My concern on lot commissions

Going live with not much knowledge of the market is a mistake. Please use demo account.

78678676 posted:
Going live with not much knowledge of the market is a mistake. Please use demo account.

yea i have suggested him the same thing

***RULE 1.
Stop loss 'must below 7%'
Don't flow the trade in a long time

Placing that many lot sizes when you are just gathering knowledge is not a good idea, first develop a good strategy and practice on demo.

Hey, the answer is simple. Just look for a low commission broker that is also regulated and has good trading conditions.

You can contrast 2 or 3 brokers as per their commission rates and go with the one that is the lowest.

Gleywilleyy posted:
Hey, the answer is simple. Just look for a low commission broker that is also regulated and has good trading conditions.

True that do u know any??

Gleywilleyy posted:
I honestly prefer brokers with lower commissions and tighter spreads. As long as the commission cost is less, I don’t mind paying that in lieu of low spreads.

My approach is also same. That's why went with fxview, $2 commissions RT and low spreads.

richardmarcus posted:

Gleywilleyy posted:
Hey, the answer is simple. Just look for a low commission broker that is also regulated and has good trading conditions.

True that do u know any??

I find fxtm and fxview to be quite alright. Using them for the low commission charges and spreads. Fxview is charging me $2 and fxtmn $4 for entry and exit. And as per slippage, the platform's quite balanced, I’m using MT4.

The best thing you can do is create many different demo accounts and compare what each one offers.

Scalping strategy is widely used by the new traders to make money quickly. Yes, it is risky if you don't have any knowledge about this.

Gleywilleyy posted:

richardmarcus posted:

Gleywilleyy posted:
Hey, the answer is simple. Just look for a low commission broker that is also regulated and has good trading conditions.

True that do u know any??

I find fxtm and fxview to be quite alright. Using them for the low commission charges and spreads. Fxview is charging me $2 and fxtmn $4 for entry and exit. And as per slippage, the platform's quite balanced, I’m using MT4.

Surely ill check these brokers

Jakemark posted:
The best thing you can do is create many different demo accounts and compare what each one offers.

Demo accounts are the only way to know what you are getting into, even micro accounts can help for a more real-like scenario.

@Mike Yes, demo accounts have worked well for me too. They are easy to set up and there is no hassle with them. It feels good to get an idea of some trades before executing them on a live account.

I think commissions and spreads are very important in our trades because they will decide how much profit we will take home in the pocket. This is a common newbie mistake that they gain only half knowledge.

Don’t go only with commissions because a broker will charge a commission to provide you with service. I am using Fxview which has a pure ECN account. The rate of commission is 2 dollars per lot round turn. It is very transparent but there are other brokers too which do not charge transaction cost. There are STP accounts as well which don’t charge the traders for the commission (like IB) but earn through the difference in the spreads

Fabiandelph842 posted:

Kroolsc posted:
Don’t go only with commissions because a broker will charge a commission to provide you with service. I am using Fxview which has a pure ECN account. The rate of commission is 2 dollars per lot round turn. It is very transparent but there are other brokers too which do not charge transaction cost. There are STP accounts as well which don’t charge the traders for the commission (like IB) but earn through the difference in the spreads

There are many instances when scam brokers lure the traders in their trap by using the promises of not charging any brokerage. But it is common sense, how can they provide services without charging some fees?!

I think most of the traders only choose a broker on the basis of the commission. This should not be the only criteria but leverages and spreads and other things should also be thought of while choosing a broker.

debragonzalez posted:

Fabiandelph842 posted:

Kroolsc posted:
Don’t go only with commissions because a broker will charge a commission to provide you with service. I am using Fxview which has a pure ECN account. The rate of commission is 2 dollars per lot round turn. It is very transparent but there are other brokers too which do not charge transaction cost. There are STP accounts as well which don’t charge the traders for the commission (like IB) but earn through the difference in the spreads

There are many instances when scam brokers lure the traders in their trap by using the promises of not charging any brokerage. But it is common sense, how can they provide services without charging some fees?!

I think most of the traders only choose a broker on the basis of the commission. This should not be the only criteria but leverages and spreads and other things should also be thought of while choosing a broker.

Yes, that’s true. If a trader looks at just one feature, it won’t work. There are a number of things that must be considered if you want to make sure that you make a good broker choice.

Fabiandelph842 posted:

Kroolsc posted:
Don’t go only with commissions because a broker will charge a commission to provide you with service. I am using Fxview which has a pure ECN account. The rate of commission is 2 dollars per lot round turn. It is very transparent but there are other brokers too which do not charge transaction cost. There are STP accounts as well which don’t charge the traders for the commission (like IB) but earn through the difference in the spreads

There are many instances when scam brokers lure the traders in their trap by using the promises of not charging any brokerage. But it is common sense, how can they provide services without charging some fees?!

I have also seen many forex broker scams in my trading career. So, whenever I am choosing a broker, I make sure that it is well regulated and won’t scam me.