Hey guys,
I've been trading with interbankfx for a long while but I stopped trading the spot market for a period because I went to work at a prop shop trading futures. I've been thinking about trading my own money again because, well its a long story. I've been scalping the yen daily because my bread and butter trade at the prop shop requires me to monitor the yen daily. Been getting very good profits, average of 10-20 ticks a day.
Also, I think TRT's FirstStrike system holds a lot of merit and I've been tweaking around it and found that it actually works very well. So basically, I want to start scalping yen and other currencies, and do a mechanical strategy like TRT's First Strike.
I've been looking at 2 brokers, EFX and Oanda. The pros of EFX is that it'll be good for my scalping, because I made my profits scalping futures which normally has a 1 tick spread, and I don't usually pay the spread because I'm able to be a marketmaker. With EFX, the spreads are tight and nice, and I'd be able to save a lot of commissions because of that. The only problem is that EFX does not allow long/short orders. That is, I can't do my mechanical strategy and scalp at the same time.
With OANDA, the spreads arent that bad, but the leverage is only 1:50. I know, high leverage isn't good but I've been trading for a long time now and I know how to handle it. A second reason why I want a higher leverage is that, I want to prove that you can grow your account with a minimal sum. I intend to place only 500 USD. I take this as a personal challenge because frankly, ever since I started working prop, I've lost my goals for trading. You might wonder why, since I'm still trading at the prop shop, I've lost it. The truth is, I'm 19, and according to regulations here, I'm not able to get my split of profits that I make. So i get a fixed salary, irregardless of how well I do. That changes everything eh? I've learnt a lot trading there, but I can't help but think, I've been making money scalping there, why can't I just mirror the trades? So there. Thats the main reason why.
I've been trading with interbankfx for a long while but I stopped trading the spot market for a period because I went to work at a prop shop trading futures. I've been thinking about trading my own money again because, well its a long story. I've been scalping the yen daily because my bread and butter trade at the prop shop requires me to monitor the yen daily. Been getting very good profits, average of 10-20 ticks a day.
Also, I think TRT's FirstStrike system holds a lot of merit and I've been tweaking around it and found that it actually works very well. So basically, I want to start scalping yen and other currencies, and do a mechanical strategy like TRT's First Strike.
I've been looking at 2 brokers, EFX and Oanda. The pros of EFX is that it'll be good for my scalping, because I made my profits scalping futures which normally has a 1 tick spread, and I don't usually pay the spread because I'm able to be a marketmaker. With EFX, the spreads are tight and nice, and I'd be able to save a lot of commissions because of that. The only problem is that EFX does not allow long/short orders. That is, I can't do my mechanical strategy and scalp at the same time.
With OANDA, the spreads arent that bad, but the leverage is only 1:50. I know, high leverage isn't good but I've been trading for a long time now and I know how to handle it. A second reason why I want a higher leverage is that, I want to prove that you can grow your account with a minimal sum. I intend to place only 500 USD. I take this as a personal challenge because frankly, ever since I started working prop, I've lost my goals for trading. You might wonder why, since I'm still trading at the prop shop, I've lost it. The truth is, I'm 19, and according to regulations here, I'm not able to get my split of profits that I make. So i get a fixed salary, irregardless of how well I do. That changes everything eh? I've learnt a lot trading there, but I can't help but think, I've been making money scalping there, why can't I just mirror the trades? So there. Thats the main reason why.