Forex trading 2019 TA/FA setups and discussion, page-369

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GenYtrader2000

255 Posts.

27/02/19

14:40

Post #: 37587916
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Originally posted by RickM: ↑

Spread doesn’t become a factor unless your’e trading for micro trades like I was a couple of weeks ago. That’s was for some tests I was running. On those trades which were between 3-6 pips, I could only trade a few pairs like EU / GU / EA / UJ. Yes, here I do need to use those NO spread brokers but as I was running some tests there was no point.
That is the main reason traders head over to Futures.

But on normal M1 trades, I am gunning for 10-30 pips or more and honestly, it’s not a major issue. I feel that pepperstone and IC Markets rates a good enough.
I am more worried about my broker instantly opening or closing my orders on the exact spot.
I also use FXCM but at times but they love to reject trades at the wrong time - very costly.
I think we should be more concerned about our level of skill in executing these trades correcting, 1 extra pip loss is not much at the end of the day. One of by favourite pairs is of course the Beast. Spread is about 2 pips at each end but on a good run with 3 trades, you can win 150 pips in that hour. Now take the lame duck USDJPY,. It has a very low spread cost but it just moves no where. It’s M1 swings are often only 8 pips compared to the Beasts 25 pip swings. Therefore the pair you trade has a bigger impact that the spread cost. I know perhaps 3 or 4 full time traders who trade mainly the 5 or 1 minute charts. They tell me they are only worry about their brokers execution speed.
Therefore I suggest you see if your broker is closing positions with accuracy.

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Many thanks Rick, that makes sense. Onto the M1 game for me
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Forex trading 2019 TA/FA setups and discussion, page-369

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Forex trading 2019 TA/FA setups and discussion, page-369

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