I have no preferences for any trading platform. But I choose to use Oanda (
www.oanda.com)
One of the main reason is because oanda offer it allow me to have a primary account and create a number of sub accounts.
In general, I use the primary account for, say buy GBP, and sub account 1 for sell GBP. If I need to take a long position in GBP, I will use the primary account. It does not matter if that position is close or profit is taken and in the event I need to short GBP, I will then switch to the sub account 1 and place a short in GBP. In such a case, I will have one long position and one short position in GBP.
I advocate that for one transaction, the margin use is only 20% of your capital. At the maximum, the number of open position is 3, that is using upto a maximum of 60% of your trading capitial. Also an important thing to note, I use only a 50:1 leverage.
The next important questions to ask is about take profit, stop loss and when to abandon your open position.
In my recent play, I only place take profit - in days of dispersion (base on David Kolachi term) and using 1 hour chart. I do not and seldom place stop loss, meaning I can take unlimited loss. That is why, I must spend at least 5 to 10 mins a day at least, looking at what happen to the market. In one worst day, the market can work against you by at most and seldom more than 200 pips. That is my worst loss, if I need to abandon my position. Therefore, unless I am away, I will not place stop loss. I will only abandon position, if and only if I know that GBP will not reverse back to that price.
50:1 leaverage is good (need about $4000~ to buy or sell a standard leg of GBP). In a worst case, say a 200 pips against you. The loss is only $2000. Using a 50:1 leverage, you still have money left and will not incur a margin call.
Using 60% of your capital is good, because it will allow you to hold your open position that is in the wrong direction. Assuming a reversal take place 1 month later and work against you by 500pips, and assuming you did not transac all at the same time, but space them up say 50 to 100 pips. The remaining 40% allow you to hold your position, assuming again such a reversal took place.
Don't bother too much about interest rates. GBP and USD, the interest rate difference is about 1%. That is if you buy USD and hold GBP, you lose about $2 per day for one standard leg. Assuming a reversal does take place after 1 month, the interest you pay is only 6 pips. And assume you can over that, you still make.
Lastly, control your greed and fear. The market always open tomorrow or next Monday. If you miss a trade, let it be so. If you close your position too early, let it be so. Remember, I rather not enter a bad trade but wait for the right trade. Don't lose your capital. This is not a gambling game and lastly, don't play based on your guts and your feeling.
