Micro brokers

[InterJon]

Here's my problem. I'd like to start small. I've learnt a lot about Forex in the last 6 months and have backtested, demo-traded, all sorts but all I ever hear is that it's never the same without your own money. I tried it with binary betting and lost small bits of money (we're talking £10 or so), this really helped, I galvinized my strategy and started over. Now I'm ready to try again, but want traditional trading (ie not binaries).

I'd only want to start small, with say £100-£150 and most spread-bet cos want minimum bets of £1 per pip - me no like! Even 50p per pip is too high for my little risk-averse baby steps. I'd really like something less than 10p per point. I know, what a cheapskate! I don't want to risk more than 5% of my account and my stop losses will be around 120pips. So £150*5%= £7.50 risked per trade, and £7.50/120 = £0.06 per pip.

:?: Is this possible anywhere?

I've had a look at micro accounts , stuff like this Learn Forex Trading | Learn How to Forex Trade | Forex Trading | Micro Forex | FXCM Micro but if I trade 1 microlot - how much per pip will it be? :?: My account will hopefully be denominated in GBP, wherever I end up.

I've always been a little concerned about not going down the spread-bet route, because I'll lose the tax benefits. Presumably it's only CGT that I'm liable to pay and at £150 trading account size, I can tell you know, I'm not going to go over the £10K threshold.

 

[price777999]

I dont know about 6p a pip but gkfx.com do 10p a pip and you have loads of currency's and stocks to chose from .

 

[Jason Rogers]

I've had a look at micro accounts , stuff like this Learn Forex Trading | Learn How to Forex Trade | Forex Trading | Micro Forex | FXCM Micro but if I trade 1 microlot - how much per pip will it be? :?: My account will hopefully be denominated in GBP, wherever I end up.

Hi InterJon,

The FXCM Micro account is only in USD so I would recommend using the the spreadbet account instead which is denominated in GBP and has a £100 minimum.

To answer your question about how much per pip, the pip value will depend on the currency pair and the amount traded. The order window in FXCM's platform will calculate the pounds per point/pip value based on the order size. Take a look below at the two screenshots I took. It shows the market order window and the area I circled in red is where you'll find the pip value. The order window on the left is an order size of 1 micro lot (1k) in GBP/USD which has a pip value of £0.07. As you increase the order size, it also changes the pip value as shown in the order window on the right where the amount is 10k and the pip values is £0.65.

I hope that helps, and let me know if you have any questions.

Jason