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Best broker for 4-7pips scalping

  • #21
  • Sep 4, 2019 9:56pm Sep 4, 2019 9:56pm
Quoting HairyHarley
{quote} Yes I guess things are a bit different over the Asia session - hat's off to anyone who scalps then!
Scalping the Asia session doesn’t really make sense, there isn’t enough liquidity to get decent spreads so why bother. Your broker will be happy I suppose.
Now trading the London session during the peak times, I get 0.02 or 0.01 spreads on EU / GU with IC Markets with instant execution. Sometimes 0 spreads during a large move.
Its about the only time we have a chance to beat the house.
Trading thin liquidity at the boundary of the charts
  • #22
  • Sep 5, 2019 4:41pm Sep 5, 2019 4:41pm
Quoting RickM
{quote} Scalping the Asia session doesn’t really make sense, there isn’t enough liquidity to get decent spreads so why bother. Your broker will be happy I suppose. Now trading the London session during the peak times, I get 0.02 or 0.01 spreads on EU / GU with IC Markets with instant execution. Sometimes 0 spreads during a large move. Its about the only time we have a chance to beat the house.
Hello RickM,

That is not true.
I trade the asia session automatically and successfully for over two year on different brokers.
You just need the right EA to do the job.
  • #23
  • Sep 5, 2019 5:23pm Sep 5, 2019 5:23pm
Quoting FxBenchmark
{quote} Hello RickM, That is not true. I trade the asia session automatically and successfully for over two year on different brokers. You just need the right EA to do the job.
Hi FXBenchmark

Great that you are doing well but I never said you can’t be very SUCCESSFUL. It’s just your spread fees are probably double or even triple ones offered to me during the early London session so I saying the cost to trade the Asia session is too high for me.
I am only talking about manual trading here, on EA’s I have several running all the time and that’s just the cost of trading Algo’s unfortunately.

Cheers
Trading thin liquidity at the boundary of the charts
  • #24
  • Sep 6, 2019 6:06pm Sep 6, 2019 6:06pm
Quoting RickM
I am only talking about manual trading here, on EA’s I have several running all the time and that’s just the cost of trading Algo’s unfortunately. Cheers
Hi, Does your EA make consistent profit every month? How much % profit it makes?
Do you know any EA that can make Like 20% profit each month?
  • #25
  • Sep 7, 2019 11:23am Sep 7, 2019 11:23am
Quoting dexterous
Hello guys I found a strategy for scalping 4-7 pips. I want to know if anyone has tried any true ecn broker out there. Pls tell us your experience

Tradersway is an ecn broker that allows scalping. They do process withdrawals even though they are not regulated
CVMForex OF All Time Return: na
  • #26
  • Sep 7, 2019 3:28pm Sep 7, 2019 3:28pm
Quoting Flight-87
{quote} Hi, Does your EA make consistent profit every month? How much % profit it makes? Do you know any EA that can make Like 20% profit each month?
Hi Flight

Yes, but many EA’s that make big profits on many months will also have big losses on other months.

You are looking at this the wrong way. All you need is to find a EA that makes around 10% profits per month without going into any major draw down then start to add additional EA’s to your portfolio that together increase your equity every month.

For example lets start with a base Bollinger Band reversal EA which easily produce 10% per month. To this I would add a break out EA to profit while the core EA is in draw down then add say another EA like a MA cross over which adds more profits.

Now you will have a PORTFOLIO of EA’s that returns 200- 300 percent a year. The hard work is building and testing model designs knowing your broker will provide you with false or inconsistent data material to base your testing results from. You just need to run your builds on Demo for many months before you can trust any EA will provide good results results.

Throw me an idea at I will build a model and show its results via the MT4 strategy tester. That is step one which may take a year to end up with a good EA.

Cheers
Trading thin liquidity at the boundary of the charts
  • #27
  • Sep 16, 2019 7:37am Sep 16, 2019 7:37am
Quoting dexterous
Hello guys I found a strategy for scalping 4-7 pips. I want to know if anyone has tried any true ecn broker out there. Pls tell us your experience
"True ecn"? What do you mean by this?
  • #28
  • Sep 16, 2019 8:40am Sep 16, 2019 8:40am
Quoting tcshaw91
{quote} "True ecn"? What do you mean by this?
An ECN broker is a forex financial expert that uses electronic communications networks (ECNs) to give clients direct access to other participants in currency markets. ... ECN brokers are non-dealing desk brokers, meaning that they do not pass on order flow to market makers.

Basically you can get spreads on pairs like EURUSD or GBPUSD for 0 pip spead to 0.2 pip spread.
Trading thin liquidity at the boundary of the charts
  • #29
  • Sep 16, 2019 5:52pm Sep 16, 2019 5:52pm
Quoting tcshaw91
{quote} "True ecn"? What do you mean by this?
A few brokers are now calling True ECN "raw spread" as you can see here.
  • #30
  • Sep 17, 2019 5:36pm Sep 17, 2019 5:36pm
The reason i asked is because a TRUE 'Electronic Communication Network' is a participant neutral hub that utilizes a matching engine to pair price taking traders with price making traders (not merely market makers but those traders who also passively make markets). MT4 brokers for example do not pass true ECN connectivity to their clients. If they did.. a MT4 trading customer could place a bid and that bid would be seen by the rest of the world to trade on. But that is not the case. A few MT4 brokers pass the bids/offers onto their own client base but not the market that the price feeds are connected to. Raw spreads are not necessarily ECN spreads, the spreads from the ECN's depend on the relationships the broker has established with LP's(Liquidity Providers) to permit their pricing to be fed to the broker - Such as Currenex being one of the largest ECN's in the world next to Reuters and EBS - Currenex is all relationship based. So two traders through two different brokers could see completely different prices. Raw prices yes are .1 - .2 on majors almost all day long so if your broker is offering you .5 - .6 he's either stealing from you or he doesn't have the relationship backing to give you good pricing and you should change your broker as any spread is an expense you should minimize just like commissions.

An ECN broker is one that promises you the connectivity to the market through execution on the ECN via STP (or quasi non dealing desk) but even with STP the trades can all be B Booked. There isn't an ECN broker that passes complete market neutrality, or trading independent of the market makers.. MT4 isn't built to permit it. So the best we can do is just find the best possible solution at the lowest cost and preserve your relationship with that broker. They are the key to your success.

Also keep in mind that any broker can offer you the raw spread that they obtain themselves but that may or may not be truly raw directly from the wholesale market. Even though you may be trading on raw spreads, your trades can and in most MT4 broker situations are being B Booked so spread doesn't matter, they are profiting off of your inability to be precise, they track you statistically and profit off you via B Book or if you are profitable they A Book you and push you to more volume.

Not to sound all "doomsday" about brokers, but i think it's important to understand whats really going on.
  • #31
  • Sep 18, 2019 6:35am Sep 18, 2019 6:35am
Thanks tcshaw91, that all makes sense now!

HairyHarley, you're correct about ICMarkets referring to themselves as a provider of a raw spread rather than a "True ECN broker", but that's only because they never were a "True ECN broker" to begin with and realised they should not be referring to themselves as such (and nor should any other MT4 retail broker). Raw spread simply means they're not marking up the spread that they get, which in ICMarkets' case is still actually pretty good because more often than not for EURUSD it's 0.0 or 0.1 pips!

But that doesn't mean they don't B-book you and trade against you and, their commission is still A$7 per lot round turn and even US$7 per lot round turn if your account is in USD - that's still a considerable cost to overcome if you want to scalp for a few pips at a time, don't you think?
  • #32
  • Edited 8:15am Sep 18, 2019 7:59am | Edited 8:15am
Quoting anthonyjj
Thanks tcshaw91, that all makes sense now! HairyHarley, you're correct about ICMarkets referring to themselves as a provider of a raw spread rather than a "True ECN broker", but that's only because they never were a "True ECN broker" to begin with and realised they should not be referring to themselves as such (and nor should any other MT4 retail broker). Raw spread simply means they're not marking up the spread that they get, which in ICMarkets' case is still actually pretty good because more often than not for EURUSD it's 0.0 or 0.1 pips! But...
This is just the cost to scalp the market.
At present over the past 3 hours, I have been scalping GBPUSD. So far I have taken 24 trades for a profit of just 68 pips (slow night).
The cost to trade my way would probably be 1/3 of my profits however I normally profit 100 pips every day without fail (provided I do a six hour shift).

Its just a bit boring but pays a wage. I use IC Markets.

The most important issue after spreads costs is execution spead, IC nails instant trades without fail.

edit- As I type I see a good buy on M1. I am buying the " NO Interlocking " candles that just produced both Micro Gaps & Hidden Gaps.
Can't lose on this small M1 Reversal trade.
Attached Image (click to enlarge)
Click to Enlarge Name: hidddddddddddd.png Size: 60 KB
Trading thin liquidity at the boundary of the charts
  • #33
  • Sep 18, 2019 8:39am Sep 18, 2019 8:39am
Quoting RickM
{quote} This is just the cost to scalp the market. At present over the past 3 hours, I have been scalping GBPUSD. So far I have taken 24 trades for a profit of just 68 pips (slow night). The cost to trade my way would probably be 1/3 of my profits however I normally profit 100 pips every day without fail (provided I do a six hour shift). Its just a bit boring but pays a wage. I use IC Markets. The most important issue after spreads costs is execution spead, IC nails instant trades without fail. edit- As I type I see a good buy on M1. I am buying...
My broker doesn't show the "No Interlocking"

Attached Image (click to enlarge)
Click to Enlarge Name: No Interlocking Candles.png Size: 38 KB


Nice trading Rick.
Empty your mind and let the market guide you
  • #34
  • Sep 18, 2019 9:42am Sep 18, 2019 9:42am
Quoting SunnyCoast
{quote} My broker doesn't show the "No Interlocking" {image} Nice trading Rick.
Hi Sunny

Very small wicks don't discard the "No Interlocking" setups in my eyes. This is only my opinion of course.
I am looking for 2 -3 wide ranging candles which start and end on top of each other with no or tiny wicks. These candles contain Hidden Gaps which reverse 85% of times.
Its the fatiguing of the market caused by the Algo moving price with such urgent speed to gather in more orders. The Mt4 platform shows this as a solid candle but the reality is its full with many many unseen micro gaps.
So as the market can't stay in a "inbalanced" condition, the Algo fills them with haste.

To be honest, becoming a Reversal Basket trader against these setups and you will rarely lose, just be aware of Grinds.
Trading thin liquidity at the boundary of the charts
  • #35
  • Sep 18, 2019 12:27pm Sep 18, 2019 12:27pm
Hi Rick
Any advice or ideas to help with grinding? Thanks.
  • #36
  • Sep 18, 2019 1:58pm Sep 18, 2019 1:58pm
Quoting RickM
{quote} This is just the cost to scalp the market. {image}
Brokers only pay, on average $.80 per lot, round turn. $7 isn't "just the cost to scalp", it's robbery!
  • #37
  • Edited 3:55pm Sep 18, 2019 3:45pm | Edited 3:55pm
Quoting roverandout
Hi Rick Any advice or ideas to help with grinding? Thanks.
if you mean a big price movement, then here's a picture from Joe Ross ... though in Russian, but it’s so clear too)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ?????? ?????? 2019-09-18 ? 23.41.04.png Size: 146 KB
Click to Enlarge Name: ?????? ?????? 2019-09-18 ? 23.54.26.png Size: 76 KB
  • #38
  • Sep 18, 2019 7:44pm Sep 18, 2019 7:44pm
Quoting roverandout
Hi Rick Any advice or ideas to help with grinding? Thanks.
I am going to be a pain in the arse by asking you to study the M1 chart everyday looking at the size and angles of all the spikes. You will work it out yourself after a period.
It took me about four months of studying charts to work out the Algo’s code. I used advice given to be from George Aus and was lucky enough to perform a few trading sessions with his group back in March.
The Algo theory is indeed correct, your’e never have a losing trading day again if you do the work.

The code will surprise you!
Trading thin liquidity at the boundary of the charts
  • #39
  • Sep 19, 2019 2:37am Sep 19, 2019 2:37am
Many thanks Rick.
  • #40
  • Sep 19, 2019 12:05pm Sep 19, 2019 12:05pm
Quoting RickM
{quote} Now you will have a PORTFOLIO of EA’s that returns 200- 300 percent a year.
Pls don't get me wrong and I am no offense to you but that's something even Goldman Sachs cannot do. Either Goldman Sachs should buy your system or hire you......
Simplicity is the ultimate sophistication - Leonardo da Vinci
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