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My concern on lot commissions
Medlem sedan Oct 26, 2020
30 inlägg
Feb 10, 2021 at 05:19
Gleywilleyy posted: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.
I agree. When I was choosing brokers for myself, I made sure that my brokers fit my trading requirements well so that I don’t end up regretting my decision later. My brokers- Fxview and Pepperstone don’t put any restrictions from their end. I can customize my trades as per my analysis.
Medlem sedan Oct 01, 2020
33 inlägg
Feb 12, 2021 at 12:31
I’ve been using some low commission brokers for my trades which includes Fxtm, Fxpro and Fxview. The spreads are also pretty tight on these. So it’s a win-win for me. Otherwise I have seen that brokers with low commission give not-so-appealing spreads.
Feb 15, 2021 at 08:30
Lorencecolling posted:
I’ve been using some low commission brokers for my trades which includes Fxtm, Fxpro and Fxview. The spreads are also pretty tight on these. So it’s a win-win for me. Otherwise I have seen that brokers with low commission give not-so-appealing spreads.
I hope they are good with their demos too? What I mean is that the demo environment is similar to the live one, like it should be realistic.
Medlem sedan Nov 07, 2020
19 inlägg
Feb 16, 2021 at 05:08
Trading can actually be very simple. You choose the medium you want to use for learning, and then get on with a demo account to practice what you’ve learned. The next step is the live market, for which micro accounts given by so many brokers like ic markets, fxtm, fxview, octafx, etc make perfect sense. So ya, using a micro lot is not really a choice, but a done thing if you want to be a successful trader. Bypass it at your own financial risk!
Medlem sedan Oct 01, 2020
27 inlägg
Feb 16, 2021 at 07:58
Like the way you put it Halex :)
Feb 16, 2021 at 10:17
@Halexpark Ya I agree, I would never advise anyone to start big. However my only bone of contention is these cheap brokers like xm, fxview who allow trading from even a dollar or 5? What justice is that gonna do? Trading with like $5 or $10 won’t even enable learning from price fluctuations as the swings won’t be visible.
Medlem sedan Oct 01, 2020
27 inlägg
Feb 17, 2021 at 14:46
(redigerad Feb 17, 2021 at 15:15)
@forextrader777 That makes all the sense in the world.. sadly, newbies are also the first to fall prey to some brokers with hidden costs in the form of varying spreads that can go really high. Just curious... which broker did you start off with?
Feb 18, 2021 at 04:23
Lorencecolling posted:
Yes Jake, the demo accounts do give an idea of the live ones. The market data is real.
Even I feel that demo trading is a great way of knowing whether a broker is worth your needs or not. And the best part is that the choices are not limited. You can always find a broker of your choice. You don’t need to settle for just anything.
Medlem sedan Nov 17, 2020
17 inlägg
Feb 25, 2021 at 05:54
jamesmaxwell52 posted:
I don’t think that a new trader should go for large investments in the beginning. You must wait for some time until you obtain enough knowledge to manage your investments and prevent risks.
Large investments as a beginner might also mean big losses that may dishearten you as a trader. So, it’s better to keep the investments low and save yourself from unnecessary losses.
Medlem sedan Oct 07, 2020
90 inlägg
Feb 25, 2021 at 06:38
Garyneville221 posted:jamesmaxwell52 posted:
I don’t think that a new trader should go for large investments in the beginning. You must wait for some time until you obtain enough knowledge to manage your investments and prevent risks.
Large investments as a beginner might also mean big losses that may dishearten you as a trader. So, it’s better to keep the investments low and save yourself from unnecessary losses.
I completely agree with you on this
Feb 25, 2021 at 07:24
Garyneville221 posted:jamesmaxwell52 posted:
I don’t think that a new trader should go for large investments in the beginning. You must wait for some time until you obtain enough knowledge to manage your investments and prevent risks.
Large investments as a beginner might also mean big losses that may dishearten you as a trader. So, it’s better to keep the investments low and save yourself from unnecessary losses.
So true. It can be very useful if you can also learn how to do money and risk management.
Medlem sedan Nov 10, 2020
19 inlägg
Feb 26, 2021 at 04:49
It’s good that you are aiming at making great profits in the forex market. But if you focus solely on making money, you won’t get what you want. It is your skills that get you profits in the long run.
Medlem sedan Oct 07, 2020
90 inlägg
Feb 26, 2021 at 05:19
PercymcDonnell54 posted:
It’s good that you are aiming at making great profits in the forex market. But if you focus solely on making money, you won’t get what you want. It is your skills that get you profits in the long run.
rightly said
Medlem sedan Jul 23, 2020
816 inlägg
Feb 27, 2021 at 17:29
PercymcDonnell54 posted:
It’s good that you are aiming at making great profits in the forex market. But if you focus solely on making money, you won’t get what you want. It is your skills that get you profits in the long run.
In my opinion, traders should focus on learning rather than making money.
Medlem sedan Oct 01, 2020
33 inlägg
Mar 01, 2021 at 09:58
Some newbies only look at profits which is not at all a good thing to begin with. Focusing on developing new skills and learning new things about forex is the way to go. Just looking at profits and money can be dangerous for them.
Medlem sedan Nov 10, 2020
19 inlägg
Mar 03, 2021 at 04:59
See you can trade lots according to your risk tolerance. You can try trading 1 lot for the moment if that works for you and keep learning more.
Medlem sedan Oct 08, 2020
17 inlägg
Mar 04, 2021 at 05:03
donelderly posted:PercymcDonnell54 posted:
See you can trade lots according to your risk tolerance. You can try trading 1 lot for the moment if that works for you and keep learning more.
That’s right and even for beginners, it is fine that they go with one lot at a time. Much more important is the risk and money management here. Can’t take that lightly.
Trading with lower lots can be a very good tip and this also allows a person to manage their accounts well. This will also prevent them from getting any margin call and to avoid that, some measures should be taken. Like when I’m trading with about 1 lot using some platforms (Xtb), I try to keep my leverage low. This allows me to save myself from higher risk. It is better to go with low commission brokers so that you don’t end up losing most of your money in commissions.
Medlem sedan Nov 10, 2020
19 inlägg
Mar 04, 2021 at 08:22
Rosstaylorr posted:donelderly posted:PercymcDonnell54 posted:
See you can trade lots according to your risk tolerance. You can try trading 1 lot for the moment if that works for you and keep learning more.
That’s right and even for beginners, it is fine that they go with one lot at a time. Much more important is the risk and money management here. Can’t take that lightly.
Trading with lower lots can be a very good tip and this also allows a person to manage their accounts well. This will also prevent them from getting any margin call and to avoid that, some measures should be taken. Like when I’m trading with about 1 lot using some platforms (Xtb), I try to keep my leverage low. This allows me to save myself from higher risk. It is better to go with low commission brokers so that you don’t end up losing most of your money in commissions.
That seems manageable and honestly I see no harm in being careful while trading. Using stop loss, lower leverage and cost effective brokers can add up to a good risk and money management.
Medlem sedan Jul 10, 2020
32 inlägg
Mar 04, 2021 at 11:10
PercymcDonnell54 posted:Rosstaylorr posted:donelderly posted:PercymcDonnell54 posted:
See you can trade lots according to your risk tolerance. You can try trading 1 lot for the moment if that works for you and keep learning more.
That’s right and even for beginners, it is fine that they go with one lot at a time. Much more important is the risk and money management here. Can’t take that lightly.
Trading with lower lots can be a very good tip and this also allows a person to manage their accounts well. This will also prevent them from getting any margin call and to avoid that, some measures should be taken. Like when I’m trading with about 1 lot using some platforms (Xtb, Fxview), I try to keep my leverage low. This allows me to save myself from higher risk. It is better to go with low commission brokers so that you don’t end up losing most of your money in commissions.
That seems manageable and honestly I see no harm in being careful while trading. Using stop loss, lower leverage and cost effective brokers can add up to a good risk and money management.
Thanks for that. I was advised by my trader friends to trade simply and without risking so much at first. Trying to learn with every step of the way.
forex_trader_2005972
Medlem sedan Nov 26, 2020
2 inlägg
Mar 05, 2021 at 13:05
Rosstaylorr posted:donelderly posted:PercymcDonnell54 posted:
See you can trade lots according to your risk tolerance. You can try trading 1 lot for the moment if that works for you and keep learning more.
That’s right and even for beginners, it is fine that they go with one lot at a time. Much more important is the risk and money management here. Can’t take that lightly.
Trading with lower lots can be a very good tip and this also allows a person to manage their accounts well. This will also prevent them from getting any margin call and to avoid that, some measures should be taken. Like when I’m trading with about 1 lot using some platforms (Xtb), I try to keep my leverage low. This allows me to save myself from higher risk. It is better to go with low commission brokers so that you don’t end up losing most of your money in commissions.
It is nice that you at least know how to go about the leverage and I’ve seen most newbies fail because they kept risking very high. As for me, when I started with it, I also went as high as 1:500 at times with some brokers, Fxcm, etc. and I ended up losing almost everything. Now I prefer keeping it low and playing safe. Using the same platforms but keeping the leverage ratio real low.
