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Going live with USD100k, which broker should I choose?

  • #1
  • First Post: Sep 25, 2008 10:17am Sep 25, 2008 10:17am
To those experienced traders here,

After almost 5 years of struggle in this beloved field, I come to the result that I am ready to go to the next stage.

My system still belongs to short-term trading(if not intra-day), and I will hold no positions during the weekend. Targeting pairs only 5, eurusd, audusd, usdjpy, eurjpy, audjpy. Weekly average volume is around 10M(round), based on the account equity of USD100k.

It is highly appreciated that you may give me some advise on the available reliable brokers out there.

Refco, CMS, Xpresstrade, RCG, MBT were my former brokers. The latter two I am now still using with satisfaction in a way. Who else, please!

Samuri
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  • #2
  • Sep 25, 2008 1:42pm Sep 25, 2008 1:42pm
Quoting Samuri
To those experienced traders here,

After almost 5 years of struggle in this beloved field, I come to the result that I am ready to go to the next stage.

My system still belongs to short-term trading(if not intra-day), and I will hold no positions during the weekend. Targeting pairs only 5, eurusd, audusd, usdjpy, eurjpy, audjpy. Weekly average volume is around 10M(round), based on the account equity of USD100k.

It is highly appreciated that you may give me some advise on the available reliable brokers out there.

Refco, CMS, Xpresstrade, RCG, MBT were my former brokers. The latter two I am now still using with satisfaction in a way. Who else, please!

Samuri
Go with Refco they are the best...
  • #3
  • Sep 25, 2008 1:47pm Sep 25, 2008 1:47pm
Samuri,

it depends a bit on your trading style, but personally trust very few brokers....and seen a lot disappearing with customer money.

Interactive Brokers has a good insurance for accounts, check them out.
www.interactiverbokers.com
dukascopy is less insured, do not trust swiss companies per se more than others..CH is the worst regulated place for brokers..but if you talk to they might offer some kind of protection too, although it usually starts with higher amounts ...

cheers,
PP



Quoting Samuri
To those experienced traders here,

After almost 5 years of struggle in this beloved field, I come to the result that I am ready to go to the next stage.

My system still belongs to short-term trading(if not intra-day), and I will hold no positions during the weekend. Targeting pairs only 5, eurusd, audusd, usdjpy, eurjpy, audjpy. Weekly average volume is around 10M(round), based on the account equity of USD100k.

It is highly appreciated that you may give me some advise on the available reliable brokers out there.

Refco, CMS, Xpresstrade, RCG, MBT were my former brokers. The latter two I am now still using with satisfaction in a way. Who else, please!

Samuri
  • #4
  • Sep 25, 2008 3:27pm Sep 25, 2008 3:27pm
Quoting fxtrader42
Go with Refco they are the best...

I agree. I gave them 10k and got back 3k and I never even opened a trade. What a great deal
  • #5
  • Sep 25, 2008 3:42pm Sep 25, 2008 3:42pm
Quoting fxtrader42
Go with Refco they are the best...
You brought my memory back, fxtrader42.

I was in a way very lucky that I somehow felt now good with Refco and closed my account with them right before they fell down. But they were my first forex broker, and I still recall their platform is rather different with others with a sort of beeping on the tick changes.

It was late 04 or early 05 if I remember it right. And at that time I was a totally newb then.

Anything more constructive? I bet you have.

Samuri
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  • #6
  • Sep 25, 2008 3:45pm Sep 25, 2008 3:45pm
I believe Interactive Brokers is your best bet. If nothing else, for safety.
  • #7
  • Sep 25, 2008 3:48pm Sep 25, 2008 3:48pm
Quoting Peter Pan
Samuri,

it depends a bit on your trading style, but personally trust very few brokers....and seen a lot disappearing with customer money.

Interactive Brokers has a good insurance for accounts, check them out.
www.interactiverbokers.com
dukascopy is less insured, do not trust swiss companies per se more than others..CH is the worst regulated place for brokers..but if you talk to they might offer some kind of protection too, although it usually starts with higher amounts ...

cheers,
PP
Peter,

I do not scalp and do not trade before news. And my trading frequency on any single pair is twice or less a week.

Dukascopy is on top of my list right now. Would be rather interested in hearing your more comments on this broker.

Thanks
Samuri
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  • #8
  • Edited 5:49pm Sep 25, 2008 4:11pm | Edited 5:49pm
Quoting Samuri
Peter,

I do not scalp and do not trade before news. And my trading frequency on any single pair is twice or less a week.

Dukascopy is on top of my list right now. Would be rather interested in hearing your more comments on this broker.

Thanks
Samuri
I'd recommend a second tier prime broker -- But, are you looking to trade on any particular platform?
  • #9
  • Sep 25, 2008 5:35pm Sep 25, 2008 5:35pm
You'd recommend a prime broker... how many prime brokers do you know that will do that with 100K? Been in the business long?

Let me guess, your now going to say that you meant a second tier prime broker.
  • #10
  • Sep 25, 2008 5:47pm Sep 25, 2008 5:47pm
Quoting fxtrader42
You'd recommend a prime broker... how many prime brokers do you know that will do that with 100K? Been in the business long?

Let me guess, your now going to say that you meant a second tier prime broker.
Isn't that what I said?
  • #11
  • Sep 25, 2008 5:55pm Sep 25, 2008 5:55pm
I would go with Hotspot.
They have retail as well as institutional.
However you wont be allowed on their Insto platform with that amount.
They are own by Knight capital.
  • #12
  • Sep 25, 2008 6:26pm Sep 25, 2008 6:26pm
You can get in on the institutional platform with only a 25K deposit, for example via aarontrade (altho with 500K minimum order size a 25K deposit doesn't make much sense in my opinion). Hotspot institutional as well as retail aint looking so hot ever since the crisis deepened around 2 weeks ago in terms of spreads. Even mb-trading(i use their data for charting) quotes much tighter often. Hopefully they will improve back to the old state again..
  • #13
  • Sep 25, 2008 6:41pm Sep 25, 2008 6:41pm
Quoting shrike
You can get in on the institutional platform with only a 25K deposit, for example via aarontrade (altho with 500K minimum order size a 25K deposit doesn't make much sense in my opinion). Hotspot institutional as well as retail aint looking so hot ever since the crisis deepened around 2 weeks ago in terms of spreads. Even mb-trading(i use their data for charting) quotes much tighter often. Hopefully they will improve back to the old state again..
I think many portals are suffering through liquidity and also give up names.
AIG was a give up name on Currenex.
With ECN's as long as you have people on the platform executing then spreads are irrevelant as you determine your interest by inserting bids or offers inside the spread.
I would have two brokers a market maker and an ECN for the current climate.
  • #14
  • Sep 25, 2008 11:44pm Sep 25, 2008 11:44pm
Maybe not put the entire 100 grand in at one time no matter who you choose.
Might be wise to inject the money in pieces as you get more comfortable with your choice.
As far as the broker, they won't treat you much different with 100 than with 25 or 50.
Actually, they expect your 100 to shrink to 25 or 50 anyway, so they don't distinguish that much.

If you take 25 and try out Interactive Brokers, for saftey or whatever, you may find they
do things that irritate you while you're trading. They do have capital though.

If you only traded majors, you could consider doing this via the futures route.
Spreads on euro or yen are usually a pip (a tick) and commissions are usually $5 r/t or less,
which at $12.50 a tick per contract is less than the average spread on many spot forex platforms.
10M round per week is about 40 contracts in, 40 out. You'd be completely annonymous at that level.
Of course that's a good thing. As time passes, you may even find you'll do that much every day
instead of every week. Just something to think about. Hope you do well.
  • #15
  • Sep 28, 2008 5:12am Sep 28, 2008 5:12am
what about dbfx, which is part of Deutsche Bank

cityfx pro, which is part of Citybank

would these brokers be safer because they`re backed by the banks?
  • #16
  • Sep 29, 2008 11:01am Sep 29, 2008 11:01am
Quoting BostonForex
Isn't that what I said?

You did; my apologies.
  • #17
  • Sep 29, 2008 1:58pm Sep 29, 2008 1:58pm
Been trying for the demo platform of Dukascopy today, with a very nice result.

In a way, they have almost everything I need. Tight spreads, comprehensive order types, reasonable commission, stable connection. Only thing still worries me is the fund safety.

Will go live with them and keep you all informed about any progress.

Thanks my FF friends.

Samuri
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  • #18
  • Sep 29, 2008 2:36pm Sep 29, 2008 2:36pm
Quoting Samuri
Been trying for the demo platform of Dukascopy today, with a very nice result.

In a way, they have almost everything I need. Tight spreads, comprehensive order types, reasonable commission, stable connection. Only thing still worries me is the fund safety.

Will go live with them and keep you all informed about any progress.

Thanks my FF friends.

Samuri
You are worried about safety of funds but you are going to go with them anyways?
  • #19
  • Sep 29, 2008 2:56pm Sep 29, 2008 2:56pm
Quoting Samuri
Been trying for the demo platform of Dukascopy today, with a very nice result.
Get ready for a surprise when the live spreads differ from the demo spreads.
  • #20
  • Sep 29, 2008 3:49pm Sep 29, 2008 3:49pm
Quoting fxtrader42
Go with Refco they are the best...
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