Beginner trader looking for the right broker

JoshK

Newbie
2 0
Hi guys,

I have started trading in the simulator about 2 months ago. I am German, am currently doing my Master's in South Africa, and am considering to become a full time day trader. 9 days ago, while still practising in a simulator, I feel like it just clicked (way earlier than I had expected, even though I have been practicing all day long for the last 2 months) and I have been high in the green since then, after a fairly bumpy start, which I am sure all of you had. I am planning to apply for an actual account with a broker once I hit 20 consecutive green days with a max of 2-3 red days. So now I am at the point where I am researching brokers and trying to figure out, which one suits my trading style best.

I have started with Warrior Trading's momentum strategy, which I am now profitable with. However, after having builing a cushion in the morning I make most of my money through short selling the same ~2-10$ stocks.

Now these two approaches make me think that when choosing a broker I will need direct market access, for very fast order execution, mainly for my momentum strategy, as well as a broker that has many low-cap stocks available for shorting.

I have already gotten myself a demo for the Lightspeed Trader, which would be one of the obvious choices for fast execution. While I don't really have a point of comparison, from what I have read and seen in the demo, the amount of shortable stocks is fairly limited and fees for borrowing are quite high. Also, I am not a big fan of the charts in Lightspeed.

After doing some additional research I stumbled over mainly 3 other brokers, which have direct market access, and which are often suggested specifically for short sellers, being: Cobra Trading, Centerpoint Security and Speedtrader.

I have just gotten into contact with Cobra Trading and am hoping to get a demo soon, but I'd like to ask the experienced traders amongst you about what broker you would suggest me to look into, considering my trading needs. I appreciate any tips and suggestions. Looking forward to hearing from you.

PS: I am aware that for serious short sellers it is best to have accounts with several brokers. However, for a start I'd like to stick with only one until I can proof the same profitability in the real market environment. I feel like otherwise all the fees would put too much pressure on me at such an early stage.
 

Charley John

Junior member
10 0
I opened by demo account with LMFX when i entered to forex market before a year. LMFX protects investors with Segregated Account. Secure and Reliable systems of LMFX. Start with Risk Free Demo Trading Account.
 

palex2005

Newbie
3 0
I have tested many brokers and I stopped at icmarkets. They offer leverage 1:500. They have a great support. You can deposit or withdraw with many payment processor even with Paypal (this was my interest). You can read more about them here ----> https://forextown.club .This is just my opinion. This is not spamming. I can offer you more details if you need :) Happy trading.
 
 
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