Day trading full time

[TEAMTRADER]

Are there any day traders (scalping, either with the perceived trend or scalping for reversals) in the UK trading full time with Institutional Accounts?
The reason I ask is because all of the retail accounts available never have instant fills for trades placed and this gets costly when trading larger amounts per pip/point.
Thanks
TEAMTRADER

 

[asimpleplan]

"scalping for reversals"

Hi, I'm currently working on this strategy - testing it. Using a 1 min line chart, I paper traded my strategy for last Monday with the EUR/USD and in spite of losses, I was plenty of pips up! However, I'm currently using demo software from FXCM (recommended to me). What becomes apparent is that the strategy is less effective because of the intra-minute whipsawing, which can take out the trailing stop; in the 1 minute chart, the whipsawing is not apparent. In some cases the intra-minute whipsawing can be 3 pips!!!

 

[Trading Spaces]

Are there any day traders (scalping, either with the perceived trend or scalping for reversals) in the UK trading full time with Institutional Accounts?
The reason I ask is because all of the retail accounts available never have instant fills for trades placed and this gets costly when trading larger amounts per pip/point.
Thanks
TEAMTRADER

www.interactivebrokers.com have an FX ECN where the best prices from upto about 15 banks are amalgamated and you get what is on the screen and are a charged a small commission. Upto 50 times leverage. Also www.lmax.com is an ECN with instant fills.

 

[asimpleplan]

Yea, I heard about ECNs.

I was speaking to some people at a trading firm and they told me I should use FXCM (https://www.fxcm.com/uk/). I asked the guy about ECNs and he didn't know what I was talking about?? Very odd for trading 'experts'.

 

[petittrader]

The first thing to check is the definition of Institutional accounts as this will vary from firm to firm.

Interactive Brokers as TS mentions above is well established for their costing model. However their platform is a major downside to me. The desktop application is a mandatory tool - it can be installed on a serious linux OS though - but it is far from intuitive or flexible. Worth mentioning this if your focus is specifically on day trading.
Their channels for placing a trade are ample and you can always speak to the desk very quickly, their staff is good at creating a trade.

 

[TEAMTRADER]

Institutional accounts such as http://www.cfhclearing.com/
This would be the type of account that gives instant fills. CFH have increased the margin requirements since Brexit reducing profitability by over 50%.
Thanks
TEAMTRADER

 

[Jason Rogers]

Are there any day traders (scalping, either with the perceived trend or scalping for reversals) in the UK trading full time with Institutional Accounts?

The first thing to check is the definition of Institutional accounts as this will vary from firm to firm.

Interactive Brokers as TS mentions above is well established for their costing model. However their platform is a major downside to me. The desktop application is a mandatory tool - it can be installed on a serious linux OS though - but it is far from intuitive or flexible. Worth mentioning this if your focus is specifically on day trading.

Hi TEAMTRADER,

Depending on your specific requirements, we can provide you a solution either with an FXCM Active Trader account or an FXCM Pro account. We offer several platform and API options including special tools and order types for day traders.

The reason I ask is because all of the retail accounts available never have instant fills for trades placed and this gets costly when trading larger amounts per pip/point.

What is your typical trade size and what instruments do you trade? If you can send me a private message with this and other info about your trading needs, I would be happy to put you in touch with the appropriate account specialist.

 

[Jason Rogers]

Yea, I heard about ECNs.

I was speaking to some people at a trading firm and they told me I should use FXCM (https://www.fxcm.com/uk/). I asked the guy about ECNs and he didn't know what I was talking about?? Very odd for trading 'experts'.

Hi Asimpleplan,

It sounds like FXCM was recommended to you because of our No Dealing Desk forex execution whereby we offset each client order one-for-one with the best prices from competing liquidity providers.

Some people refer to this execution model as ECN or STP, but we use the term NDD. With the NDD model, FXCM doesn't profit from client losses or lose from client profits. Instead, we profit from client trading volume. That makes intraday traders, day traders, scalpers and other high volume traders some of our best clients, and we welcome all strategies.