What's exactly wrong with trade.com CFD trading service?
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Nothing exectly. In fact, I like executions a lot and I hope they will be no worse via IB DMA service. Othervise the plan to switch to DMA makes no sense. But I really hope to minimize the trading costs. Spreads are taking away too much of the profits. I'm not ready to sacrifice the relliability of a broker for the sake of tighter spreads, so we'll see how it goes with DMA.
{quote} Nothing exectly. In fact, I like executions a lot and I hope they will be no worse via IB DMA service. Othervise the plan to switch to DMA makes no sense. But I really hope to minimize the trading costs. Spreads are taking away too much of the profits. I'm not ready to sacrifice the relliability of a broker for the sake of tighter spreads, so we'll see how it goes with DMA.
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If you're currently looking for brokers offer DMA, take also fpmarkets IRESS platform, axi-one.com into your list. Also Saxo bank.
{quote} Nothing exectly. In fact, I like executions a lot and I hope they will be no worse via IB DMA service. Othervise the plan to switch to DMA makes no sense. But I really hope to minimize the trading costs. Spreads are taking away too much of the profits. I'm not ready to sacrifice the relliability of a broker for the sake of tighter spreads, so we'll see how it goes with DMA.
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Don't worry about the platform. IB is fast enough and it has got TONS of features that you will never find in regulat platforms like MT.
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Joined Dec 2018
|161 Posts
Well, I worry a little about whether it will be easy enough to trade in such a complcated environment. To tell the truth I like simple software with a minimum of features. But we'll see...
If simplicity is something that makes u feel comfortable, than I don't think you will like IB trading platform. It's got some intersting features but you've got to have a clue what u r doing if u plan to use some of those.
I've just registered a CFD account with trade.com and I don't think there is anything that simple as their web-trading platform.
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Joined Dec 2018
|161 Posts
I know, I know. I've been trading here for almost a year now and I understand what you mean. That's exactly what I'm talkign about. You simply open your browser and do the trade. The platform is not very diverse in terms of tools and indicators, but I don't use those anyway...
Well, at least it's got volumes and u can attach OCO brackets. These are the most important things imho. Morover, if you dig into settings, u'll be able to find most of the things that an average retail trader might ever want to find.
Minimizing trading costs is important, but don't u have a feeling that if u r uncomfortable in ur daily trading routine, that can cause much more troubles than paying a bit more of trading fees?
Trader can get used to ANY trading platform. And minimizing trading fees is always a good idea. Yet, I'd agree that having a trading plan is more important overall. The rest is not that important.
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Joined Dec 2018
|161 Posts
Making changes is very difficult. Once you start making some money, you start thinking about the ways to start making more. And I guess its not always a good idea. If smth works fine, it might be a good idea to just leave it like that for a while LOL.
Thanks everyone for h'elping me make up my mind. I think I'll just stick to regualr CFD trading here for now. If in a few month I'll be pretty sure that new platform won't be able to distract me from the trading process itself - I might give trade.com's DMA a chance.
Sorry, I just couldn't pass by this. That simply sounds like what most new traders do when they first get to a trading platform.
Seriously, not a good idea at all
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Joined Dec 2018
|161 Posts
Yeah, is you take the phrase out of the context, that sounds a bit naive. But I guess the context helped explaining what was really meant by the phrase.
Please don't take the comment too personal. Neither I meant to heart anybody else's feelings. AS I explained, the phrase simply stuck me and gave me some flashbacks back to what I traded like. Nothing personal, just experience and desire to share this exeperience.
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Joined Dec 2018
|161 Posts
It's OK. I understant that everyone is able to read the whole discussion and make their own conclusions on how to interpret my words. In any case, sharing own experience - positive or negative - that's what forums are meant for. So feel free. I prefer though when people share particular details speaking of experience, not just criticize everyody else.
Looks like someone's got hurt here. Sorry once again, I didn't mean to be rude or bitter. I need to explain once again. I have nothing against your approch that allows you to like the simplicity of Trade.com web trading platform.
I only wanted to warn some new traders from using the approach when you open a trading platform and immediately do the trade. That hurts the profits too much. Moreover. this turns the equity upside down from what you actully desire whe you start doing these trades. I've been there. I know what I'm talking about.
Trade.com was established in 2009 and has developed into a business force to be reckoned with, obliging more than 100,000 dynamic brokers. This multi-resource business highlights more than 2,100 resources across five classifications and is controlled by three wards. Other than CFD exchanging, it gives customers direct market access (DMA) where more than 100,000 resources across 125 business sectors are accessible. Somewhere in the range of 73.84% and 75.40% of dealers lose cash with this market creator agent.
Trade.com was established in 2009 and has developed into a business force to be reckoned with, obliging more than 100,000 dynamic brokers. This multi-resource business highlights more than 2,100 resources across five classifications and is controlled by three wards. Other than CFD exchanging, it gives customers direct market access (DMA) where more than 100,000 resources across 125 business sectors are accessible. Somewhere in the range of 73.84% and 75.40% of dealers lose cash with this market creator agent.
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I don't understand where you get such statistics by the way. Of course, there are traders that lose money on the market, but no one knows the exact numbers. People are just too arrogant and invest in assets they don't understand.
Agree, but I think brokerage can also invest in making people more aware and thoughtful about trading risks and how to make money here for real. Like in any other business, trading attracts too many people that are just looking for easy money, but they don't understand that profitable trading involves a lot of efforts.
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Joined Dec 2018
|161 Posts
Yeah, and the worst thing is that such 'traders' after they failed in trading start saying that it's impossible to learn there.
Btw, I don't think that it's brokerage care to make people more aware. I think that's up to people themselves, even if brokerage would promote 'reasoned approach' that would change nothing, as people simply don't pay attention. I know some people that, when I'm saying I'm a trader, really think that I'm making money clicking on buttons. They simple underestimates how difficult analysis and making right trades can be...
I'm even not talking about emotional dimension of trading.
Let's look from another point. The industry is full of brokers that's litterally promising easy money/fast education/posting stories about I'm making millions from nothing. Brokers like Trade.com, as well as industry in the whole is suffering cause of that.
Newcomer doesn't know nothing about trading, he doesn't know the difference between CySEC regulated brokerage and a brokerage that's promising that he would succeed in trading. And after such newcomer was baited, he invests money and lose them. And that's the problem of the whole industry.
The only reason to fix it, as I see that, is (for brokers) to offer accounts with low deposits so that people can eventually invest less money and learn to trade. Some brokers have overhigh deposits requirements starting from $1,000 or more. For example, as I got it, Trade.com has $5,000 minimum deposit. That's a lot!
