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Going live with USD100k, which broker should I choose?

  • #61
  • Oct 16, 2008 3:18am Oct 16, 2008 3:18am
Thanks for everyone joining this discussion.
The result so far is that I opened a new account at IB, and a new account at Dukascopy is still pending for approval.

What I dislike IB now is their trading platform, it is very much different from other forex trading platforms I've been using.

And for dukascopy, I have no idea why it takes them such a long time to approve a new account application. Could it be that I have a good result on their demo account? Anyone have a better explanation?

Samuri
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凹凸 only
  • #62
  • Oct 16, 2008 11:02am Oct 16, 2008 11:02am
Quoting Samuri
Thanks for everyone joining this discussion.
The result so far is that I opened a new account at IB, and a new account at Dukascopy is still pending for approval.

What I dislike IB now is their trading platform, it is very much different from other forex trading platforms I've been using.

And for dukascopy, I have no idea why it takes them such a long time to approve a new account application. Could it be that I have a good result on their demo account? Anyone have a better explanation?

Samuri
Samuri, have you considered putting your money into a managed account through a forex investment firm?
  • #63
  • Oct 17, 2008 2:50pm Oct 17, 2008 2:50pm
so how are these brokers different from a casino?
  • #64
  • Oct 22, 2008 9:44am Oct 22, 2008 9:44am
I would go with a hotspot or a currenex platform with 100k. I would demo a couple different Currenex Hubs and see who gives you the best spreads and who can give you a good fee per mil, then go at it. 10M a week is not that much volume so your fee is going to be a little higher, but hopefully as your account grows and you start pushing more volume, then that clearing fee will decrease. Good luck
  • #65
  • Oct 22, 2008 12:55pm Oct 22, 2008 12:55pm
Quoting FXPlayer1
I would go with a hotspot or a currenex platform with 100k. I would demo a couple different Currenex Hubs and see who gives you the best spreads and who can give you a good fee per mil, then go at it. 10M a week is not that much volume so your fee is going to be a little higher, but hopefully as your account grows and you start pushing more volume, then that clearing fee will decrease. Good luck

FXPlayer do you trade via a Currenex platform? If so with who?
  • #66
  • Oct 29, 2008 7:58pm Oct 29, 2008 7:58pm
my first post goes to you friend

Samuri,
I have never executed through IB so I can't comment on them but from their website they do not seem like a prime brokerage to me.

With 100k you can find some decent second-tier prime brokerages with access to the interbank market. Also called mini prime. Some of these mini primes clear through GS or JPM and you get the full package (back office support, direct line to GS, emergency trading line, real time portfolio tracking, cash management, etc) If you've never dealt with top tier brokers you won't know the difference.

For execution you're looking at Redi, currenex and other platforms depending on the shop. If you go with GS you'll probably get Redi, which is a pretty neat execution package. But other than that it's a piece of junk written 10 years ago. But purely for execution, it's top notch.

If you're a heavy weight player these brokers will often give you soft dollars which help a bit when starting out.

I remember Institutional Investor published a list of prime brokers and second-tier prime brokers some time ago. Google would be a good idea.
.
  • #67
  • Mar 29, 2009 8:01am Mar 29, 2009 8:01am
i have come to only 4 choice after some intensive research, someone help me to narrow down further?

Activtrades vs GFT vs MB Trading vs Oanda, which one for serious full time trading, and why?
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  • #68
  • Mar 29, 2009 10:00am Mar 29, 2009 10:00am
Quoting belief
i have come to only 4 choice after some intensive research, someone help me to narrow down further?

Activtrades vs GFT vs MB Trading vs Oanda, which one for serious full time trading, and why?
GFT is very clean. There charts are tidy, clear and easy to manage. You can create more than 1 workspace that can be changed simply, order execution is instant and even around news it isnt too bad ( I have tried a couple where execution is far to long and then entry is way off the market, same with exitting) spreads are quite good with the majors quite often at 2 pips and even pairs like pound/yen going for 4-5 pips a number of times (normally at 6 though).

I dont trade a large account by any means so I cannot comment on how they handle large accounts but Ive been with them for 3 years and havent had a problem.

Have you tried a demo through any of your choices
  • #69
  • Edited 10:48am Mar 29, 2009 10:32am | Edited 10:48am
my vote is
1. I will work on oanda till proven profitability with <1000$
(you want full time so convince yourself you can do it first?)

2. then start with mbt-f with 1000$ acc/1000$ position size and increase that every month till you get familiar.

reason for 1st, if you know all their tricks, you'll have no problem (including scalp) with oanda;
and the small position size (like 100$) allows you to fail at affordable cost before you think you're proven.

ecn or mm? no issue if you don't make >1k profit
spread wide? no issue
leverage? no issue
trailing stop? not necessary

reason for 2nd, if you make a lot of money, suppose they will not care,
but their minimal is 1k position, if you blow while practice that's still pretty much money.

ecn? mainly if you make too much profit, oanda could be unhappy

and for position trades still use oanda for roll-over fee.

I think you're just dropping in this thread so assuming it's not 100k... only information is you wanna go full time.

Quoting belief
i have come to only 4 choice after some intensive research, someone help me to narrow down further?

Activtrades vs GFT vs MB Trading vs Oanda, which one for serious full time trading, and why?
  • #70
  • Last Post: Apr 1, 2009 12:06am Apr 1, 2009 12:06am
I think you may have to set a goal for the investment, ie, at what rate you want your fund increases. Then look for the company either offers a high leverage or better spread or customer service. Check wsd-nz.com out see you like it or no
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