Dislikedyup, GBPJPY is 2.7pips in Oanda now, normally if i long a position, my account will be -3.5 atleast. Think of it IB is better than Oanda.Ignored
So what do you commonly trade starbucks?
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DislikedHi hendry thx for your reply, currently am with Oanda, but I noticed that our fund is not safe if what happened to MF global happen to Oanda.
The beauty of Interactibe Brokers (IB) I noticed was they are members of SIPC so our fund are safe.
But, IB's trading platform seem like very complicated and they even charge when we change our SL/TP ..... so I need some advice from those who is currently trade with them.Ignored
DislikedWhat is your startup capital btw. Because the higher it is the more you need a serious brokerage. IB would require you to start with $10000. But that is just for opening balance. Afterwards you can keep lower balances as low as 2500. But to take advantage of IB's low commissions you better trade 100k lots otherwise it would be expensive for smaller lot sizes.
btw, if you trade this many pairs intraday you must be gordon gekko's long lost son or somethingIgnored
Dislikedhi QuadrupleX, you are right . The only thing what trader can do is to minimize the risk. If broker's bank go under then too bad....
May I know who is your Spot Fx broker at the moment ?Ignored
DislikedOanda. Their disconnections drive me nuts, and to be honest I'm looking forward to trade with a more serious broker like IB.
The problem is that I don't trade full lots all the time so it can be expensive. I trade exclusively EU at Oanda and the spread is reasonable.Ignored
DislikedThe interactive brokers structure is much better than a futures account segregation. It is kept in an SIPC account( a US govt scheme). each account is insured upto $500000 cash. so in case of misappropriation of funds, not just the broker but Uncle Sam is to make you whole. Better odds.Ignored
DislikedOpen account with 10k then withdraw 7.5k What a good trick !!! IB wouldn't close your account ?
IB wbesite stated commission is 0.2 basic point, do you mind to explain how to calculate it, let said my contract is 100k.
FYI, those pair i mentioned, does means I trade all pair very day, I only do 1 or 2 trade per day.Ignored
DislikedOpen account with 10k then withdraw 7.5k What a good trick !!! IB wouldn't close your account ?
IB wbesite stated commission is 0.2 basic point, do you mind to explain how to calculate it, let said my contract is 100k.
FYI, those pair i mentioned, does means I trade all pair very day, I only do 1 or 2 trade per day.Ignored
DislikedTo open you need to deposit 10k. but in order for you to have trading facility 2500 must be minimum maintained at all times. Ib leverage for major pairs is 1:40 .
to your example, Fee is $20 per million dollars transacted. The current exchange rate for EURUSD is 1.2775 so 1 lot is $127750.
Divide 127750 by 1000000 = 0.12775
multiply 0.12775 with $20 = $2.55 .. this would be your commission for entering. ditto for exit.
If however you trade 50k then your commission WILL NOT BE
0.05x20 = 1
since the minimum commission per entry is still $2.5.
So...Ignored
DislikedTo open you need to deposit 10k. but in order for you to have trading facility 2500 must be minimum maintained at all times. Ib leverage for major pairs is 1:40 .
to your example, Fee is $20 per million dollars transacted. The current exchange rate for EURUSD is 1.2775 so 1 lot is $127750.
Divide 127750 by 1000000 = 0.12775
multiply 0.12775 with $20 = $2.55 .. this would be your commission for entering. ditto for exit.
If however you trade 50k then your commission WILL NOT BE
0.05x20 = 1
since the minimum commission per entry is still $2.5.
So...Ignored
Dislikeddakoo,
thank you so much for this informative calculation. I would like to ask, what you've described here is equal to $10USD per one pip of movement (i.e. one full lot) is that correct?
And also, because the leverage on EUR/USD is 1:40, that means the deposit required in this example of yours would be: 127750/40 = $3193.75USD?
Do you know the calculations on IDEAL PRO?Ignored
DislikedI trade with IB. There isn't a broker thats better for FX. Large pool of liquidity providers, tightest spreads, zero manipulation, fast data transmission, low fees and access to other markets as well. They have the FX trader feature in TWS platform which is extremely simple for fx trades. BTW you are mistaken, there is no charge for modifying orders like tp and sl.
If you trade a standard lot with them it would cost around 1.4 pips commisions and spread included. On paper more expensive than oanda but oanda plays spread and quoting games and...Ignored