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31Dec

Choosing a suitable broker for the EAs

Old Posts

There are several people who are taking up forex trading, but for all other people it’s too difficult to become familiar with forex business, so in this case we go to the Expert Advisors (EA), which trade automatically without the clients’ interference.
The following are some of the tips that can help you in choosing a broker for trading with the EA.
1. Regulation: The broker must be registered with a regulatory authority of the country in which they carry out their operations. Due to new NFA rules I don’t recommend trading with the EAs on US brokers as almost all of them will lose the account balance.
2. Reputation: The broker selected should be a reputed person or a firm with experience behind them and a good track record.
3. Quick execution of the trade orders: An experienced broker takes care to execute the buy or sell orders as soon as the option is clicked or. In this case the most suitable is the ECN brokers, but mostly you`ll need a start capital to open such account with the broker.
4. Pip difference: Difference in pip forms the major part of the earnings of a broker. Some even charge variable pip spread. However, it would be wise to keep the pip spread low or fixed for the EAs, but nowadays programmers are trying to put this parameter in the properties of the EA to make it stable, so I can recommend to visit at least customer support to get the information about this issue.
5. Choice of accounts: Brokers offer a variety of accounts like mini, micro, managed and standard accounts. For retail traders who can afford to invest small amount as capital, mini account will be suitable. For those who cannot manage their accounts, they can prefer managed accounts. Those who can invest huge capital can go for standard accounts.
6. Margins and Leverage: All the information pertaining to the calculations of leverage and margins must be obtained clearly from the broker, as sometimes there is no info on the website.
7. Rollover: The long term or swing dealers have to be careful regarding this because the brokers charge rollovers if the trading is not closed on the trading day and is extended to the subsequent day. This tip is especially good for long-trading experts.
8. Trading Platform: Good trading platform should enable both the experts and the novices to trade in the forex market. Metatrader4 trading platform is widely supported by the EAs, so ensure that broker provides such option for the customers.
9. Assistance: the brokers should provide assistance at any time during the trading time.

1 comment |

Comments so far.

  1. Posted by Cristian on Sunday 28th September

    Pertanyaan ini sudah berkali2 kami jawab Pak, dan sudah lama kasus ini.Ok, kami jkasaeln lagi.Itu bukan kecurangan FXDD Pak, itu karena FXDD systemnya dihack dan FXDD memblock si user tsb, tapi kurang ajarnya itu si user yang notabene si kelompok hacker tsb mengadu kepada NFA bahwa FXDD yg tidak benar, padahal jelas dia menggunakan software hacking seperti Variannya FX Genius Robot tersebut yang bisa meng-hack price feednya broker. Di semua broker kalau di hack seperti itu pasti tidak akan mau.Selain itu merembet ke tuduhan2 yang lain2 lagi seperti slippage, requote, dll.. padahal hal ini wajar kalau ordernya dilakukan di saat pasar sedang hectic atau ada berita. dan juga itu masih tuduhan saja atas komplain dari user tsb, dan belum keputusan final.Kami juga pernah menanyakan hal ini ke FXDD, dan mereka mengatakan sudah menjelaskan hal ini ke NFA bahwa itu akibat dihack dengan software variannya FX Genius tsb, dan kemudian NFA menyatakan masih menyelidikinya lagi, dan belum final. Hanya seputar pengaduan dari user itu tadi saja.Dengan adanya ini kita menjadi tahu bahwa lembaga regulator seperti NFA/CFTC ini benar2 transparan dan kredibel sekali.Kalau ada pengaduan pasti akan dipublikasikan, jadi transparan betul. Jelek ya diomong jelek, bagus ya diomong bagus, ada komplain ya dibeberkan ke publik. Nah kalau di regulator lain mana ada yang seperti ini. Justru ini hal yang positif dari broker yang teregulasi oleh NFA/CFTC tsb.Kami pribadi pun juga trade di FXDD sudah beberapa tahun dan nyatanya baik2 saja, tidak bermasalah.Selain itu, di semua broker CFTC kalau anda perhatikan pasti pernah kena komplain juga dari para usernya, karena tidak semua perusahaan bisa memuaskan setiap konsumennya, betul nggak Anda di bank BCA ataupun menggunakan suatu Kartu Kredit saja pasti pernah dongkol atau komplain kok ini begini begitu dan tidak sesuai padahal perusahaan tsb sebenarnya tidak salah.ok, semoga menjawab Interbank tsb juga bagus kok, mereka fiturnya juga Ok.

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