Feb 08 2021 at 06:08
Ericdier752 posted:
I just started trading live and I have such similar questions. As of now I’m confused about whether it is important to trade with a domestic broker or offshore regulated brokers are good too? Any suggestion will do.
Trade with the broker who is registered/regulated under your jurisdiction. For example if you reside in UK, trade with a broker who is registered/regulated with FCA.
Thats how i choose a broker. It gives better security to your account.
The more your practice, the more you learn.
Harshalgibbs posted:Ericdier752 posted:Garrychris554 posted:
@Eric Make a list of brokers you want to trade with and compare their spreads. Whatever suits you, go with it. Simple as that.
I tried doing that but couldn’t figure it out like that. I think working on demos is a better way. There is no possibility of losing and the worst case scenario is blowing up an account which I think is a part of the learning process. I have little experience with trading but I keep trying so...
I agree that demo trading is a good way of testing your skills without having to worry about blowing your account. You can apply different strategies on your demo account and find out whether they are worth applying on your live account or not.
I am not much sure about demo trading because it fills you with confidence and when you go live, nothing seems to be working. For me, demo trading is nothing more than wasting time.
Feb 08 2021 at 08:14
Markwoods posted:Harshalgibbs posted:Ericdier752 posted:Garrychris554 posted:
@Eric Make a list of brokers you want to trade with and compare their spreads. Whatever suits you, go with it. Simple as that.
I tried doing that but couldn’t figure it out like that. I think working on demos is a better way. There is no possibility of losing and the worst case scenario is blowing up an account which I think is a part of the learning process. I have little experience with trading but I keep trying so...
I agree that demo trading is a good way of testing your skills without having to worry about blowing your account. You can apply different strategies on your demo account and find out whether they are worth applying on your live account or not.
I am not much sure about demo trading because it fills you with confidence and when you go live, nothing seems to be working. For me, demo trading is nothing more than wasting time.
Well, that is everyone’s personal choice to demo trade or not. If you ask me, none of my trades are complete without demo trading. Whenever I learn a new strategy, I apply it on my demo accounts with fxview and ic markets and if it works there, I go live. It doesn’t only give me confidence but also lets me know what changes I must make in my trades to make them work for me.
Feb 08 2021 at 10:00
Garry, I agree that you won’t lose anything when you demo trade. But if a strategy works well on your demo account and fails when you go live?
Feb 09 2021 at 04:30
Mathewshayden posted:
Garry, I agree that you won’t lose anything when you demo trade. But if a strategy works well on your demo account and fails when you go live?
It is meant to happen because of the unpredictable nature of the market. That’s why it is said that there are no guarantees in the forex market and you have to be prepared for anything and everything.
Feb 10 2021 at 03:57
Mathewshayden posted:
Garry, I agree that you won’t lose anything when you demo trade. But if a strategy works well on your demo account and fails when you go live?
See when you go live the factors change considerably because the emotions for trading change. When you are doing live trade then obviously the risk for the loss increases. It is very important to know the emotional side of yourself because it will affect the real world trades. The broker fees and all is meant after this process.
Feb 10 2021 at 06:36
The markets can churn the real traders out if they do not get on the track. If the strategy which they are using is not working then definitely we should change the strategy. Brokerage is only one part of the trade.
IC Markets and Tickmill is the best ECN broker start from 0 pip in many pair and the best trading condition with stop level 0, not many broker have stop level 0
Feb 10 2021 at 10:03
Mathewshayden posted:
Garry, I agree that you won’t lose anything when you demo trade. But if a strategy works well on your demo account and fails when you go live?
Flexibility is the key to winning because if we are flexible enough we can earn a lot of good money. I was scalping because the markets were not that good. So there are many brokers in the market but for me the most suitable broker is Fxview due to low spreads. When the markets were moving again I came to position trading through IB because of its good analytical tools. So you cannot always trust one strategy. The brokers charge their fees because they provide us services.
Feb 10 2021 at 12:18
ele020 posted:Ericdier752 posted:
I just started trading live and I have such similar questions. As of now I’m confused about whether it is important to trade with a domestic broker or offshore regulated brokers are good too? Any suggestion will do.
Trade with the broker who is registered/regulated under your jurisdiction. For example if you reside in UK, trade with a broker who is registered/regulated with FCA.
Thats how i choose a broker. It gives better security to your account.
I in fact prefer brokers regulated by multiple financial authorities.
Feb 10 2021 at 13:31
salamibrish posted:Mathewshayden posted:
Garry, I agree that you won’t lose anything when you demo trade. But if a strategy works well on your demo account and fails when you go live?
Flexibility is the key to winning because if we are flexible enough we can earn a lot of good money. I was scalping because the markets were not that good. So there are many brokers in the market but for me the most suitable broker is Fxview due to low spreads. When the markets were moving again I came to position trading through IB because of its good analytical tools. So you cannot always trust one strategy. The brokers charge their fees because they provide us services.
This is true but it should not be on the basis of the emotions, but rather on the basis of the state of the market.
Feb 11 2021 at 07:57
Adamgylicrist posted:salamibrish posted:Mathewshayden posted:
Garry, I agree that you won’t lose anything when you demo trade. But if a strategy works well on your demo account and fails when you go live?
Flexibility is the key to winning because if we are flexible enough we can earn a lot of good money. I was scalping because the markets were not that good. So there are many brokers in the market but for me the most suitable broker is Fxview due to low spreads. When the markets were moving again I came to position trading through IB because of its good analytical tools. So you cannot always trust one strategy. The brokers charge their fees because they provide us services.
This is true but it should not be on the basis of the emotions, but rather on the basis of the state of the market.
Yup I agree, emotions can also lead you down very much if you don’t take rational decisions.
Feb 12 2021 at 09:48
I don’t think there are ECN accounts with commision free models because then how will brokers earn money. There are STP accounts which earn their commissions from the difference in the spreads. I could be wrong though.
Feb 15 2021 at 11:47
There are many brokers in the market which provide pure ECN accounts which are very easy to understand. For example I am using Fxview which charges per lot. There are other brokers too who use STP models such as alpari, pepperstone etc. So there are different models of commission.
Feb 16 2021 at 04:06
ECN or some other account, no broker can provide you free service. It is absolutely sure that a broker also needs to run their house.
Feb 16 2021 at 09:27
Garrychris554 posted:
ECN or some other account, no broker can provide you free service. It is absolutely sure that a broker also needs to run their house.
This is true. If you are scalping then I think STP accounts won’t be beneficial for you because it will ruin your profit margins.
Feb 16 2021 at 11:44
Hey Philip, I too think that if a trader wants tightest spreads possible, then pure ECN accounts would be much beneficial. You will get tighter spreads which are so essential for scalping.
Feb 18 2021 at 04:18
Garrychris554 posted:
ECN or some other account, no broker can provide you free service. It is absolutely sure that a broker also needs to run their house.
Yeah, I agree with you. Who will provide a free service for nothing? It’s not practical at all.
Feb 18 2021 at 11:06
Sure! There are plenty of low commission brokers out there. You’ll find one easily. I suggest you go with a low commission broker instead of a no commission one. This will save you some hassle.
Feb 19 2021 at 05:01
There are options like Pepperstone, Swissquote, XM, Xtb, Forex.com, Fxview. I have used them all so I know how it must be. You can always begin with a demo account in my opinion and experience a platform. This will give you a fair idea of what the services and conditions of a platform are.
