1) ALWAYS enter on a market order. Not only does it fill you instantly, but in order for a limit order to be executed, the market has to move DOWN to your price when you want to go LONG (and vise-a-versa). As for exiting, it depends on your business plan. If you want to grab a few pips per day, let it compound, and not have to be at your screen all day, use limit orders... if you like to "ride the wave" and have the potential to bag a lot of pips, use market orders.
2) My opinion: if you don't have much capital or want to "test the waters" with low leverage (2:1, 3:1, etc.) before going to high leverage (10:1, 20:1, etc.) use Oanda because they allow trades in units. If you have quite a bit of capital and start using high leverage, then go to EFX... or even InteractiveBrokers, as they're an ECN that gives you volume discounts. Though the spread + commision can sometimes be more expensive than Oanda, the fact that Oanda can suddenly switch to high spreads will cause a big loss quickly that will be hard to recover from because of the nature of scalping. Besides, if you can make money on Oanda before switching to an ECN, then you're certain to make money at an ECN.
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Thanks FXSurfer! I see what you mean now.
Incidentally, I just got pwn3d by the 6 minute rule. The attached screenshot is me on the EUR/JPY from about 10:33AM to 10:39AM EST. I still came out 0.7 pips in profit, but I definitely could have had quite a bit more if I had stayed in longer. Any comments welcome!
Update: The reason I entered the trade where I did is because it had breached previous support at 165.14. That support was created a few minutes earlier than my screenshot covers.
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Last week was horrible, I made all kind of mistakes.
But when I enter only on High Probability trades and keep my profit targhet small....pips are coming in automatic
...... hunt for small pips... it always pays...
My first post on this forum and this on such a big topic here. ..............
I have one question here now: Is there one liquidity meter that I can test for free?
In the post Nr. #2094 FXSurfer mentioned something like that he can see the liquidity through adjusting the Spread Meter on EFX trading platform (I suppose I am right here)
limit order with FILL OR KILL
( EFX Has the IOI same thing )
Thanks Syafi!
I've been wondering about this.
Thanks Syafi!
I've been wondering about this.
Thanks from me too Syafi.
I'm just learning the orders at EFX and it could of taken me forever to figure out that ioi is fill or kill.
I got poor fills using the rainbow with EFX demo but had an older slow computer. Just upgraded to a fast Dell and will see if the market entries and exits are better. Can't believe how much better browsing is!!!
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)
And since it is so much fun, lets scalp some more pips. (Exit on 6m rule or just cause the flame touched the H line or whatever
Thanks for posting slow market trades also, CYSM!
When you trade the folding in on price stalling, do
you keep a tighter stop on those guys than active
market run-away trades?
you ask too much, go scalp & exercise whats best.......
Hello Everybody. My todays trades
you ask too much, go scalp & exercise whats best.......
Usually people try to learn so much that they forget to actually practice! Of course it is normal to do this since you want to be prepared (and you are scared of failing).
You will be rich just going for your 1-2 high prob setups each day. Then you can chill and try to scalp aggressive.
Its still better to use a limit order with FILL OR KILL
( EFX Has the IOI same thing ) market order can kill you sometime...
Put limit order on the price you see on screen.
See the image below.
ECN is always a better place to start......
EFX is great for beginner as you can trade $0.01 or even $0.001 or even $0.0001 per pip .. look at the picture below
IOC does not work Syafi.
Attachment
