Yes FP Markets is the CFD provider I will be using! I've had experience with CMC and IG Markets (both are Market Makers) and I always felt uneasy, always had the feeling they hand their hand in my pocket. FP is a DMA (Direct Market Access) provider.
I'll be using contingent orders consisting of an Order to Open and associated with it a Protective Stop Order and a Profit Stop Order. Hence the trade will be determined the night before and the contingent orders specified prior to market open. Once that's done all I will do is sit back and wait to see what happens. I'll be practicing the set up of these types of orders in the next few weeks using an FP demo account. I'll be doing lots of trades in both directions and hoping to get a 60% to 70% win rate. FP have offered me a no minimum commission period as well so I'll be able to trade initially with small trade $ sizes at o.1% commission, i.e. say a $100 trade size with the commission being 10c. Ideal for learning how to best use the system and also have some real money in the game without being ripped of by greedy brokers! I'll only really be confident with shorting until after I have back tested and then forward tested my system. Still a lot of work to do yet!
