UK FX Direct Access Dealers

[tommog]

Hello,

I think i may be missing something obvious but nearly every FX direct access broker i find on the internet always talks in terms of USD. Are there any UK brokers?

I know IB have an English version of their website but i would like to open a "mini account" rather than the standard account and i don't think IB do this.

PLease can someone suggest a Direct Access broker i could use that would suit my requirements.

Thanks a lot

 

[JonnyT]

IB do one account.

I think its £2000 to open an account so this really is a mini account!

JonnyT

 

[TRADERguy]

Hello,

I think i may be missing something obvious but nearly every FX direct access broker i find on the internet always talks in terms of USD. Are there any UK brokers?

I know IB have an English version of their website but i would like to open a "mini account" rather than the standard account and i don't think IB do this.

PLease can someone suggest a Direct Access broker i could use that would suit my requirements.

Thanks a lot

Try CMC Forex
http://www.cmcgroupplc.com/us/forex/home.jsp

 

[darrenf]

Also try FXCM

They are a us company but have a branch in London, FSA regulated and offer GBP denominated mini accounts.

fxcm.co.uk

 

[tommog]

thanks for your help will look into what you suggested.

Just wondering how close would you suggest leaving stops on an reasonably active trading strategy (20 trades a day on average) mainly trading breakouts of moving averages aiming for around 5-6 pips per sucessful trade (after spread).

I was considering 2 pips but feel that may be too close, i'd have to trade the breakout pretty much spot on.

cheers

 

[TRADERguy]

thanks for your help will look into what you suggested.

Just wondering how close would you suggest leaving stops on an reasonably active trading strategy (20 trades a day on average) mainly trading breakouts of moving averages aiming for around 5-6 pips per sucessful trade (after spread).

I was considering 2 pips but feel that may be too close, i'd have to trade the breakout pretty much spot on.

cheers

If you are going to trade retail spot with a three pip spread I would suggest that you trade slightly longer term; the 3 pip spreads will kill you if you are only looking for 5 or 6 pips. If you really want to scalp, trade CME currency futures.

Cheers,

TRADERguy

 

[Faris]

I would have to disagree with Traderguy.
There are a few traders in the FX chat room who are able to scalp successfully on a consistent basis using retail brokers.
Why don't you pop into the chat room sometime Tommog, im sure these traders will be happy to answer any questions you have.

Faris..

 

[tommog]

thanks once again for your help, might see you in the chat room soon,
thank you

 

[TRADERguy]

If you pay 3 pips and are looking for 5 or 6 you will be paying 35.3% of the profits (assuming there are profits) to the retail forex market maker. Commissions on CME currency futures will run you less than half a tic costing you 5.8% of your profits. If you pay the 1 tic spread (you can often avoid paying the spread by using limit orders) it will cost you another 11.75% of your profits.

Can a successful scalper can make money in retail forex? Sure but he would make far more using currency futures. Can a new trader who is learning the trade cover the high cost of retail forex while he is learning to scalp? Probably not. I have traded both futures and forex in timeframes from scalping to position trading and for scalping for a few tics per trade currency futures are the preferred market.

Cheers,

TRADERguy