Do your research and read our online broker reviews first.
In our Pepperstone review we found incredible pricing efficiency when trading thanks to their ECN venues and banking systems. This pricing accuracy minimises slippage and ensures retail traders are not losing precious capital unnecessarily. Pepperstone is regulated in Australia which means all staff meet minimum training standards set by the regulator.
Below highlights the awards received in the past for customer support, educational resources and other areas. Pepperstone spreads are most competitive in the industry. Traders looking to scout out the best forex trading platforms should factor this into their calculations before making a final decision on which company to proceed with. Pepperstone is able to offer clients some of the tightest spreads available in the world due to their access to tier 1 liquidity from some of the largest banks in the world.
Pepperstone offers leveraged trading of It should be noted that internationally, any leveraged trading exceeding Pepperstone offers forex traders to choose the level of leverage that suits their level of risk appetite and experience. This occurs when they look for the best foreign exchange trading platform for their needs.
At Compare Forex Brokers we review the top forex brokers with the Australian trader in mind. After completing our Pepperstone review, we came to the conclusion that traders can trade currency with confidence with Pepperstone knowing they are stringently regulated and certified under strict Australian law.
There is also a webtrader which means you can trade on any computer without the need to download software which is great for those travelling interstate of overseas. Pepperstone has the most comprehensive range of payment methods with most offering instant funding options to start trading faster. The newest addition is Paypal which is one of the worlds most popular and secure payment platforms. Below shows the range of payment options for the forex online broker.
You may feel that the top forex trading platform is IG, EasyMarkets etc but this makes is more difficult down the track to switch currency brokers. As a rule of thumb, when deciding which forex trading is the best, you should consider the popularity of the platform as a long-term consideration. The EasyMarkets platform is recommended for beginner forex online traders based on the ability to:. The retail forex platform share accounts as well as templates making it easy to access either when trading.
The stars above came from ten criteria that all forex traders should consider when currency trading:. The most basic version available when currency trading are web based forex trading platforms.
These web based versions rarely have the functionality of the downloaded fx trading platforms and can have latency issues. Customisation options can also be limited. This enables all features and customisation to occur and for the fastest trading experience to be made possible. Ketika window Send Order muncul, anda bisa set ke Quantity 1 atau berapapun yang anda mau dan men-set kolom Desk menjadi Live trading trade dengan uang nyata atau Virtual Trading Simulasi.
Ketika anda meng-klik OK, order tersebut akan masuk ke market. Untuk melakukan pending order adalah dengan mengganti Price Type menjadi Limit atau Stop. Pasangan Mata Uang pair yang ditradingkan Price: Harga Open Order bila anda menggunakan Price Type Market maka kolom Price tidak dapat diganti karena anda order pada harga sekarang.
Jadi anda harus mengikuti harga market saat ini. Untuk order harga pada harga di atas atau di bawah harga saat ini gunakan Price Type: Limit atau Stop Duration: Adalah masa berlaku untuk pending order tidak berlaku untuk Market Order yang Price Type nya adalah Market. Duration tidak harus diset bila anda menggunakan pending order Duration Type dapat anda set default ke Good Till Cancelled , yang berarti pending order itu akan selalu aktif tanpa ada batas expired.
Sedangkan bila anda ingin menggunakan expired date untuk pending order, maka silahkan set Duration sesuai dengan tanggal yang anda inginkan, dengan sebelumnya set Duration Type ke Good Till Date. Adalah contract size atau lot yang anda gunakan. Satuannya adalah quantity yang berarti: Quantity adalah sama dengan 1 regular lot pada platform metatrader sama dengan 1 volume Quantity adalah sama dengan 1 mini lot pada platform metatrader sama dengan 0.
Adalah Harga Stop Loss yang anda inginkan maksimum titik harga rugi yang anda inginkan. Jarak Stop Loss adalah minimum 8 point dari Harga Open. Ingat Exit Stop Loss adalah dalam satuan harga bukan dalam Point! Stop Loss dapat dikosongkan dan diisi kemudian. Untuk menggunakan dana live untuk trade forex , gunakan desk live forex sedangkan untuk dana demo untuk trade forex gunakan desk virtual forex.
Untuk trade instrument fund, gunakan desk live fund untuk trade fund dengan uang real, sedangkan untuk demo gunakan virtual fund. Pilih Buy bila anda memprediksi harga akan naik. Dan pilih Sell bila anda memprediksi harga akan turun Price Type: Order pada harga yang berlaku saat ini Limit: Untuk Buy di bawah harga sekarang gunakan Price Type: Untuk Sell di atas harga sekarang gunakan Price Type: Untuk Buy di atas harga sekarang gunakan Price Type: Untuk Sell di bawah harga sekarang gunakan Price Type: Lose more, call it a day.
Cory, thank you for the excellent tutorial. Your writing style is perfect for my reading style. It is just so much easier to follow than any other tutorials I have read.
Thank you for sharing. I am curious about what charting service you use. Is it a separate service, or is it part of your trading platform? For forex I use MT4 as well. Both come with adequate charting. I also pay for TradingView. It is great backup data feed. For the most part, most platforms provide adequate charts. Ultimately, a bar chart gives me the same information, candlesticks just typically have more color and the thicker body between the open and close.
I do typically use candlesticks on longer time frame as I am scanning through the charts very quickly for swing trading. But when I am day trading I am usually just focused on one chart.
I am new to trading and I believe that your website has thus far made a huge difference in my understanding of day-trading.
I am transitioning from paper trading stocks to live trading. I also look at the daily volume and the volume currently being traded to try and decide if the number of shares Excel tells me to buy is appropriate, or too large for the stock.
I am only trading in the morning before It seems the market has noticeably flattened and has been in a downturn more recently, and this may be why I think there is something wrong with my stock-picking when it was previously successful.
I now see why you recommend a person get to know the markets ebbs and flows and how to trade all of it before going live. I had a hard time applying myself and truly staying on my toes day in and day out, 5 days a week when there was no real money at stake.
I plan to continue to take advantage of my free trades so long as I continue to break even or make gains. If I am still not comfortable in the 2 months that I have to use those trades, I may go back to demo mode for awhile. Two things that were and still are a huge curve for me since going live.
Do you set the stop and the target after the purchase or one 3-part conditional order buy, stop, and target? At what point do you decide the price has moved too far and you missed your entry point?
I think I miss some winning trades because I move on if I can no longer get the lowest price in the consolidation. Stop loss question; I have bought a few stocks at the the bottom of the support, at the best price in the consolidation price range, then set a stop on quote, only to have the price drop for a millisecond, literally as part of the candlestick wick, and the low for the wave and grab up my shares at my stop just as the price then breaks and steams steadily towards my target.
Also, skipping many more shares in the ladder, or is that just lag in my platform? If I set a stop limit would that be more likely not to participate in the weird price drop? Is it because I am such a small order of shares that mine get sold first? What forces are at hand to cause this freak drop?
I understand the casino metaphor and leveraging your capital to take more good opportunities. I was doing trades per morning. Now, I cannot focus on finding another setup once I have bought a stock. I am lucky to get 3 trades before 8: I should mention there are many less setups for my strategies lately, ebb and flow thing.
Your article about trading beyond the hard right, how many trades do you manage at once? Do you have any advise for taking multiple positions during this time? I usually place limit orders at the exact price I want to get into a trade.
It looks like it is going to start heading higher and I can see there are some shares to buy at I will place a limit order at Stop loss and target are programmed to go out at exactly the same moment my entry order is filled.
So if I really like the setup, I am ok with getting a tiny bit more aggressive. If the setup is valid, but not amazing, then I just leave my order where it is. By planning ahead, this decision should be made before the price even gets close to the entry area.
The stop loss acts as a market order. As soon as one print goes through at the price level you set your stop loss at, the platform will sell your shares at whatever price it can get it will sell to the BIDs. If your stop loss is triggered, you will see the shares on the BID drop by the number of shares you sold.
Keep your stop loss settings the same, just put the order a few cents below the low of the consolidation…for most stocks. If you trade very volatile stocks or very expensive stocks then you may need to put the stop loss 10 cents or more below the consolidation.
But for most stocks, about 5 cents below the consolidation should suffice. Look at past consolidations…. It is very common for the price to drop slightly below a consolidation and then surge the other way. So look at prior consolidations in the stock…how far does the price drop below the consolidation before moving the other way? Place your stop further than that average.
This just takes time. You need to master trading one position before you can master trading many. Also, you need to be careful of multiple positions that move in the same way. For example, most stocks move in a somewhat correlated fashion, so going long three different stocks with the exact same setup actually increases your risk 3x and your profit potential because you are likely to win or lose on all of them.
Once you are consistently profitable with that, you can consider adding another position if you see a setup. I was aware of correlating equities. I had just assumed it would be safe to take 2 trades of the same strategy if they were in different sectors, like pharmaceutical and oil. I see your point if the pattern is happening at the same time, they could be correlating. I agree with G that your writing language is extremely accessible.
Most of what I had developed was based off articles from Vantage Point, so I decided on reading the books as well.
Trading and the stock market has been a completely foreign and new thing to me. I now see why the position size should be calculated on your stop and not on your buying power. And now grasp why the stop should be set at the point where you are most likely wrong about the pattern you see.
I was originally thinking that I wanted the biggest position size possible so the price target could be as small as possible, which I thought would generate more wins, but I believe that this has caused me to get stopped out on more then one occasion -because my stiop was then also smaller- where I had guessed the pattern correctly.
Day trading is very counter-intuitive. I have always been a great test taker, and with very little studying. That is an F! Trading is unlike anything else that I have ever experienced. Again, I am so glad I came across this website. As someone new to day trading, but seasoned at my trade, I find this one and others of yours extremely informative and accessible.
Love the article, Cory. I printed it out for educational purposes. I may get myself a 2nd monitor and see how it works with the aux info on it.
Or would using a VIX volatility reading to determine when to switch between the two pairs be wisest? You can adapt strategies regardless of the volatility, so there is no real need to be switching back and for between Ultra and non-Ultra. And on the non-ultra, your stop loss and targets may be a bit smaller but your position size a bit bigger.
So it evens out. And as volatility expands or contracts, the same thing will happen in the pair you trade. Morning or late day are typically the best times. I mostly trade around the open, but I have lots of friends who only trade the last two hours, so is a good time as well.