Broker/commission advice needed for beginner

DerekDog

Recruit
Messages
1
Hi All
I'm new to FPA and I'm fairly new to Forex but my thing is scalping, it suits my personality and I enjoy it. But I am looking to come off demo and trade in the real world but the broker charges are a bit of a minefield for me. Recently I have been using Global Prime due to their extremely low spreads, seems ideal to me for scalping. But the commission they charge seems high, workable but high.
I tend to TP 10 points per scalp and my method does identify many trades, I can execute 20-30 trades just in a couple of hours in the UK morning.
If I demo 1.0 lots and each trade wins $15 I notice the commission takes $7 from each trade. i.e. I can win 10 trades bringing in $150 but the commission is $70 so brings my profit down to $80. It's still nice demo profit but I don't know if this is industry standard in exchange for very tight spreads.
My question is really whether $7 commission with tight spreads is better than no commission and larger spreads? Is the $7 per trade worth sticking with knowing that the tight spreads allow me more winning scalping trades?
Also does anyone have experience with Global Prime for scalping? They do have some great reviews and seem very user friendly for a beginner.
Any advice/guidance would be much appreciated.
Many thanks in advance
 

Oswald Franklin

Private
Messages
24
$7 with 0 to minimal spreads is better since spread-based or zero commission brokers tend to have higher cost of trading. I haven't tried Global Prime but I do scalping with Fxview, their commission is $2/lot RT and that too low spreads. Though I don't have long experience with them but I think you can give them a try if it works for your trading system.
 

ForexTus

Sergeant
Messages
123
Hi All
I'm new to FPA and I'm fairly new to Forex but my thing is scalping, it suits my personality and I enjoy it. But I am looking to come off demo and trade in the real world but the broker charges are a bit of a minefield for me. Recently I have been using Global Prime due to their extremely low spreads, seems ideal to me for scalping. But the commission they charge seems high, workable but high.
I tend to TP 10 points per scalp and my method does identify many trades, I can execute 20-30 trades just in a couple of hours in the UK morning.
If I demo 1.0 lots and each trade wins $15 I notice the commission takes $7 from each trade. i.e. I can win 10 trades bringing in $150 but the commission is $70 so brings my profit down to $80. It's still nice demo profit but I don't know if this is industry standard in exchange for very tight spreads.
My question is really whether $7 commission with tight spreads is better than no commission and larger spreads? Is the $7 per trade worth sticking with knowing that the tight spreads allow me more winning scalping trades?
Also does anyone have experience with Global Prime for scalping? They do have some great reviews and seem very user friendly for a beginner.
Any advice/guidance would be much appreciated.
Many thanks in advance

I scalp nas and ger30 and i use hugosway and ic markets. They are both good and i find their spreads and charges reasonable
 

Shaun89

Private, 1st Class
Messages
54
I would say commission and low spreads is preferable. Higher spreads ultimately will undermine your strategy and maybe force your to trade differently. That said there are cheaper brokers out there with competitive spreads.
 
Top