Appropriate broker for my 4h system ?
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Thread: Appropriate broker for my 4h system ?

  1. #1
    Hi.
    After studying and experiencing the market for a few years I believe I found a system that suits my skills, plogy, comfort level and aims.
    I have been demo-trading this method for 2 months with Fantastic success. I look at daily-timeframe setup, research and feel fundamentals/sentiment/markets-correlations and input at 4h timeframe. My stops are 20, 30, 40 and 50 pips and my TP are 2:1, 3:1, 4:1 reward:risk. My risk is 2% just, no pyramiding. I made 15 trades on April using 10% profits and 20 trades May with 24 percent profits. My biggest drawdown has been 7.5%. And my trades might last from a few minutes to 2 days.
    Its not news-entry egy, however I may be already in exchange during some important news. This egy works with all pairs and also with commodities (didnt check stocks nevertheless). I would like to keep on demo-trading it till 1st of July, then exchange 3 month reside with 250$ account and then move to large live account. I have been using demo of well-known Utah MM broker together with my favorite MT4 platform and would like to use it in live trading also.
    BUT !
    As you can see, my shortest SL is 20 pips and sometimes my trades endure for a few minutes. Can it be scalping or not? When I'll begin live-trading could MM broker (and this Utah one specifically) make me problems by manual implementation and hitting my little 20-30 pips stops blatantly, freezing and slippering me hard (as I read in some threads MM brokers treat scalpers) ? Can I use ECN broker instead for this particular egy?
    Thanks !

  2. #2
    What do u mean? A broker with requirements that are higher?

  3. #3
    No, I think you should try and find a broker that'll charge you more money too trade.

  4. #4
    I would not fret about the element. This type of trading isn't scalping. Do you will need a MT4 broker? If this is the case, I would stick to your current one or proceed with FXCM. All the additional MT4 brokers seem more risky to me.

    Would you care to share any more information about your system? You can PM me if you need, I also trade just fundementals and analytical systems and hate TA based systems.

  5. #5
    FrankTheTank

    My 4h entry and daily setup are based on TA and price action. I would say my system is 90% technical. Fundamentals/sentiment/markets correlations - it all is a optional part, occasionally filter and most importantly plogical element for me personally - it makes me feel more confident and gives me a tiny bit more market comprehension. Thats how my character functions.
    Its not only Holy Grail or something - only regular system with about 65-70% winning percentage. Market experience, Money direction and enormous subject are the key.

  6. #6
    I guess I'll join ECN broker Such as HotspotFxr or diversify between IBFX and HotspotFxr. What do u consider HotspotFxr? All that I read onnigeriaforextradingabout the broker was favorable. . That makes me suspicious
    Talked with Hotspot support about their discretinoary forces - they assert its for connecting supply/demand use only and that they dont require some places.

  7. #7
    All wasve?confirm them again if hotspot gets the the following characteristics: (1) when a retail client enters an order on the FDM's platform, the FDM automatically (without human intervention and with no exclusion) enters into precisely the same transaction with a different counterparty, making an offsetting position in its own name; (2) the FDM confirms to the retail client the price at which the order was implemented, which is exactly the same price at which the FDM entered into the offsetting position; (3) the FDM does not profit from any consequent market movement because its offsetting transaction will result in precisely the same profit or loss as the retail customer's transaction; and (4) the FDM's sole manner of reimbursement is a commission charge on every trade.
    Or the following customer disclosure:THE FOREIGN CURRENCY TRADING YOU ARE ENTERING INTO IS NOT CONDUCTED ON AN EXCHANGE. [MEMBER] IS ACTING AS A COUNTERPARTY IN THESE TRANSACTIONS AND, THEREFORE, ACTS AS THE BUYER WHEN YOU SELL AND THE SELLER WHEN YOU BUY. THE PRICES [MEMBER] OFFERS MIGHT NOT BE THE BEST PRICES AVAILABLE.
    ALTHOUGH [MEMBER] IS THE COUNTERPARTY TO EACH OF YOUR TRADES, [MEMBER] LIMITS RISK TO ITSELF BY INSTANTANEOUSLY OFFSETTING THE TRADES AND POSITIONS IT ENTERS INTO WITH YOU WITH A BANK OR INSTITUTIONAL MARKET MAKER. Because of This, [MEMBER] DOES NOT PROFIT WHEN YOU Eliminate MONEY ON A TRADE. RATHER [MEMBER] EARNS COMMISSIONS ON EACH TRADE IT ENTERS INTO. THE AMOUNT OF COMMISSIONS CHARGED IS DISCLOSED ON PAGE [x] OF THE CUSTOMER AGREEMENT. http://www.nfa.futures.org/news/news...ArticleID=2104

  8. #8
    Quote Originally Posted by ;
    all was ve?confirm them if hotspot has the the following attributes: (1) when a retail customer enters an order on the FDM's platform, the FDM automatically (without human intervention and with no exclusion) enters into the exact same trade with another counterparty, making an offsetting position in its own name; (2) that the FDM confirms into the retail customer the price where the order has been implemented, that's the identical price where the FDM entered into the offsetting place; (3) that the FDM doesn't profit from any consequent market movement because its offsetting transaction will result in the exact same profit or loss since the retail customer's trade; and (4) that the FDM's sole manner of reimbursement is a commission charge on each trade.
    Or the Subsequent customer disclosure:THE FOREIGN CURRENCY TRADING You're ENTERING INTO IS NOT CONDUCTED ON AN EXCHANGE. [MEMBER] IS ACTING AS A COUNTERPARTY IN THESE TRANSACTIONS AND, THEREFORE, ACTS AS THE BUYER WHEN YOU SELL AND THE SELLER WHEN YOU BUY. THE PRICES [MEMBER] OFFERS MIGHT NOT BE THE BEST PRICES AVAILABLE.
    ALTHOUGH [MEMBER] IS THE COUNTERPARTY TO EACH OF YOUR TRADES, [MEMBER] LIMITS RISK TO ITSELF BY INSTANTANEOUSLY OFFSETTING THE TRADES AND POSITIONS IT ENTERS INTO WITH YOU WITH A BANK OR INSTITUTIONAL MARKET MAKER. AS A RESULT, [MEMBER] DOES NOT PROFIT WHEN YOU LOSE MONEY ON A TRADE. RATHER, [MEMBER] EARNS COMMISSIONS ON EACH TRADE IT ENTERS INTO WITH YOU. THE AMOUNT OF COMMISSIONS CHARGED IS DISCLOSED ON PAGE [x] OF THE CUSTOMER AGREEMENT. http://www.nfa.futures.org/news/news...ArticleID=2104
    Jeffery,

    Can you trade or do you simply make the exact same post over and over again. BTW you dont mind when the counterparty makes money by trading against a brokers client as long as the broker doesnt earn money trading against the client?

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