Scalpers Go Here

There is a new system that is coming out. My broker told me they will have it in January. No dealing desk, you trade against the banks. Scalp all you want )

is oanda leting you scalp????

Just go and search the web - read about Guppy's MMA and Alan Hull's MMA... and have a month of screen time with the setup - and you will learn to spot the entry/exit points; and ranging and trending market... Are you testing this first time in a thin holiday market and expect to be an expert scalper... Work hard and you will get there... Read the other posts and pdf files before you post any questions...

Merry Christmas...

You weren't referring to the "O" broker where ya? Scalping to them is evil...hence the ridiculous spreading of 15-20 pips on most news announcements.

Daemien, I've kind of became a Pro in your #2, I have a over extended position move, which with a 25 - 30pip spread, will pretty much get me a bounce, IF I screw up and get a second depression I double my position, bringing the average down, next to no losers to be honest.

Brain, can't handle the risk implication of trading with the trend, quite yet, illogically, but I'm getting there and starting to be able to force more with trend positions ( Would help if some of these got lucky admitidly )

Solve this last problem, and millionaires ville awaits me, in about 5years time.

To use the 5 sec chart, only the Oanda platform offers it? Does it matter if the platform you are using has to be linux? I have a PC desktop with two monitor set up on windows xp running MT4 platform. Have a Sony laptop that needs to be wiped clean again due to junk clogging up the system resources. I am thinking of wiping it clean with Linspire and and install the Oanda platform on a demo account. Your thoughts(including linspire)?

Hi sinclap,
you dont have to run Linux to use Oanda's platform. Oanda runs on any pc/mac/etc that runs Java.

rgds

The reason I want to run linux on my laptop, is that XP is dog slow due to the crap clogging up my system. Also, only have a half a gig ram.

Besides my PC desktop, also have my fun computer, a iMac G5 which I could put in service for Oanda as well.

Thanks..

Hi Linuxtroll... thanks for the reply!!

I have been reading quite a bit on Guppy MMAs (I searched your name here a few days ago and checked a lot of the threads you were involved in... don't worry.. I'm not stalking you lol). Most of the stuff I have found on the net advises against using GMMA on short-term charts due to volatility. I have an understanding of the indicator and how to read it.. I'm just not sure what types of scalps I should be looking for (trending, breakout, crossover, etc...) Do you make moves on all of these??

Are you testing this first time in a thin holiday market and expect to be an expert scalper

Not at all lol. I just want to make sure I'm chasing the right movements and minimizing any 'bad habits' that may develop in spending time attempting to trade the wrong ones.

... Work hard and you will get there... Read the other posts and pdf files before you post any questions...

I've read everything I can get my hands on so far. Anything in particular you would recommend in regards to using GMMA for short-term (scalp) trading? I haven't found much if anything.


I realize that many people come here expecting to be hand-fed a working system.. I am not looking for this at all and have been and will continue to do my due diligence. I have been quietly lurking around these forums for some time testing out various theories and types of trading to see what fits me. Practice and time will (hopefully) make perfect - again, I just want to make sure I am practicing and spending my time in the right areas.

Thank you for your time and input!

and again, Merry Christmas!!

Daemien

Demo account yes so far. Are there issues scalping at Oanda that you are aware of??

Thanks,

Daemien

Hi Turveyd,

I assume you are talking about the whipsaw (breakout reversal) one? It's the main one that I have had success with as well. I still end up getting stuck in a longer term trend after expecting a reversal far too often for my liking. May be the time of year (just before christmas) or my trade timing (late afternoon & evening). I am looking through historical data to see if there are any patterrns in an attempt to find the best time to be doing this. Any ideas??

BTW, what pair(s) are you trading? I have found EURJPY to be the best due to small spread at Oanda. I want to try the other ones linuxtroll mentioned, but whenever I look the average range seems to be a bit low compared to the spread.

Take care and happy trading!

Daemien

Yes...big issues. I've heard people's accounts getting shut off because of scalping. Its almost like news trading is illegal

Hanz: That's what everyone in all the forums have asked me. Has ever
anyone on these forums ever told you not to trade the markets? Of course
not. Did anyone ever tell you that more traders have lost their homes,
their marriages, their friends, all their money....and even murdered because
in trading the market? Yeah....maybe a hint, here and there. I made mine
in commodities....A MILLION?...no...but enough to be finanically independ-
ent. Yes...it's nice to have it. But was it worth it? NO. You don't know
who I am...you haven't the slightest idea what I've done in my 83 years
on this earth, but if you did you might be really surprised. But I will tell
you this....MONEY is not the solution. In fact, once you get it...you'll
find it harder to live with yourself than before. Just what have you
really accomplished by trading? There is a difference between Bill Gates
and Warren Buffet. One took a product and developed it...and now
you and I are debating a question via this product....a product that
changed the whole world. The other guy...Buffet....lost about 2 million
dollars trading the currencies and lost. But it didn't faze him one bit.
But his trading had no affect on our lives. Why am I here on this forum?
I've asked the same question myself. Why in the hell should I try to help
you or anyone else? Even waste my time? I'll tell you why....because you
and everyone else haven't the slightest idea the ordeal you'll have to
contend with. Especially when you have only a couple hundred dollars
or even a couple thousand. Where you will make a mistake and get wiped
out completely. Where you see your wife take a product off the shelf...
then put it back because she is trying to save 4 cents....and you just
lost thousands. That's just a sample. Oh, sure....there'll be those out
there who will make a remark to the above example to justify their own
attempt. As if, by their ridicule, it will enhance their own justification and
as if that will make their own reason just that more real. But...it won't
change the odds. They will still lose...and pay more than just money.
O.K.......but you still want to try it. AND WHY NOT? "I hate my damn
job....putting up with my boss for eight hours a day. See no future in this
f------ job". And there is a chance in the forex market. Remember, I
mentioned the "stock and commodity" market. There is a huge difference
between commodities and the forex market. There is a hell of a difference
between the forex and the other markets. I disagree with Joe Ross and
his vibrations against the currency market, even though I carried his
message on a number of forums. I started to trade the same time as Joe
Ross back in the late 1950's. He knows more about trading than I'll ever
know...but I don't think he knows that much about the forex. All the
gurus out there are talking about trading with money. Something like
$10,000...$25000. Guys like Joe Ross have around 50 thousand to a
hundred thousand in their coffers. But you have only a couple hundred
dollars and you had to work your ass off to get that. You don't even have
a pea shooter and you're going to try fighting someone with a tank? O.K...
so you may have a heavy duty rifle, and you're out hunting in rhino
country. The rhinoceros comes charging at you....you left up this heavy
rifle and hit right smack in the middle of his forehead. And he is still coming
at you. Now....WHO IS IN TROUBLE? There is a way to do it in the forex.
You can get into the forex market by going with the micro account...but
first going via the demo. I explained it above. With the micro....you're
playing with a dime gain or loss. But at least you're not betting your
wife or kid on making a fortune. The rest????......you should know the
rest. If you don't...then leave and don't come back. It wouldn't hurt
to "pray to God". To pray for the money? No....pray to him to help you
beat this "greed"...this "fear"...within you when you start to trade. Pray
to him to find happiness.....not MONEY. Believe me....I'm telling you
something that someone who has been down that road. Your greatest
salvation is in God...no matter what your faith. I'm old....and I probably
don't have that long of a time left. But when they pronounce me dead...
I WANT A SECOND OPINION. The first one may have gotten his Medical
degree via a correspondance course.

The famous Warren Buffet has lost 2 millions in the forex market??, wow just... wow :surprised, I thought he was the best trader in the world. Seriously sir, how did you know all of this?.

is 10 pips over 30min called scaping .when I only place a trade when all my indicators are telling me to go..

No
scalping is EXTREAMLY short term.

Just wanted to butt in and say, he's not a trader. He's an investor, there's a distinct difference =\ And I heard he lost 900 million shorting the dollar.

Yeah its not 2 million, he is a multi-billionaire, 2 million loss is nothing but chump change, probably loses 2 million on jus simple market noise with the amount of money he was betting. It was almost a billion dollars, you probably right with that figure Jody.. but yea, him and a few other gurus were all betting on the collapse of the dollar. I believe even soros had a similar sentiment, along with that guy Rogers, cant recall his full name, Jim Rogers I believe, but then again a lot of people also categorized them as the gloom and doom anti-US fear mongers who are always short the US economy.
Yea, Warren is an investor not a trader, but thats because he has so much money, people with billions don't trade, they usually invest, whether in a country/currency or on a company for the long term. Alot of people were asking Warren Buffet why he was shorting the dollar, and he was saying that it was almost like a hedge for him, he doesn't want to see the dollar fall, but the US economic outlook was weak the way he saw it, and to guard against his investments losing value in the states he was shorting the dollar.

There is no time limit for scalping. To suggest your in and out in 20 mins or less is rubbish. You cant MAKE the market come to your tp you have to wait. If i scalp for 10 pips that might be filled in 5 seconds or 25 hours. Once you set that trade with a stop you leave it. I have no idea how fast it will be filled yet the gain will still be a few pips in my case between 3 to 25 pips. There is a time limit if your intraday! That would mean you must close your position in a loss when the end of day bell goes just becuse your target was not met and you never have overnight positions. Clearly in terms of probabilty of succesful trading, intraday reduces your chances of winning trades.

Generally, scalping can be used to describe high frequncy trading thats not swing trading. As swing trading last around 2 to 5 days per trade based on indicators then scalping is anything less then that but normally several times per day. There are of course extreme scalpers using ECN and automated systems that trade inside the spread for 1 pip called pipsating. But you can only do this on true ECN network and full lots and pay commision to get inside the spread and become a market maker. These systems make hundreds of trades a day and will win around 60%.

Thought this may help clear up the definition of scalping.

Scalping

A trading strategy that attempts to make many profits on small price changes. Traders who implement this strategy will place anywhere from 10 to a couple hundred trades in a single day in the belief that small moves in stock price are easier to catch than large ones.

Traders who implement this strategy are known as scalpers. The main goal is to buy (or sell) a number of shares at the bid (or ask) price and then quickly sell them a few cents higher (or lower) for a profit. Many small profits can easily compound into large gains if a strict exit strategy is used to prevent large losses.

Also see this article.
http://www.investopedia.com/articles/trading/05/scalping.asp