How Are You Supposed to Daytrade This?

Quote from Corso482:

How can you daytrade FX off, say, a 1 minute chart with spreads so large?

At 20:1 leverage, a 2 pip spread on the EUR/USD is a .35% loss on every trade.

At OandA the EUR/USD bid/ask quote is 1.1548/50. The spread is 2 pips which is the lowest in the industry, I think.

A good sized move is about 8 pips. How can you profit with that kind of handicap???
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2 pips is a very good spread. You don't get that with other brokers.
 
Quote from North Pesos:

GeorgeSoros,
can you give me more information about GFT, because I have seen their website, their platform seem very interesting, but I have some additional question about it that I cannot find on their website as:

1) As the most FX firm they mention no trade cost, but does they have some hidden fee:
- as overnight interest or for rollover?
-ticket cost ?(As Ouanda that I think they charge 1$ for each trade)
- graphic or data fee?
2) Does they have mini Forex for beginner?
3) I have seen that you can fund your account with non U$ fund but can you do a withdraws in non U$ fund?
4) Any other comment about them from you or another ET member will be welcome :)
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Answers to your Q's:
1) Only the spread - and of course your losses ;-) No graphic/data feed costs
2) Nope - not as far as I know. Normally they recommend $3k as the minimum startup - with 1:100 leverage you could lose that money pretty quickly - I nearly did...
3) I live in SA they simply wire across money to my bank account which is in Rands.
5)So far I've been with them for 3 years and I'm still there - 'nough said.
 
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