MrMosquito
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I am looking for a broker, fast with execution, fast with withdraws and deposits and somewhere I can make long term trades, so I want low swap.
suggest me a broker
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FranziskaSchulz
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I think you have to provide us with more information. Do you want fixed spread or floating one?
And if you want long term trades, why don't you work with swap-free brokers?
And if you want long term trades, why don't you work with swap-free brokers?
MrMosquito
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Actually I dont keep my trades for a very long time, I prefer fixed spreads, yet its not a have to, what matters is that I want low spreads, even it comes with some certain limitations.
FranziskaSchulz
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That means you prefer swap-free accounts with fixed spreads! And what about tradable? Do you want stocks/crypto/.. or just forex pairs? And at the end, tell me which platform you prefer to trade with.
MrMosquito
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I am not looking for a paid advertisement, provide reason please.
MrMosquito
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Index and forex pairs, I might change my mind latter but for now, I am looking for stocks and forex pair only
If you know what platform you wish to use, MT4-MT5 then most brokers will cater for them, if your based in the uk make sure that they are regulated and check there reviews on line.
A place to start.
https://investingreviews.co.uk/guides/best-mt4-brokers-uk/
A place to start.
https://investingreviews.co.uk/guides/best-mt4-brokers-uk/
ThaddeusFinch
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Personally, I value fixed spreads, excellent customer service, and opportunities such as bonuses and high leverage.
So which broker did you decide on?
ThaddeusFinch
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The selection of a reputable broker involves a number of factors. Everyone introducing an excellent broker and explaining why they think it is good would be beneficial. What characteristics does it have?
It's wrong abaout AVAtrade, I'm pretty sure. There's no $9 fee. They have no trading fees like that.
MrMosquito
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Thanks a lot. I will check that out.I hope I can return the favor
MrMosquito
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I am currently working on the demo accounts of a broker "fxgloy". So far, I can say the demo account is totally good. It does not offer indexes, but I guess I might use that for forex pairs if the real account works as fine as the demo one.
I assume that's "fxglory" , "gloy" was a nasty glue we used at school (gloop + joy?).
Are you contemplating the 3000:1 leverage?
Can you (or anyone) answer a silly question? When you know the interest rates are going to be changed , and you know which way they're going to go, then you know which way the currency is going to move, right? This occurred to me at the last London change, and I looked at the prices, and yes, it moved, a bit, in the direction one would have predicted. I didn't see any special measures taken to prevent the situation being "used".
If you open using £1000 at 3000x and the currency moves 0.2%, you make £6000. Kerching. If it goes all wrong (seems unlikely) then you could lose your £1000. Run away.. What am I missing?
MrMosquito
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For forex, this is totally a wrong assumption. you should first decide what your volume is, if it is 1 lot, it does not matter in case of risk, how big your leverage is. a big leverage is just helping u to open more positions. if you are entering a too big volume, this again is not about the leverage.
frugi
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You cannot know for sure what the decision or the reaction will be
Price may briefly move in the opposite direction first, taking you out
You will suffer shocking slippage and wide spreads around news releases as the order book is very thin. Retail brokers are especially poor in this regard, but it applies to everyone
Yes it is sometimes possible to gamble on a release and win but I wouldn't advise it, especially with high leverage
If you open using £1000 at 3000x and the currency moves 0.2%, you make £6000. Kerching. If it goes all wrong (seems unlikely) then you could lose your £1000. Run away.. What am I missing?
What assumption?
I said what the volume was -
Volume would be 3000x the margin, which is £1000, yes? (I've seen some wild leverages quoted, up to 8888x. Lets just run with 3000 - obviously the same result would come with a larger currency shift and lower leverage)
So the volume is 30 lots.
The value goes up by 0.2% , x 3M = £6000.
Or, if it goes up by 0.334%, or more, you're up.
The broker can't chase you for more than your float.
I checked the prices each side of the last two rate changes (limited resolution, dog knows what happens on a 1s chart - I have since read that exchanges throw wicks in to trip stop losses) . After a bit of bouncing they settled ok close to the % change.
The position didn't go negative so I assume the broker wouldn't close it. You could leave a small excess of course. I accept that too much bounce would drown you.
MrMosquito
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You are considering to enter the trade with full margin, regardless of the leverage, that is not a correct thing. In forex and with a good risk management plan you first determine with what volume, in other words with how many lots you wanna open a trade, calculate again based on this, imagine having $100 in your account and you wanna enter a trade with 1 lot, consider stop out level at 30% and calculate how much you can go deep in loss with 1000 leverage and then calculate that with 100 leverage.
