day trading CFD brokers

Hi All,

I am thinking of opening an account to day trade stock CFDs. As I am looking to trade gaps, so need a broker which is user friendly for day traders. For example fast execution, good charts, able to quickly screen gap ups and downs especially at the beginning of the trading day, filter trading volumes etc.

I am currently with IG Index, which from my experience is ok but could be improved. Also I have an IB account, however, looks like it would take a lot of time to set up the platform before starting to trade. Heard that Colmex Pro is a top broker for day traders, however there are concerns for this one as well.

Any recommendations, suggestions and thoughts are welcome.

Thanks a lot in advance.

 

Yeah, very long time to set the Platform with IB, like a few seconds. A few minute on your first try, you don't need to go through all the functionalities to day trade stocks ime.

 

be careful trading stocks through IG especially pre market. IB is the way forward imo.

 

I concur. IB is good for day trading CFDs. Their CFD prices mirror the underlying stock prices, margins are good, commissions are good, execution is good.

 

Agree, the all time session is not looking beautiful. BTW, do you day trade with IB?

 

Thanks, I guess you could also easily filter for gaps and trading volume as well?

 

Yes I do. I have accounts with other brokers as well.

 

Currently I could not even see live price of stocks on IB and also I guess it takes time to figure out how the charts, level2 data, orders work, Is the education section in IB the best place to go to learn? Thanks

 

I actually follow the underlying stock and just use the CFD for execution. Before my system hits the trigger it checks the underlying price against the CFD.

 

Indeed you first need to log into account management and select the market data you need.
It costs next to nothing to get most stockmarkets level 1 if trading under your personal name, but level 2 is a bit costlier (how much will depend on which markets you need)

I find placing orders quite easy with IB but usually do it through the rather basic order entry function, if you need to use fancier trading tools, you might first try on the papertrading account that you can open along your regular account. Making a mistake ordering from market depth or other level 2 instruments can be costly.

There are many studies and time frame as well as possible layouts possible with the charts, you definetely don't need to be familiar with all before trading, you can actually use this data from another paltform and still trade your IB account.

BTW you can also use the market data from another provider, but if you scalp you might not like the security warning that you are trading without live data from IB as it slows the process and pops up everytime you place an order without the proper data package.