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or, if you have more than 100K -
Just pick up the phone and call either Dukascopy or one of the big Pool providers (like LMAX or Knight Hotspot, BT Prime, Sucden FXetc)
Forget US brokers (the horrible FIFO rule is something archaic and must be avoided). Once you can hedge, you do not need huge margins, this allows one to truly hedge positions.
Next, if not US based (I refuse US brokers now for FX). It must either be FCA or ASIC regulated (which is either UK or Aussie based).
Then look for how good their liquidity pool is.
Once you reject MT4, you automatically open yourself to DMA and STP types - some of which are below
PS - I should mention, I use naked charts with FX positions, so I don't need fancy indicators (although one could use NT with IQ FX feed or eSignal FX feed for charting, if so required).
Can you help answer these questions from other members on NexusFi?
Sandy, the spreadsheet is perfect. I'll spend some time looking at the ones on the sheet. I'd already looked at a couple you suggested and chose one from those but with these new ones, I'll have more to look at. I was hoping to get more input from the group but this is probably more than enough.
Thanks so much.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Speaking of expectancy, hope to see everyone in Tuesday's webinar with FT71. The topic is exactly that --- "The Holy Grail" as he calls it, Expectancy and Habits.
I should note that most non US based brokers will not accept US based clients. Only brokers with a US based subsidiary will accept US clients. With all the associated baggage.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Panda Warrior - this validation thing is all around us.
It's why facebook works, why David Weis writes books (not to get rich I think) and why lots of people on nexusfi.com (formerly BMT) seek out trading buddies. It was a big factor as to why nexusfi.com (formerly BMT) was started I guess and is certainly a factor as to why so many people freely give assistance, time, expertise, programmes tips and opinions (bitter or otherwise). This is true of even some of the more prolific posters.
I'm glad that you are not going to fight it as it's just part of who we all are and will certainly help round you off.
Trading is a bit lonely too. You can be out to dinner with a pal and tell him / her of the "psychological difficulties" or that your day to day world is quite small ... and they might nod or acknowledge it but only other traders know.
Experienced and inexperienced traders (I know this) can all benefit by communicating and thinking out loud about what it is that we are doing.
What you call validation Herzberg called recognition.
I recognize the importance of recognition/validation. The difference is it seems like its not near as important any longer. I think it was Abraham Maslow that talked about self actualization. And as traders, we must be able to do that. While Maslow was talking about self actualization from a slightly different perspective, I think it still applies here. In other words, I can't effectively trade until how I trade, why I trade, etc are in line with my goals and my true inner self....and knowing I no longer need others to validate me is a huge step in that direction.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Last day I trade ES I think. I found it really hard to focus on two day trading charts at the same time. More power to those who can. Swing trading FX while trading CL intra day is much easier than day trading two instruments.
Initially I had trouble deciding where to get in even though I had a good idea we were heading down to the 106.75 area based on the 240M chart. But price was having trouble getting any lower than the break area....so I took a probe trade with a ten tick stop mostly based on fear of missing out....that didn't go anywhere and got stopped out...but as it got closer to the open, price started to have some conviction to the downside follow through and so I got in and initially it didn't do much....but after a few minutes, sure enough it started to really get traction and made it all the way to my original target plus a bit more....although not enough to justify having had larger targets.
I followed my pre market routine of drawing the trend lines and the S/R lines before I clicked the mouse to enter. I followed my trade management rule of moving my stop at the predetermined level to go BE and I locked in a few ticks once I had a swing of sorts to hide the stop behind.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
