I’ve been trading Forex on demo accounts for about 5 months now. I use price action strategies to get into existing trends and Bill William’s Alligator strategy to get in on the beginning of new trends and I think I’m ready to open up a live trading account.
The broker I use now has super tight spreads and great reviews throughout most of the forums I have looked in. However, they don’t have a 5 day candle trading week and that’s pretty important to me as I usually trade the daily charts…however, I do trade the 15min charts at London open, as well.
Do any of you guys know of a broker with super low spreads that has the 5 day candle based on NY close? It should go to say that this broker should have a decent and reputable history as well as low cost deposits and withdrawls.
I currently use Alpari UK and FXCM in the UK and they both have what you are looking for I have never had any issues with dealing in them either depositing, withdrawing or their customer service.
maybe there is a way to stick with your broker to execute trades, but use different charting software for it… im no expert dont get me wrong but its just a thought
I would like to know your location. If you are not from US then you can go with Hotforex, Gallant Capital. Plese check broker reviews before take your final decision.
If you are a beginner it doesn’t matter which broker you have - be ready to loose your money on your first steps. it means - you can choose any broker you like!
Babypips has a broker review section it could very well be what your looking for. My vote for a low spread broker would be Oanda. Except it has 6 day candles not 5. Never had a problem with oanda deposited and withdrawn many times without issue. Always heard great things about FXCM but I don’t know if they have 5 or 6 day candles. Why is 5 day candle so important? IMHO you can’t go wrong with either of these two brokers if from the US.
could you tell me the name of the broker you trade with using the demo account?
i need to check your trader because also me i need to chose a good trader and as i see from what you have wrote that your demo broker is good,I have demo account now with FXCM but I heard some news and I read some reviews that makes me worry of FXCM , i read that trading station has a technical problems and the system does not recognize the stop loss that being setup by the trader and this leads to lose the trades therefore i think to look for other trader because of this people opinions
I think not always you should lose your money in your frist steps in trading, if you train good on the demo,just wait until you became able to win in demo then open real account and then for sure you will win as well , isnt?
It sounds to me like you are talking about how slippage can occur with stop loss orders. This is not a tech issue and can happen with any broker. It’s important to understand how stop loss orders work. When a stop loss is triggered, it becomes a market order. A market order will be filled at the best price available in the market which could be better or worse than the price you specified. If an order is filled at a better price, this is called positive slippage or a price improvement. If an order is filled at a worse price this is called negative slippage.
As you can see from the stats above, you are just as likely to receive price improvements on our platform as you are to receive negative slippage. Also note how price improvements are more likely to occur with limit orders, while negative slippage is more likely to occur with stop orders. That is because limit orders trigger when the price momentum is moving in favor of your trade, while stop orders trigger when the price momentum is moving against your trade. You might be interested to know that we have a Market Range feature on our Trading Station platform to help you minimize negative slippage when placing market orders.
