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Various Reasons why ppl use a lot of brokers.

Voss_y
Sep 26 2020 at 07:05
17 Posts
As i see everyone chose what the best for him/her. and when person find his 'ideal' broker he stays with one. it depends on broker conditins.

FLCFX
Sep 29 2020 at 04:17
15 Posts
Another reason could be the lack of scalability if you are scalping.

Some brokers are great for execution for the first 3 lots for examples, then afterward it may affect performances.

saurabhsuman003 (saurabhsuman003)
Sep 29 2020 at 08:50
35 Posts
@FLCFX wow! thats something i've never heard of.

can u name such brokers and explain this problem in some detail.

Indicators are so deceiving, always lagging. Trend lines & Calendars are the best.
marco_mmbiz
Sep 29 2020 at 09:23
368 Posts
I actually use 4 different brokers. Why? Because I like to have my money not only on one broker. The same goes for banking accounts. I also have more than just 1 banking account. It's more safe for your own money; you never know what will happen, especially during a crisis.

FLCFX
Sep 30 2020 at 01:46
15 Posts
saurabhsuman003 posted:
@FLCFX wow! thats something i've never heard of.

can u name such brokers and explain this problem in some detail.


I'm referring to using scalping... if you are only generating 1-3 pips per trade, speed of execution might not be fast enough and may cause negative slippage.. In that sense, it may not be scalable

marco_mmbiz
Sep 30 2020 at 09:07
368 Posts
FLCFX posted:
saurabhsuman003 posted:
@FLCFX wow! thats something i've never heard of.

can u name such brokers and explain this problem in some detail.


I'm referring to using scalping... if you are only generating 1-3 pips per trade, speed of execution might not be fast enough and may cause negative slippage.. In that sense, it may not be scalable


Lots of brokers are not even allowing scalping, arbitrage and other extreme 'short term profit makers'.

GeorgeBischof
Sep 30 2020 at 09:07
318 Posts
Using various brokers can help a trader to make his decisions perfectly. It helps a trader to research the broker and choose the best one from all of them.

saurabhsuman003 (saurabhsuman003)
Oct 08 2020 at 21:54
35 Posts
@marco_mmbiz broker and bank accounts are different things my friend. We use more than one bank account for security purposes, ease of use, to get more than one debit and credit cards, to have different joint accounts with persons of choice and various reasons. It's like having more than one set of clothes. While you stick to one or two brokers at max cause using more than one only increases hassles, those who know trading will be successful in any platform. You can't keep on switching accounts or use 3-4 computers and simultaneously trade in all of em. Since you brought up scalping, none can possess all styles of trading Viz day trading, swing trading , scalping etc etc, so if you are a scalper get a suitable broker and stick with it. And at the times of crisis your money will be gone irrespective of your broker. To prepare for that you can only stock your bucks under your bed.
Brokers are registered and their trades are reported every Tuesday. Get to the details of CFTC data if you wish. Whichever broker u use, contributes to that data. So none of them are gonna fall down alone.

Indicators are so deceiving, always lagging. Trend lines & Calendars are the best.
saurabhsuman003 (saurabhsuman003)
Oct 08 2020 at 21:58
35 Posts
GeorgeBischof posted:
Using various brokers can help a trader to make his decisions perfectly. It helps a trader to research the broker and choose the best one from all of them.


@GeorgeBischof so what happens when you choose the best one from all of them ..????? You stick to em right.?????
The thread was about why don't people finally stick to one.??? So your statement contributed nothing my friend. You might wanna think again about the motion.

Indicators are so deceiving, always lagging. Trend lines & Calendars are the best.
saurabhsuman003 (saurabhsuman003)
Oct 08 2020 at 22:05
35 Posts
@marco_mmbiz when you say few brokers aren't showing'extreme short term profit makers' you don't get why they do that.

We use leverage, our broker pays on our part at the exchange to get Ur the required amount of foreign exchange. Ofc this money is insured because the broker won't allow us to trade beyond our margin capacity. But to let us take trade or broker needed to pay the difference amount at the first hand.

Your so called 'extreme short term profit makers' run on ultra high leverage.
So if your broker is a small firm and is not having enough capital the. It can't help you take such trades by paying on your behalf.

Indicators are so deceiving, always lagging. Trend lines & Calendars are the best.
SofieAndreasen
Oct 16 2020 at 17:33
759 Posts
FLCFX posted:
saurabhsuman003 posted:
@FLCFX wow! thats something i've never heard of.

can u name such brokers and explain this problem in some detail.


I'm referring to using scalping... if you are only generating 1-3 pips per trade, speed of execution might not be fast enough and may cause negative slippage.. In that sense, it may not be scalable

I think it is too low even for scalper. It is also hard to make possible in volatile market.

saurabhsuman003 (saurabhsuman003)
Oct 18 2020 at 10:27
35 Posts
@SofieAndreasen yeah you're right.
these are just noobies,not really traders.
Mql5 has better quality members.

Indicators are so deceiving, always lagging. Trend lines & Calendars are the best.
Tremblay
Apr 28 2021 at 18:50
330 Posts
Curtid33 posted:
I think the idea's ok if you're unsure about which broker to go with. And I'm definitely hearing the points about diversifying. But I think you should really go all in with a broker you trust. Maybe it's different for swing traders. As a scalper. I'd be running ragged with 2 different brokers, data sets, and less growth between both.

I think choosing a reliable broker is a very tough task for newbies from this market.

RobSchiz
Sep 07 2021 at 20:37
567 Posts
Tremblay posted:
Curtid33 posted:
I think the idea's ok if you're unsure about which broker to go with. And I'm definitely hearing the points about diversifying. But I think you should really go all in with a broker you trust. Maybe it's different for swing traders. As a scalper. I'd be running ragged with 2 different brokers, data sets, and less growth between both.

I think choosing a reliable broker is a very tough task for newbies from this market.

Yes. It is a very tough task.

RobertFerrari
Nov 23 2021 at 19:11
371 Posts
saurabhsuman003 posted:
@SofieAndreasen yeah you're right.
these are just noobies,not really traders.
Mql5 has better quality members.

Your knowledge helps a lot to survive in this market.

Malohuginn
Jan 15 at 13:34
23 Posts
People use various broker mainly when they can't determine which conditions suit them best. No doubts, that today there are lots of brokers on the market and it's kinda tough to choose a proper broker from this amount of such ones. You start to think that you will never be able to find a good broker, when you change the broker, however it's really okay. Maybe, it's pretty bad that traders spend their time on searching for a broker, however they have to understand that if you want to feel convenient, then you shouldn't regret your time. Those traders who don't care about conditions, they can remain with one broker for a very long time.

AurelieFrancis
Jan 20 at 07:42
42 Posts
Mostly beginners are the ones that use a lot of brokers before the find a suitable one for them. Some expert traders use two or three brokers based on their skills.

winning_trades
Jan 20 at 08:06
48 Posts
I believe most of the traders do that as its always a good move to diversify your funds and not stick to the single broker.

Superfluous
Feb 17 at 10:12
30 Posts
Traders may require different conditions for different strategies and it is not possible for one broker to satisfy all those needs. For instance for day trading I need lower spreads and faster execution and for that I’m using turnkeyforex, but for someone looking at lower swap rates for position trading some other broker might be more suitable.

Seb King (sebking1986)
Feb 17 at 12:47
362 Posts
I guess it is different tools for different jobs but if you can narrow it down to as few a brokers as you can I would think this would be easier to track.

If you can't spot the liquidity then you are the liquidity.
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