip you easily !
so that leaves ECN’s and they come with their own set of problems — they do TEND to cost a wee bit less than a broker, once you add in the commission and the spread, but they are as honest as anything gets in a business that centers around MONEY. MB allows very small accounts and is a natural choice, as well as one i use BUT, they do not allow “hedging” or the holding of a long and short in one currency at the same time. They are presently in beta with an MT4 platform, and that “may” solve the problem, which would make them a very attractive trading station. IB also is a very good ECN, although their service dept has a reputation for non-existence !
each one has differing time periods for withdrawing money — fxcm micro accounts takes 15 days for check delivery, which is a bit much in my opinion !
each broker or ECN provides differing approaches to the same situation. I use an offshore broker that allows me access to the commodities, futures and every index known to the civilized world, so i put up with some of their “outages” every now and again in return for the stupendous menu of choices they give me ---- i wouldnt recommend them, but they work for me !
so head into the water with one you like and understand that YOURE in charge — if you dont like them, you get another one with no hassle — try that with a wife !
enjoy and trade well
mp
[I][B]Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !
As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence – BUT I KNOW WHERE THEY HID THE KEY !!
[/B][/I]