Once we’re settled on a particular way of trading and are profitable, we don’t want to mess with it too much.
That’s not the same with the preferred platform and brokerage. We need to review these from time to time to see if we still have the best setup.
We’ve given both—mainly ‘which broker is best for us’? —a lot of thought recently.
Each trader has their requirements depending on style and trade frequency.
As a discretionary day trader, my own needs include:
- Low spread (the difference between the bid and ask price).
- Speedy and reliable execution.
- An intuitive dealing platform.
Recently I wasn’t getting the first two points from our current broker. The market (the GameStop story) has caused some brokerage turmoil. However, getting trapped in a trade two days running was not calming. Nor was their excessive increase in the spread at any slight adverse change in volatility.
I want to say a thank you to Chris Lee (Pipmaven blog) for his recommendation of IC Markets.
IC Markets and Pepperstone fit our needs. I particularly liked their associated ctrader web platform.
Our analysis is via TradingView with the broker’s platform only needed for trade execution.
TradingView have various brokers that allow entries directly on the TradingView chart. Oanda, for example, who in the last few days were given on-chart trade access for UK residents via TradingView.
(Nick’s preferred option as it more suits his systematic approach).
For me, it’s IC Markets with their very low spreads. However, anyone following my path should look at Pepperstone and Oanda—as they provide UK regulated account protection.
IC Markets, Pepperstone’s and Oanda’s prices are direct to market—no broker’s dealing desk in the way. And the indication is that Pepperstone will link to TradingView shortly too.
Some traders (those with larger accounts) might like to have more than one brokerage, which is also useful if they employ different strategies and different timelines.
Personally, I aim to get as good as I can be at one clear strategy and with the same broker and platforms.