Do you believe in forex?

[contra]

Quote from MushinSeeker:

Hi contra ,etc. I am trying to compare brokers -IB vs Oanda vs MBTrading.

As a newbie I would probably start small ( 5000 units of fx pairs). Oanda and MBT would be my first 2 choices with IB last due to their $2.5 min commish. Oanda does not charge comm and I think MBT is $2.5 per 100k so MBT is about 30 cents with possibility of getting paid if you sit on bid/offer and get hit. I would appreciate it if anyone here can tell me why IB with their min comm would be a better choice that the 1st two. Thanks in advance.

MushinSeeker, I think it depends on a few things. The choice should be made on what your needs/wants in a broker are for your specific trading, IMO.

If you want/need to start small in FX trading, Oanda has an advantage of allowing you to use any trade size you want, no minimum trade size. They don't charge commissions but it is in the spread, that is how I see it.

IB's advantage has nothing to do with spread/comm to me.

I don't think your end decision should really be made on who has the tightest spread/comm between your FX brokers, it seems like a big marketing ploy. If this is what your looking for, I can only assume you are attempting to scalp FX which I would say... go to the casino... more fun.

 

[mushinseeker]

good point contra. I don't really intend to scalp forex (too many household distractions for that). I am aiming for trades in the 1-20 hour timeframe, scale in and out of trades maybe 4 layers into final position so possibly 5k units x4= 20k units. Don't know if I can continually sustain the 24 hour trading hours hence end game is to have some form of semi to fully auto trade thru API. Have traded Es before while back so I guess IB's 25k unit minimum is not deal breaker but layering in 5k would be really nice as i learn fx nuances.

Thanks.