what is your leverage when you trade ?

[alanrox]

Yes, if you have floating positions held over the weekend and with little free margin, whisper sweet nothings and kiss your account good bye because when your 1:2000 leverage is automatically reduced down to 1; 200 over the weekend, your account is dead as a mummy.

Lol Hell yeah.

 

[FringFX]

One of my regular broker, EXNESS, should be extremely happy with me coz I use their 1:2000 leverage all the time....or until my account goes beyond usd1k where it is automatically reduced to 1:1000....then after it grows to over usd5k, it is further reduced down to 1:500
Problem is that, no matter what leverage is use, it is automatically reduced down to 1:200 over the weekend and this is where the danger is if you do not know how to manage high leverage.

Do you still use other brokers? which ones?
Why use them when Exness offers the best leverage we can afford?

 

[Whitesnake]

Do you still use other brokers? which ones?
Why use them when Exness offers the best leverage we can afford?

Even i was of the same opinion that exness was good, but only after i realized their huge slippage of 23 pips which is worst according to me. No more trading in exness anymore.

 

[RahmanSL]

Do you still use other brokers? which ones?
Why use them when Exness offers the best leverage we can afford?

If you mean all the brokers that I have used, there are quite a number of them....at least eight in the last 3 years or so of trading the forex.

If you mean current ones, I am using only one....which is Axitrader....but is considering reviving my old Pepperstone account because they have recently made some positive upgrades and improvements which were some of the reasons that I left them in the first place.
These past year or so, I generally go with ASIC regulated brokers, but is selective on whom I use.

Yes, EXNESS offer very high leverages, but if you don't know how to managed your account with such high leverages, you will wipe out your account in no time (as I did many2 times) because Exness automatically reduce the leverage over the weekend down to 1:200.
With such high leverage, you tend to over trade and, once you are caught with too many open negative trades over the weekend, you either pump in more capital (which I have done many2 times too) to save your account when your leverage is automatically reduced down or you whisper sweet-nothings to your account and kiss it good bye (which I also have done many2 times).
You must keep in mind that Exness is a Market Maker broker and a Russian based & regulated one, which means spreads, trades execution, re-quotes, etc can be a nightmare.
Since last week, I have a dispute with Exness for my disqualification in their monthly Demo contest where they accused me of registering several accounts using the same IP. I asked for proof of those "several accounts using the same IP", but after one live-chat and 13 e-mails back-and-forth, they still maintained that they cannot provide me with the proof as its all hush-hush and top-secret BS....probably top KGB State secret......and still insisted that I have cheated on their small contest.

On one of their e-mail, they came back with:
"Sir,

I have already explained the reason why we are not disclosing other account numbers.

Please note that other contest accounts are still participating in the contest. It means that they have used the unique IP address to register a demo account and have the only account in the contest."

...And I wrote back:
"Dear Support,

On the first page of the contest list alone, 21 of the 29 contestants listed there have been disqualified....and a whole lot more in the other pages too.
Don't you people at Exness think there is something very wrong with the way so many contestants have been disqualified?

If you bother to check my past record at Exness, I have never ever won anything in any of the contest at Exness and I don't expect to win any prizes even this time either.
I participated in Exness contest just to see how I rank among the other competitors and so the prizes are immaterial.
To, not only be accused. but found guilty of cheating without providing any proof is really unethical and unprofessional of Exness.
I can very well imagine what if we are dealing with my real live trading account issue here and all I receive from Exness is that they are right and I am wrong and don't offer any proof to back-up their claims and accusations.

This is not what trustworthy brokers would do and I will highlight this to other traders and potential clients of Exness."

And their last e-mail:
"Dear Client,

I have passed this information to our specialists responsible for holding contests. They will reply to you as soon as possible."


...And at time of writing, the "They will reply to you as soon as possible." is still pending.

================================
Update:
Reply e-mail from Exness Support Dept:

Dear Client,

In order to continue to participate in our contests, we strongly recommend you to make sure, that you registration data (name, email, mailing address, phone number, IP address) doesn't match registration data of other participants, otherwise all accounts including listed matches will be disqualified.

The Company do not provide any explanations or detailed information regarding carrying out the contests on demo accounts.

Best regards,
Sergey Zhalnin


So, in other words, I have to access Exness data base and scrutinized "... to make sure, that you registration data (name, email, mailing address, phone number, IP address) doesn't match registration data of other participants, otherwise all accounts including listed matches will be disqualified.....

But wait a minute. How am I supposed to do that if Exness data base containing "registration data (name, email, mailing address, phone number, IP address)" are top-top secret in the first place??? This is an excellent example of "Catch 22"!.

....So I reply back with:

"Dear Support,

Are you suggesting that I can access Exness data base to find all that information???
If so, please e-mail me the access code and I will be sure to conduct a thorough and in-depth search to "make sure, that you registration data (name, email, mailing address, phone number, IP address) doesn't match registration data of other participants, otherwise all accounts including listed matches will be disqualified."

Don't you find your reply to my e-mail and suggestion rather ridiculous and impractical??? It's a typical "Catch 22" situation.

I personally think Exness made a very bad mistake in identifying IP addresses and now cannot back-up their mistaken identification and also do not want to or cannot admit their mistake."


....so, now I wait for another reply.

 

[GOR FX]

Keeping it at an all max of 1:50, that's where NFA caps it and we just have to abide.

GOR

 

[willforex]

Keeping it at an all max of 1:50, that's where NFA caps it and we just have to abide.

GOR

Same here bro. This is the way we should trade.

 

[Master Yoda]

Same here bro. This is the way we should trade.

I agree and even would say that a leverage of 1:20 is good enough

 

[Pharaoh]

I agree and even would say that a leverage of 1:20 is good enough

Most if the time I agree. But, if you can get in on a nice, long trend early and scale in with trailing stops on all the trades, that's one of the rare times that cranking up the leverage absolutely rocks.

 

[itkraze]

I agree and even would say that a leverage of 1:20 is good enough

Such low leverage is only good for a trader who cannot control his money management properly when he sits in front of his charts for trading.

 

[Pharaoh]

Such low leverage is only good for a trader who cannot control his money management properly when he sits in front of his charts for trading.

There are plenty of very large institutional traders who keep themselves at leverages lower than 20:1.

Personally, I recommend all new traders not utilize more than 10:1 until they can trade for at least a few months at breakeven on a live account. Then, if there's a need for it, leverage can slowly be increased.