I know of a couple brokers that allow standanrd accounts to be open with $2500 but the new margin requirements in the uS make $25000 more feasible to work with. Looks like your doing scalping. Does FIFO interfere with your method? Most US brokers do not allow hedging anymore, that is having a buy and a sell open on the same currency pair of equal lots. If that is the case you would need to go offshore. Dukascopy would be your best choice in that circumstance.
To try out live with pennys you could go with Oanda or IBfx. Both offer nanolots which will give you the feel of live trading. The fills are much different on live as opposed to demo. Oanda does not offer mt4 but they have a pretty nice platform for the basics.
The eur usd is kind of sluggish at night. It doesn't really get active til the london open. usually around 2 to 3 am EST you will see some good volatility. Although the Hong kong open at 10 PM can bring some surprises also. bUt if you are scalping it in asia then kudos to you.
Gold trade was stopped out overnight. Looks like their dumping gold. Wish the gas prices would come down with it.
The main difference is whether a broker is a dealing desk or STP or ECN.
Dealing desks or "bucket shops" Take your trade in and then take the opposite trade to provide liquisdity. They are the slowest in execution and usually have fixed spreads but can offer small open equity.
The STP is basically a allows you direct acces via the brokerage. There a slight delay in processing but since they do not take the other side your quotes go a little faster.
ECNs are direct lines to the banks. and are the best. A lot of STPs try to maks themselves as ECN but the only true ECN I know about is currenex. You get the fastest fills but At least with the case of currenex you cannot hedge. Several brokers offer currenex. You need 25k minimum to use TRUE currenex accounts. Some brokers will offer a lighter version that may or not have all the features of a True currenex accoun t but gives you the look and feel of one.Currenex shows level two pricing and will show you where positions are placed. Basically the more money you have to trade with the better execution you will get.
You wont always get a fill at your price due to liquidity. Even though 3 trillion dollars a day is traded in the currency market all three trillion is not in every single tick. which is why most traders trade during the london US over lap. because that is where most of the money is.
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