CFD Brokers

[Happy2be]

A couple of questions please, trading CFD's on ASX stocks

Which CFD broker / provider in Australia has the easiest to understand order types and best range of order types such that I don't have to be at the computer during the day as I also have a daytime job?

I have been trading just ASX stocks(not CFD's) with Interactive Brokers for a few years now and have been spoilt with their easy to use and understand order types and have always been able to set up my trades the night before.

I however wish to trade my tested system and want to use another CFD provider in Australia for the ASX stocks.

Any help on this would be enormously appreciated.

Thanks in advance.

 

[skc]

A couple of questions please, trading CFD's on ASX stocks

Which CFD broker / provider in Australia has the easiest to understand order types and best range of order types such that I don't have to be at the computer during the day as I also have a daytime job?

I have been trading just ASX stocks(not CFD's) with Interactive Brokers for a few years now and have been spoilt with their easy to use and understand order types and have always been able to set up my trades the night before.

I however wish to trade my tested system and want to use another CFD provider in Australia for the ASX stocks.

Any help on this would be enormously appreciated.

Thanks in advance.

As far as I know, no one is nearly as comprehensive as Interactive Brokers in terms of order types. Any CFD provider with WebIress will have basic limit/at market/stop/trailing orders... ask for a trail and see if they have what you need. I think FP Markets have WebIress but there may be others.

 

[Atlantx]

Some CFD brokers, like IG Markets, will have charts on their platform showing market prices but the prices on which you trade are their in-house prices. Hence you can have a technical analysis buy signal on your chart but you cannot trade on that precise price.

 

[Happy2be]

Thankyou for your answers so far.
I shall continue with my research and hopefully find out what works for my situation.

I am leaning toward FP markets and IG markets in that order, although that may change once I am proficient in using the platforms and I sort out the cost difference and way it up with ease of use etc etc.
I may however go with someone completely different if suitable.

I am also leaning towards the DMA platforms from the research I have done so far.

Again thanks so far,

I'd also like to point out to those that may follow in my footsteps that this(CFD's) will be another small part of my overall trading plan and that I do not have a sheep station riding on it.

 

[Atlantx]

Which CFD broker / provider in Australia has the easiest to understand order types and best range of order types such that I don't have to be at the computer during the day as I also have a daytime job?

WH Selfinvest have 12 types of stop loss and one of them is Time Stop.
By choosing a broker i would check a few things:
Spreads
Foreign exchange rates and frequency(means do they allow you trade all currencies and convert them once a month in your account currency or is a trade based conversion which must be considered in strategy).
Minimum funds - if less than 2000 they are not your friends. You cant trade even 1 contract on reasonable risk of DAX(DE30 for example with less than 5000 ) Assuming you have half of that as at-risk(or even more) and 1% risk. So funding an account with 500 only drives you automatically to very high risk levels.
Commissions.
REAL Data chart and not IG like.
and lots more but just few of them.

The mentioned broker above does not increase the spreads but instead charges you a flat amount for each trade and you got real tick-by-tick data.

 

[Valued]

IGMarkets seems good so far. I just opened an account with them in the last few mins! It took a few mins to open my CFD account and I am off and running. That's pretty cool imo. Beats waiting around for Commsec where you have to send your application in instead of just doing it online.

 

[Wysiwyg]

A warning about IC Markets. A Forex and CFD broker. They reveal client positions to the market. Exact stop positions and client positions held. I gave them a try for the tighter spreads but the commission on top of the 'varied' spread also add up significantly. They are now looking for a replacement sucker.

 

[Valued]

A warning about IC Markets. A Forex and CFD broker. They reveal client positions to the market. Exact stop positions and client positions held. I gave them a try for the tighter spreads but the commission on top of the 'varied' spread also add up significantly. They are now looking for a replacement sucker.

How do they reveal client positions to the market?