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I'm leaning towards currency futures and to trade myself non-discretionary account. Obviously I'm trying to make bags of money so that I can tell my boss to shove off.
That is why it's taking me so long to start. I want to be sure I'll make and not lose too much unnecessarily.
I understand the risk involved etc but I really want to make this work. So I'm asking you for a push in the right direction please.
With over a decade in the game I'm sure you've experienced it all most of it anyway. Looking forward to any advice.
Most brokers run what is called a dealing desk. You will place forx trade with their dealing desk and their dealers in turn would place the trade with forex day trading software markets. You thus do not work with the markets directly but through a dealing desk.
This is a big no no as there is a major conflict of interest.
In essence what a dealing desk means is that your broker is also a trader and there is no way that there cannot be a conflict of interest between you and your broker if they are also traders. The reason for this being forex day trading software they take the counter side of your order.
This means that fkrex will profit if forex day trading software lose and lose if you profit. The function of a dealing desk in layman terms is to take the counter side of the trader, pass these trades on to the market or keep it in house and only hedge tdading risk on the market. If they think you will lose then they do not pass the trade on to the market top 5 trading systems keep it in house.
If you lose they take all the profit i. See softwarf conflict of interest? So its easy for them to delay your close with a second or two and or to spike the price a bit on their forex day trading software etc There is just to many games they can play with you and you will end up being the loser.
This means that these brokers are not traders, they are facilitators as they only pass your trade on to the market and for that they are forex day trading software by either a commission charge and or a markup on the spread. Spftware do not profit from your losses so there is no conflict of interest. Next is to look at the actual technology.
Where is their servers located, how are they connected to the market etc. These are vital as it will determine your speed and quality of execution.
My broker has their servers hosted in the same centre where the tier ones have their price servers. So their servers are essentially standing almost right next to those of the banks.
Brokers often offer different kinds of accounts. Some are for beginners while others are for the more serious traders.
Main forex on mobile phone being that the 'beginner' accounts will allow you to start out forex day trading software smaller deposits and place smaller trades but you will be limited in some way or form. Either by the max trade sizes you can make and or total volume you can trade or something similar. Essentially you need to see whether your broker, once you have picked one, offer the kind of account that fit you now and also accounts that will fit you in future.
Trade Forex South Africa | Your Forex Trading Guide
Almost like Cell C with essentially one package while Vodacom have a 1, chose from. Also look at how the broker gets compensated.
Some will take a forex day trading software on the spread while others will charge a commission.
I sodtware prefer a commission charge than some 'hidden' charge even if its disclosed. Once again personal choice. What is important is to look at the actual cost of the charges and weigh them up.
Half a pip might not seem that much in the markup but believe me, it can softare a large impact on your overall profitability in the long run. Make sure you understand the complete cost structure forex day trading software that forex freedom pdf compare these from broker to broker.
Also look whether your broker offer a rebate program. Are they there when the markets open at midnight on Sundays, on all the public holidays etc Do tradjng broker offer live chat, phone and email support.
Do they have offices you can walk into or do they only exist in cyberspace. Make sure they will be there when you need them. I prefer a broker where I can do everything forex day trading software i.
Trading Platforms and Traders in South Africa
With other brokers you need to fill in forex day trading software form and fax and or scan and email it to them to make a withdrawal. And with some this can take up to 48 hours foreex process. I simply go online, select the account and amount from where I want to withdraw, hit enter, wait for the confirmation email which you send back to support [security measure] and around 48 hours later softdare funds are in my local account.
Same with inter account transfers.
With some brokers you need to mail a request and wait up to three days for it to happen. Others things, as you grow, do your broker offer personal account managers i.
Do they fores additional service i. PAMM account setups where you can link multiple account together and trade them all in one go etc So also very important, check what your broker has forex day trading software offer behind the scenes. I think that is about all I can think of right now.
If there is any question then fire away. The Philosopher Expert Member Jun 19, Joined Jan 8, Messages 1, Wow that was softwxre and really helpful.
I have just opened up a brokerage account with Interactive Brokers. They have come very highly recommended.
Gonna do some speculation in resources. I have also locally played with IG's demo account.
Seems like fun and user friendly. IG is a very large CFD trading platform.
They say they are 1 in world for this. I haven't opened an account with them yet though. You give me pause to think.
Their fees for forex day trading software are spread based. This is what I found on their website: South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.
Such trades are not on exchange. What do you think of IG?Strategy I use to make $100 per day in the FOREX MARKET
FrankieK Senior Member Jun 19, Joined Jan 14, Messages I've had my account for quite a while with Interactive Brokers forex day trading software well. Investing Online Invest in our unit trusts online or register on our share trading platform to trade your shares.
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