The broker you’re using also has a lot to do with leverage. I don’t use a high one with my brokers IG and Fxview but they seem to be okay with it. Traders should clarify that beforehand. Like the leverage is not equal across all securities. More leverage is for major currencies.
Is there an option with VPS? Wanna know more….
I suppose that’s more or less true across all the brokers. There’s always higher leverage offered for more traded securities, for the very obvious reasons.
That’s a very safe leverage option you have decided on. You will find a lot of brokers for that.
That’s right, some on the top of my list are Pepperstone, fxview, oanda.
Hey! How’s pepperstone?
Quite alright if I am to say. I have been using pepperstone for trading besides fxview for day trading currencies against USD and GBP. Leverage is good, I like to risk big, with a risk tolerance of 3%.
Yes, 1:100 leverage is very high for so may traders. And it can be a good idea when you have enough money in your hands. However, I have seen many traders holding on to $50 initial deposit and talking to choose 1:20 leverage. This is a joke!
I guess it’s important that the trader himself should understand to go for leverage he’s comfortable with. Take beginners for instance who are still learning to trade currencies, a low leverage like 10:1 or even 5:1 is appropriate
Is trailing or limit stops a reliable way to trim down the losses in case my trade’s going downhill? Been reading about it, so just wanted to confirm. Not a big fan of sl generally
True it is. Limit stops lower the potential losses in case your trade fails while you continue to learn all about the currency pairs and how to trade them. The brokers you use can guide you on how to put it into practice. My brokers fxview and oanda for example guided me throughout when I started trading.
Do you know about the emotional angle in trading? These limit stops hit it right there by helping you pull back from the trading desk much before you cry your eyes out post losing money.
Right approach there but just when you decide to use high leverage, simply use trailing stops, keeping the positions small, and limiting the amount of money for each position. It’s really not that difficult. All one needs is a good platform and of course a broker and I say this because our (fxview and XM) are same
Yes, better to stay far away from those emotions, I say.
don’t think I can reflect on getting a broker that has everything at one place. And you want to use such a high leverage, you should consider trading with multiple platforms.
Hi. I am also looking for a broker that has at least faster withdrawals. I’ve been stuck with some brokers that take almost a week to process them. Any suggestions would be great, thanks.
I am not so much of a high leverage user so I’d probably keep it as low as required. But thanks for responding.
Fxview would be a good choice for you then, withdrawals are always on time (within 24 hours) and leverage offered is 30X.
Withdrawals are a big thing for any trader so it makes sense why they should fuss about it.
Yeah. I think the same and actually haven’t seen any trader that goes with just one broker. Even I don’t use just one for my trades. There has to be some room for diversity, right?