Feb 23 2021 at 08:38
We must think about these parameters while choosing our broker. If requotes are a regular issue with a broker, one must try switching to a better one.
Feb 23 2021 at 13:15
IvarHardy posted:
Timing of entry and exit is very important especially for short term trader. Sometimes a 5 min late you can miss a very good entry. If it's not timely you may need to widen your stop loss. Also sometimes you need to close the trade timely.
I infact think that timing of the exit is extremely critical. Lag of a few seconds can mean throwing away some good potential earnings, or even suffering a loss like I did.
Feb 26 2021 at 10:55
Harrylam887 posted:
Use ECN accounts. You won’t face any requotes problem. Market makers will mostly present such an issue because they make money out of their clients losses.
I agree. Going with ECN can help you avoid re-quotes if nothing else...does anyone know a good ECN broker?
Feb 27 2021 at 12:27
@constancewatts etoro and ig are what I’m using right now, you can see them, I think they’re all good.
Feb 27 2021 at 17:28
forextrader777 posted:
We must think about these parameters while choosing our broker. If requotes are a regular issue with a broker, one must try switching to a better one.
Right. First try their services in demo account for safety. If it is good, you should invest money.
Mar 01 2021 at 09:17
Going with a pure Ecn broker can be a possible solution like many others said; it can also help with the re-quotes situation. Anyway, I’d like some suggestions.
Mar 01 2021 at 12:50
LyudmilLukanov posted:forextrader777 posted:
We must think about these parameters while choosing our broker. If requotes are a regular issue with a broker, one must try switching to a better one.
Right. First try their services in demo account for safety. If it is good, you should invest money.
Do demo accounts really give a clear picture, what do you think?
Mar 02 2021 at 12:08
constancewatts posted:Harrylam887 posted:
Use ECN accounts. You won’t face any requotes problem. Market makers will mostly present such an issue because they make money out of their clients losses.
I agree. Going with ECN can help you avoid re-quotes if nothing else...does anyone know a good ECN broker?
Yes, that is a way but it alone won’t help you avoid slippage. I don’t believe that every ECN broker is balanced in terms of its trading environment.
Mar 03 2021 at 04:25
garrychristians posted:
Going with a pure Ecn broker can be a possible solution like many others said; it can also help with the re-quotes situation. Anyway, I’d like some suggestions.
I don’t really have suggestions as such but I’ll tell you the brokers I’ve used in the past. I started with Pepperstone and Xtb and then explored some other options too. Even XM and Fxview are okay if you’re rooting for ecn and other accounts. What I realized with them all is, order execution speed is good, difference between order execution and placement spread is very marginal if at all it be there.
I don’t think that the impact of news can be ignored completely. Whether you trade long-term or intraday, it’s true that your currency positions will be affected by the forex news. It’s important for every trader to monitor all the related news and make market decisions in accordance with that.
Mar 05 2021 at 12:57
Requotes usually leave you with a price worse than the one you were previously quoted. In order to avoid price requotes, you can use stop loss and take profit to avoid the issue. And yes, regulated ECN brokers are always a great option to go for.
Mar 06 2021 at 10:13
davidkew posted:
I don’t think that the impact of news can be ignored completely. Whether you trade long-term or intraday, it’s true that your currency positions will be affected by the forex news. It’s important for every trader to monitor all the related news and make market decisions in accordance with that.
If using ECN brokers can protect you from requotes, I don’t think a trader should refrain from using an ECN broker. While avoiding requotes, you get the benefit of transparent pricing. Best of both worlds for sure!
Mar 07 2021 at 10:18
It is very important to have discipline in trading. It is never possible to make a profit without discipline.
inspirenez posted:garrychristians posted:
Going with a pure Ecn broker can be a possible solution like many others said; it can also help with the re-quotes situation. Anyway, I’d like some suggestions.
I don’t really have suggestions as such but I’ll tell you the brokers I’ve used in the past. I started with Pepperstone and Xtb and then explored some other options too. Even XM and Fxview are okay if you’re rooting for ecn and other accounts. What I realized with them all is, order execution speed is good, difference between order execution and placement spread is very marginal if at all it be there.
Choosing a competent broker is surely one of the best ways to avoid such unpleasant traps like requotes and slippage. Look for a brokerage company that has a reputation of making profits only by collecting commissions or spreads, and won’t be interested in trader’s unprofitable trading at all.
Mar 08 2021 at 12:26
DanielGlaus posted:
It is very important to have discipline in trading. It is never possible to make a profit without discipline.
Indeed! It sure gets hard to maintain that when things seem to go south though
Mar 08 2021 at 13:16
As a trader, I try my best to avoid wasting my time on issues like requotes and slippage. Somewhere, I think that a bad connection with your broker can be a reason for such issues. I truly believe that a trader must think about the quality of connection well in advance. This is the reason why I chose to trade with pepperstone. It was only after demo trading with them that I got to know how to save myself from opposite market situations.
Mar 09 2021 at 10:04
joastdaffy posted:davidkew posted:
I don’t think that the impact of news can be ignored completely. Whether you trade long-term or intraday, it’s true that your currency positions will be affected by the forex news. It’s important for every trader to monitor all the related news and make market decisions in accordance with that.
If using ECN brokers can protect you from requotes, I don’t think a trader should refrain from using an ECN broker. While avoiding requotes, you get the benefit of transparent pricing. Best of both worlds for sure!
But don’t you have to make large initial deposits with them? This indirectly means that the services are costly, isn’t it?
One of the reasons I avoid trading with them is that I can’t open trades with micro-lots and am restricted with mini or standard lots.
Mar 12 2021 at 11:53
philipsimmions posted:joastdaffy posted:davidkew posted:
I don’t think that the impact of news can be ignored completely. Whether you trade long-term or intraday, it’s true that your currency positions will be affected by the forex news. It’s important for every trader to monitor all the related news and make market decisions in accordance with that.
If using ECN brokers can protect you from requotes, I don’t think a trader should refrain from using an ECN broker. While avoiding requotes, you get the benefit of transparent pricing. Best of both worlds for sure!
But don’t you have to make large initial deposits with them? This indirectly means that the services are costly, isn’t it?
One of the reasons I avoid trading with them is that I can’t open trades with micro-lots and am restricted with mini or standard lots.
All the ECN brokers I've used offer micro lots, so I don't know what you're talking about!
Mar 13 2021 at 13:19
In my view the trading cost comes out to be lower with ecn brokers - who charge like a minimal commission, than the ones who mark up the spreads. I have used stp accounts, commissionless (supposedly) brokers, but I found that I was marginally saving a bit extra with brokers who charged less than $5 (average) per lot.
Mar 16 2021 at 09:41
joastdaffy posted:davidkew posted:
I don’t think that the impact of news can be ignored completely. Whether you trade long-term or intraday, it’s true that your currency positions will be affected by the forex news. It’s important for every trader to monitor all the related news and make market decisions in accordance with that.
If using ECN brokers can protect you from requotes, I don’t think a trader should refrain from using an ECN broker. While avoiding requotes, you get the benefit of transparent pricing. Best of both worlds for sure!
There is no point of refraining from ECN brokers.. So far all the ECN brokers I have used have proved much much better than the non ECN brokers.
The more your practice, the more you learn.
