Broker/commission advice needed for beginner

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Pharaoh

Colonel
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19,959
got your point any advice for a regarding reliable broker?

FPA Forums Team Note: Please do not ask for or make broker recommendations in Beginners Bootcamp. This folder is for non-commercial discussions only. Check the Commerce Zone section of the forums for commercial discussions.

I've got an answer that will save us both from being served up to Spam Cat.

I don't recommend any specific broker for an obvious reason. Like trading duration, one size does not fit all. A good broker for a scalper might have terrible swap rates. A broker with narrow swap (good for holding trades for extended periods) might average a couple of pips slippage on entry (which would be bad for scalpers). Plus there's the "Does the broker even let people from my country sign up?" question that can't be ignored.

Instead, I detailed a method to let you find a broker to meet your needs here:

How to Select a Forex Broker

It's one of my early articles, but it's still very applicable today.

The good news is that the FPA has been filling in a lot of information on many broker review pages. This should speed up your search a little.
 

richardmarcus1509

Private, 1st Class
Messages
37
I've got an answer that will save us both from being served up to Spam Cat.

I don't recommend any specific broker for an obvious reason. Like trading duration, one size does not fit all. A good broker for a scalper might have terrible swap rates. A broker with narrow swap (good for holding trades for extended periods) might average a couple of pips slippage on entry (which would be bad for scalpers). Plus there's the "Does the broker even let people from my country sign up?" question that can't be ignored.

Instead, I detailed a method to let you find a broker to meet your needs here:

How to Select a Forex Broker

It's one of my early articles, but it's still very applicable today.

The good news is that the FPA has been filling in a lot of information on many broker review pages. This should speed up your search a little.
Thnanks for such a great information really looking forward to have a word with you
 

sebking1986

Recruit
Messages
210
I've got an answer that will save us both from being served up to Spam Cat.

I don't recommend any specific broker for an obvious reason. Like trading duration, one size does not fit all. A good broker for a scalper might have terrible swap rates. A broker with narrow swap (good for holding trades for extended periods) might average a couple of pips slippage on entry (which would be bad for scalpers). Plus there's the "Does the broker even let people from my country sign up?" question that can't be ignored.

Instead, I detailed a method to let you find a broker to meet your needs here:

How to Select a Forex Broker

It's one of my early articles, but it's still very applicable today.

The good news is that the FPA has been filling in a lot of information on many broker review pages. This should speed up your search a little.
Nail. Head. Hit.
 

Eryk Martin

Recruit
Messages
38
Commission and spreads are the cost of your trade, when you will open a trade then at first you need to cover these costs and after that only, the profits will start. So try to trade with a broker having low commission and tight spreads.
 

richardmarcus1509

Private, 1st Class
Messages
37
Do NOT ask for broker recommendations in a non-commercial folder
Commission and spreads are the cost of your trade, when you will open a trade then at first you need to cover these costs and after that only, the profits will start. So try to trade with a broker having low commission and tight spreads.
completely agree with you looking for something same, any suggestions?

FPA Forums Team Note: What part of ...

FPA Forums Team Note: Please do not ask for or make broker recommendations in Beginners Bootcamp. This folder is for non-commercial discussions only. Check the Commerce Zone section of the forums for commercial discussions.

did you miss?
 

perryjohn765

Private, 1st Class
Messages
56
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 think $7 commission is too high.
 

Eryk Martin

Recruit
Messages
38
completely agree with you looking for something same, any suggestions?

FPA Forums Team Note: What part of ...

FPA Forums Team Note: Please do not ask for or make broker recommendations in Beginners Bootcamp. This folder is for non-commercial discussions only. Check the Commerce Zone section of the forums for commercial discussions.

did you miss?
I believe we should respect the community guidelines, promoting or suggesting brokers in non commercial folders is not allowed.
 
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