UK Scalping Forex Setup

[phoenix25140]

guys,

Need a hand choosing a broker mainly for forex ( and some equity) scalping based in the uk?

Is IG any good? or Pro Spreads?

Really struggling to select a broker. My deposit will be £5,000

Thanks
Nathan

 

[x4x]

What are are you struggling with - just get in there and try them out, only you know what you're looking for and what will suit you.

IG provides an excellent, sophisticated platform and their prices are spot on, and though I have no experience of Pro Spreads, I would think likewise. For out and out scalping, Pro Spreads may be your best choice, as IG may not like constant scalping.

The very best SB platform I've ever come across is FXCM, they allow scalping but their spreads are way, way too wide.

 

[Fxtekkie]

guys,

Need a hand choosing a broker mainly for forex ( and some equity) scalping based in the uk?

Is IG any good? or Pro Spreads?

Really struggling to select a broker. My deposit will be £5,000

Thanks
Nathan

Nathan, you need the broker to be UK based or you are UK based? Scalping I trade at Yadix, works great for me - zero stop or pending limits, means you have real ability to scalp. Not like DDs that have 5 pip minimum limits. Have a look and tell me what you think?

Other than that, you need to look at the big boys, fxcm and such.

 

[Jason Rogers]

The very best SB platform I've ever come across is FXCM, they allow scalping but their spreads are way, way too wide.

Hi x4x,

I'm glad to hear you like our platform, but since you mentioned our spreads, you might like to know that FXCM recently introduced new lower spreads via dealing desk execution: http://www.trade2win.com/boards/forex-brokers/88834-fxcm-discussion-54.html#post1954546

Our dealing desk execution uses our No Dealing Desk price feed as a base to execute orders. But since we offset the orders internally on the dealing desk model, we're able to reduce spreads by 1 pip for the most popular currency pairs.

Jason

 

[x4x]

Hi x4x,

I'm glad to hear you like our platform, but since you mentioned our spreads, you might like to know that FXCM recently introduced new lower spreads via dealing desk execution: http://www.trade2win.com/boards/forex-brokers/88834-fxcm-discussion-54.html#post1954546

Our dealing desk execution uses our No Dealing Desk price feed as a base to execute orders. But since we offset the orders internally on the dealing desk model, we're able to reduce spreads by 1 pip for the most popular currency pairs.

Jason

Hi Jason,

The problem isn't only the spread cost - to use FXCM one also has to lengthen their stop loss to account for the larger price swings caused by the extremely wide spread on your NDD price feed.

It ultimately depends on market conditions, but most times I enter with a 13 point stop loss - at least 2 or 3 times per day I go on to profit after coming within 0.00001-5 of getting stopped out with IG - needless to say, due to the wider prices I would be stopped out every time with FXCM.

I estimate it would cost me at least 20 - 25% more to trade with FXCM - which unfortunately is too much to pay just for the luxury of using your platform.

I wonder when you guys will wake up and make the few little changes which would propel you to the UK's number 1 spot, which (I believe) is currently IG with (I think) about 50% of the UK's SB accounts.

You have the best platform by far, IG have the 2nd best but are way more competitive , that's why they're number 1. Everyone else's platform's are light years away in comparison - so as IG don't seem to want to develop their platform any further, their market share is ripe for the taking....!

 

[WR1]

hopefully you v'e read the reviews on T2W and also around the net

to me, something seems to be not quite right with IG / and as with most brokers they likely don't really like winners,

Prospreads seem much better - but they used to have limitations about trading later and at night and the Financial service protection regulations are not as clear as they should be with them based in Gibraltar
but both may of changed ?

GFT seems to get good reviews

also dumping 5k in any broker may not be such a good idea - maybe only £500- 1k to start with
and see how they go

 

[x4x]

to me, something seems to be not quite right with IG / and as with most brokers they likely don't really like winners,

Would you like to expand on this comment - what's not quite right, and why do you say they don't like winners?

 

[WR1]

the T2W reviews sum things upto better than i can
but they seem to point to IG messing around once traders start to win, and esp when they go in bigg-ish

there reviews seem to be getting better, and they are the better of a very bad bunch
but then again its a known fact that the whole of the market hunts large positions
(not just individual retail brokers)

there is also a website named "IGindex are cheats" worth a look at for anyone that's not seen it before
always good to take such info with a pinch of salt, as maybe those involved were likely not trading fully responsibly and likely too greedily
but never the less, if alot of traders say they stophunt.. especially ay night they cant all be wrong

personally never had too many problems - but then i don't bet big

i once heard traders should never trade more than 10 lots or they are asking for trouble
not sure what that is in real money, maybe £150 approx which also seems way too much

think we need to spread the money around between the few half decent brokers
and £10 - 20pp is more than enough and can help keep under the main radar and let the brokers concentrate on the very greedy

 

[x4x]

the T2W reviews sum things upto better than i can
but they seem to point to IG messing around once traders start to win, and esp when they go in bigg-ish

there reviews seem to be getting better, and they are the better of a very bad bunch
but then again its a known fact that the whole of the market hunts large positions
(not just individual retail brokers)

there is also a website named "IGindex are cheats" worth a look at for anyone that's not seen it before
always good to take such info with a pinch of salt, as maybe those involved were likely not trading fully responsibly and likely too greedily
but never the less, if alot of traders say they stophunt.. especially ay night they cant all be wrong

personally never had too many problems - but then i don't bet big

i once heard traders should never trade more than 10 lots or they are asking for trouble
not sure what that is in real money, maybe £150 approx which also seem way too much

think we need to spread the money around between the few half decent brokers
and £10 - 20pp is more than enough and can help keep under the main radar and let the brokers concentrate on the very greedy

Thanks for that, I must admit I do take reviews with a pinch of salt due to many 'traders' finding it easier to blame the broker than just accept they are trading poorly.

I find it far better to base my opinions on my own experiences, and like you, I've never had too many problems.