Beginner trader looking for the right broker

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JoshK

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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.
 
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.
 
JoshK said:
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.
Click to expand...
What instruments do you want to get access to? Stocks, options, futures, currency pairs via CFDs? Transactions costs and speed depend a lot on that.
 
This is my first post/reply. I'm a complete newbie.

I've been doing research on this same kind of thing (as @JoshK). I haven't been as organised as Josh though admittedly. I have acccounts with Saxo (saxotraderGo), and Etoro. I'm primarily interested in equities. For these, both my accounts are a bit slow with order placing. I feel like Etoro is a bit faster if you do not use fractional shares. I think none of these two are particularly good for day trading. Etoro spreads aren't too great either (in equities at least that I've looked at). I've heard better things about Plus500, both for faster times and better spreads overall... but I think they don't want you to scalp which might mean they might not be as quick as you might need. This info is probably not useful for JoshK, but might be useful for other newbies, particularly those with etoro accounts.

I'm going to check out Cobra and Speedtrader now...!
 
Tramadoon said:
This is my first post/reply. I'm a complete newbie.

I've been doing research on this same kind of thing (as @JoshK). I haven't been as organised as Josh though admittedly. I have acccounts with Saxo (saxotraderGo), and Etoro. I'm primarily interested in equities. For these, both my accounts are a bit slow with order placing. I feel like Etoro is a bit faster if you do not use fractional shares. I think none of these two are particularly good for day trading. Etoro spreads aren't too great either (in equities at least that I've looked at). I've heard better things about Plus500, both for faster times and better spreads overall... but I think they don't want you to scalp which might mean they might not be as quick as you might need. This info is probably not useful for JoshK, but might be useful for other newbies, particularly those with etoro accounts.

I'm going to check out Cobra and Speedtrader now...!
Click to expand...
For scalping you need a bot and collocation. Manual scalping via regular connect to platform is too slow to make any money also bulk of transaction costs will fall on slippage.
 
Gomez84 said:
I'm currently a beginner venturing into live trade for the first time and looking for a suitable broker for scalping, Anyone currently trading with such reliable brokers with proper regulation?
Click to expand...
Are you interested in a CFD broker or access to exchange-traded products? It's a kind of different things with downsides and advantages. I would recommend studying the difference first, you'll learn a lot.
 
Gomez84 said:
I'm currently a beginner venturing into live trade for the first time and looking for a suitable broker for scalping, Anyone currently trading with such reliable brokers with proper regulation?
Click to expand...
For scalping, I’d say fxview is a good one. Narrow spreads and they are multi regulated.
 
Don't put more than 5% of your total capital on the line to start off. Everything else will fall into place on its own.
 
Master at least two indicators and one major pair. That's a good foundation to build your temple on.
 
@Henow1969 go for a low spread broker for scalping. I use turnkeyforex for the same since their executions are instant as well. Plus the commission rate of a dollar per side of trade works well for entering multiple trades.
 
kevinberry said:
@Henow1969 go for a low spread broker for scalping. I use turnkeyforex for the same since their executions are instant as well. Plus the commission rate of a dollar per side of trade works well for entering multiple trades.
Click to expand...
Thanks. Checking this broker and seems good for scalping.
 
Use a small amount to trade with the broker. How they let you trade in the live market will clear a lot of your doubts and you will know whether you should choose them or avoid them.
 
JoshK said:
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.
Click to expand...
I'm curious which broker did you end up choosing. Any updates you can share?
 
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