Choosing A Broker For My Situation

Peter Borren

Active member
Apr 8, 2017
168
3
#16
Choosing a broker is very dedicated decision, so it should be in cool mind and the broker can affects the result of our trading with certainly.
 

CalebM

Junior member
Oct 1, 2017
11
0
#18
Hello folks!
I need a little help with learning more about choosing a broker.

I will give as much relevant information about myself as I can, including my situation and my understanding so far and hopefully you fine folks could throw me a few opinions and/or suggestions based on experience (i'd like to know why you suggest whatever). If you need more info then I am happy to provide it (unless you are a Nigerian prince who wants my bank details in order to lodge in 1.8 million euro for whatever reason :cheesy:

Learning how to trade for: 5 months
Current Broker: Oanda (only one i've tried)
Previous business/economic experience: None, but I do have a Psych degree which helps
Current markets being traded: Forex and Oil
Capital available when ready to pull the trigger: €1,000

As far as I can see Oanda is one of these market makers, which means that they are not putting my trades onto the exchange, but instead have me trading on their in-house "exchange"? Obviously as the other side of my trade they have a conflict of interest but since I am aware of this, it's ok...to a point of course.
I would however like to assess my options, keeping in mind that as someone with limited capital I would prefer alternatives which would allow me to open a live account for no more than €100 or so...I insist on continuing to practice on a mini live account so I gain the invaluable experience of having real money on the line.

I have no emotional attachment to spread betting, I merely want to day trade and it just so happens that the first place I found that allowed me to play for cheap was a spread betting broker (likely why they let me in for cheap) and what they offered was predominantly Forex.

I learned a lesson today about triggering take profits (TP).
I have wondered in the past why my TP's were not always being triggered when the price moved past the TP threshold... Today I found out that the price needed to pass the TP by however much the spread required it to (the bid if short and ask if long).

This got me thinking... What alternative forms are available to me for around €100.

- Are there brokers with fixed spreads?
- With as little €100/€200, can I trade on a commission basis instead of paying a spread?
- Would trading via a pay by commission basis eliminate this situation with my TP's? (where price must pass the TP by a distance determined by the current spread)

What would you suggest for me to look into based on all of this?

Thanks in advance!
I am sorry if my terminology is not up to par...as I said, I'm still learning

Also, I require leverage...
I'm also quite fresh in trading sector and thinking about finding a broker. But as far as I have been reading forum I see that before finding a broker It's wise to do a lot of research and read quality books about trading. Regarding brokers I think there are a lot of scam type sites :(
 

CalebM

Junior member
Oct 1, 2017
11
0
#19
I'm also quite fresh in trading sector and thinking about finding a broker. But as far as I have been reading forum I see that before finding a broker It's wise to do a lot of research and read quality books about trading. Regarding brokers I think there are a lot of scam type sites :(
Does anyone have experience with eToro? I read severel reviews about that site and most of them say that it is great for beginners up to medium level traders. Are these reviews even genuine or are they full of comercial information? For example https://foxytrades.com/etoro-review/ brings out that platform fees are not the cheapest. But what competing platform would be cheaper or better to use for a beginner? Any help from you is more than welcome :)
 
Jul 10, 2016
14
3
#20
Does anyone have experience with eToro? I read severel reviews about that site and most of them say that it is great for beginners up to medium level traders. Are these reviews even genuine or are they full of comercial information? For example https://foxytrades.com/etoro-review/ brings out that platform fees are not the cheapest. But what competing platform would be cheaper or better to use for a beginner? Any help from you is more than welcome :)
Etoro is by far not the cheapest to trade with. You should consider signing up via IB, to drive the cost of trading down with rebates.