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Swingtrader: What to look for in broker?

  • #1
  • First Post: Apr 29, 2012 3:31am Apr 29, 2012 3:31am
Hello,

Im browsing through those topics for some time and the main thing people complain or talk about is: spread, requotes, execution speed.

Since I am swingtrader, usind daily charts and pending orders those "issues" do not bother me.

So my question would be what to look for in a broker, except for the obvious stuff like leverage, deposits, regulation... Should I just go with one of the big names and thats it?

Right now I'm trading with Pepeprstone but would like to have more pairs since they have only a bit over 20.
Thoughts are things
  • #2
  • May 1, 2012 3:04am May 1, 2012 3:04am
Yeah, go with one of the big names, good idea. What else to look for? Oh, plenty. The devil is in the details.
Do they have unlimited demo accounts or will it expire in 2 weeks? Can you get into the swing of it as you like or will their sales reps keep calling you to persuade into opening a real account? Do they have smiling ladies, successful blokes on their website, are they telling you it's all fun and games, easy peasy no brainer, come on, start trading today?

Quoting Quezoy
Hello,

So my question would be what to look for in a broker, except for the obvious stuff like leverage, deposits, regulation... Should I just go with one of the big names and thats it?
forget about tomorrow, just steal away into the night
  • #3
  • Edited 6:06am May 1, 2012 4:05am | Edited 6:06am
Quoting Quezoy
Hello,

Im browsing through those topics for some time and the main thing people complain or talk about is: spread, requotes, execution speed.

Since I am swingtrader, usind daily charts and pending orders those "issues" do not bother me.

So my question would be what to look for in a broker, except for the obvious stuff like leverage, deposits, regulation... Should I just go with one of the big names and thats it?

Right now I'm trading with Pepeprstone but would like to have more pairs since they have only a bit over 20.
As a swing trader the amount of time you spend with exposure to the market will be relatively high. For example, I scalp, and have an exposure time of about 2% (two percent of market hours i have a trade open), but with swing trading your exposure time will likely be >50% and could be as much as 100% if you hold multiple overlapping trades at once. As such, you are much more vulnerable to brøker issues like price feed errors (erroneous spikes in price), spreads blowing out large amounts at news times, and swap fees.
  • #4
  • May 1, 2012 4:25am May 1, 2012 4:25am
tnx for replying.

spekitox, demo expiring is the issue I have with my current broker, Pepperstone. Thats why Im looking for a new one.

I'll maybe try Alpari, though I dont like them calling me to open a live account after 2 days of demo
Armada Markets look interesting, but their server does not close at NY market close, so the daily candles are "not correct". But I guess I could live with that.
Hot Forex is another option, just looking at revies and what they offer, havent tried them yet.
Thoughts are things
  • #5
  • May 1, 2012 5:34am May 1, 2012 5:34am
I am a scalper personally but my partner swing trades and we have sourced four different brokers which we use regularly and that way we get all pairs to trade. One broker in particular has most pairs but we did want them all plus some gold and silver etc
some brokers will accommodate you and add some currencies if you ask. If you don't ask you don't get.
  • #6
  • Last Post: May 1, 2012 6:06am May 1, 2012 6:06am
Swap/rollover/interest policy of the broker, yes, another important thing when you're holding possies over days weeks or more. Well said rooicol. Interest can be nasty little piranhas preying on your account day after day.
forget about tomorrow, just steal away into the night
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