Day Trader’s Aftermarket Lounge 1 June 2020, page-61

I use ICMarkets and MT5, you open your account up with ICM, fund it, then download MT5 through their website login with your server details (they email these to you) and then you can set your leverage 500:1 is the maximum.

You can set up default chart setups too so once you set it up you can overlay any setups over any outs. the markets are 24/5.

You get charged a commission on opening your trades, a "swap" which represents the costs associated with the purchase you are trading and your position size. depending if you are short or long the swaps can be negative or positive. so holding a position can accrue profit (small) from the swaps. Monday, Tuesday, Thursday and Friday swaps are all the same. Wednesdays are x3 to compensate for sat and sun. Don't ask why it's Wednesday and not weekend. crazy.

1 lot size generally equals $100k position but it's different for indices, gold, oil etc that's just for currencies. If you are trading GBP or USD you have to compensate your lot size as you are trading in those currencies so I generally halve my sizes as the USD and GbP are so strong vs aud.

There can be large gaps over weekends too so always be careful with Monday opens. you could easily just trade market gaps and US vs Asia trade windows and make a living.

You can also setup algorithmic trading... that's a whole other story, I have a few running algos, they make me cash while I sleep... but it's a forever evolving space and something that works algo wise today may not in 3 months...