BROKER
For Forex Scalping it is important that you carefully select a suitable Forex broker based on these criteria. Your Forex broker must provide a live data feed for charts (further explained below), must have very competitive spreads for the currency pairs you will be trading on, and the trading software must be easy to use & quick to execute trades with. forex sato I have had numerous trading accounts with various brokers (some real money and some just demo) and at the time of this writing would recommend to my friends to use FXCM or RefcoFX. This isn’t to claim that they are the best of all brokers, but overall they are the ones I personally most recommend for several reasons. FXCM (and RefcoFX that is pretty much similar) has a very simple user interface (the trading station software), so simple that even a child can be taught to use. However other brokers, such as Forex.com and ACM have nice web based trading interfaces that is simply too complicated for a newbie to use with ease, and takes far too long to execute a trade when precious seconds count. In this eBook I show how to place trades on the FXCM system because it is so easy to explain, and easy for you to do. Thus all examples in this eBook are based on FXCM. I have chosen against explaining the methodologies applicable to such brokers as Forex.com, ACM, and others simply because it would take far more time to explain how to place OCO, IF THEN, etc… trades, and the nuances of stop / limit orders. When you become more advanced as a trader you can figure these out on your own (it took me a while to wrap my brain around those concepts). Different brokers also offer different pip spreads on the various currency pairs. For example, FXCM unfortunately offers 5 pips for GBP/USD (too bad as it is one of my favorite pairs to trade and scalp), so once you become more advanced then you might want to have two or more accounts with various brokers to take advantage of the best that they have to offer. Some brokers have lower pip spreads than others (i.e. you can get 2 pip spreads on some of the majors – if your account is large enough), but some of those brokers don’t have their spreads “fixed”, meaning that they can widen during volatility (but is generally not a problem for most of the time). FXCM is fixed (good for you). Some brokers have streaming executable prices, meaning that the price you click on is the price you get (even if the market has already moved), whereas some brokers “request for quote” meaning that if you are experiencing a shooting market (rapid price changes) then your trade might fail to be entered (can be frustrating at times). Unfortunately FXCM seems to me to be one of those. .. forex sato There are many brokers to choose from. Just to name a few more here are some others: GFTforex, XpressTrade, CMSforex, FXsolutions, etc… (like I said, there are others. Google “forex broker”, or look through trading magazines if you want to find more.) There are more issues to be aware of in choosing a Forex broker, but what I’ve covered here present some of the most important considerations. Generally speaking, stick with the bigger, more popular brokers. Before dedicating your funds to any in particular it is wise to get demo accounts with several that you might use to give them a test drive. Initially it is best to use one broker (FXCM or RefcoFX is a good choice for your first account), but later (once you’ve gained some experience) get some more real accounts with other brokers so that you can take advantage of the stuff that is better with them. FXCM isn’t the absolute best broker in the world – nor is any broker in my opinion (they aren’t my primary broker, but I wouldn’t recommend my primary broker to novice traders as they are one of the more “complicated” ones). They all have their strengths & weaknesses. I have selected FXCM to be the broker that all the examples of this eBook use simply because it would be difficult and confusing to write this eBook trying to explain the examples with multiple broker variables. I had to pick one, and FXCM is the one I went with. It is (in my personal opinion) the easiest and best choice for a novice trader to start trading with, and so that is also why I am using FXCM as the broker for all the examples of this eBook. They are, for scalp trading techniques, one of the better, and easiest to work with brokers. If you are one of those people that insist on finding what you prefer then feel free to test out the demo versions of a bunch of brokers, but if you are willing to just take my recommendation then go with FXCM (or RefcoFX) to start with. At the time of this writing it is the broker I would most recommend to the average & beginner trader, however if I later change my mind I’ll be sure to provide my latest recommendation within the online resources section. Additional Tip: Most brokers don’t always honor your stop orders during extreme volatility such as around Fundamental Announcements. At the time of this writing there is a broker that is currently honoring stops even in those volatile times, and in the eBook “Forex Sailing” I’ll tell you who they are.
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