Is taking profit at 10 pips considered scalping, by which I mean is it considered scalping with brokers, and so on not allowed by most brokers?
Take Profit in Pips/Dollars issue 7 replies
DislikedIs taking profit at 10 pips considered scalping, by which I mean is it considered scalping with brokers, and so on not allowed by most brokers?Ignored
DislikedYou'll have to read the contracts to determine what is (or might be) scalping. If the contract is not clear, ask them for clarification in writing.
Scalping is a time frame thing - not a pip thing.Ignored
Dislikedif no one has any answers or doens't know, you'll be fine with a 10 pip tp. good luck!Ignored
DislikedOr find a new broker because that one is full of idiots... If a broker cant define what they think scalping is or is not, that is a bad thing...Ignored
Dislikedyep. technically speaking, any trade less than 24 hours long is a scalp in forex. usually meant to be a trade that begins or ends within a trading session i.e. a trade taken after the US open and closed before the US close.
most legitimate brokers probably wont have a problem with ten pips. some will however so yeah, go with Pro's idea and look at the contract. if it isn't in the contract, try calling them up. if no one has any answers or doens't know, you'll be fine with a 10 pip tp. good luck!Ignored
DislikedNot to be too picky, but opening a position and closing it 20 hours later is not really considered scalping.
A scalping strategy tries to take only a few pips at a time in a very short time, i.e. 20m or less.
Making 3 or 4 trades in a day that last over an hour each would be considered day trading.
As you know, it typically goes:
Long Term Trading
In other words, scalping is a form of high frequency day trading. Day trading is simply lower frequency within the day.Ignored