Still researching brokers. As US citizen I’m somewhat limited.
I’ve been demoing on turnkey. Now they only open accounts with cryptocurrencies. I looked into the whole process. Have somewhat of an understanding and it seems like a lot of work for the amount of money I will be starting with.
I’ve also demod with lmfx. While their site says, and I had received confirmation of, the ability to transfer a balance with a debit Mastercard drawn on a u.s. bank, I was then told it is not the case unless I go through v load which is something I’m looking into.
Oanda has higher margin requirements. As I’ve stated prior, deposits and withdrawals would be a breeze using a debit card drawn on a local bank.
As a long-term trader Oanda seems as if it would work out for me. I’m not trying to scalp and beat the spread of a market maker. I’m really not concerned about them stop hunting my $20 trade either.
The other concern with Oanda and all other US based brokers is their need to abide by the regulation of FIFO, first in first out, regarding open positions.
On further research I found this applies to open positions of the same pair and the same size.
So if I’m using a grid system with limit orders, I may want to consider staggering lot size as well which would give me flexibility closing trades no matter when they were open.
I am getting closer to a decision on a broker and codifying, finalizing, actually writing down my strategy.