Thanks Petko.
You are a good teacher (so is Ilan) and you help me a lot as you always do – only sometimes I misunderstand you… Hey I’m human 🙂
What do you mean by: Keep the spread to 2 pips?
Sure Richard.
The only alternative would be offshore brokers. Contrary to popular belief, having an offshore account is not illegal and you need not to hide it from the tax authorities. I know I’ll probably be bashed saying this, but good offshore brokers that are regulated, just not under the well-known regulatory entities, could be just as secure because ESMA, CySec, FCA, etc. often mean nothing for many traders. The so-called highly regulated brokers can still get away with anything. The problem with offshore brokers is that there are many crooks who establish an offshore broker website just to suck traders’ money and vanish. We have to find offshore brokers that have been in business for quite some time and have good satisfied customers.
My own challenge with one good offshore broker is that my bank (a large and well-known bank) didn’t allow me to fund my account with that broker. That’s the same bank that was exposed in my country for having helped laundering billions to their customers in their offshore branch, go figure! My bank can harm me by terminating my loan any time they like if I don’t follow their rules. What a world we’re living in!