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North Finance and Scalping

  • #1
  • First Post: Jan 14, 2008 12:08am Jan 14, 2008 12:08am
About to open a live account. I know North Finance doesn't allow scalping. Please give me your opinion on my standard trade.

Open Oil Trade. 1.0 Lot. Set Profit Target at 10 pips. Is this scalping? Sometimes the trade is closed in minutes, on average it takes 1 hour. At most I have 4-5 trades in between 10 pips each open. I do on average 10-12 of these a day. 50-60 per week. Most trades are closed by setting a profit target, but some are manually closed if I think my trade will go south.

Any opinion on brokers that allow U.S. traders to trade Oil, Gold, and Wheat? These are the 3 I demo trade.
  • #2
  • Jan 14, 2008 12:09am Jan 14, 2008 12:09am
Thank you in advance for your opinions!
  • #3
  • Jan 14, 2008 12:57am Jan 14, 2008 12:57am
i am trading OIL, Gold, Spot, Currencies, All Spot with STIFX.. and i dont have any problems.. sometimes i scalp, sometimes long term.. sometimes news.. so it all depends..
  • #4
  • Jan 14, 2008 2:33am Jan 14, 2008 2:33am
Does STIFX allow U.S. investors?
  • #5
  • Jan 14, 2008 2:39am Jan 14, 2008 2:39am
Yes.. its better to email them and check..
Though my friend from USA does has account with them.. so not a problem... But its better to email STIFX.. and check.. hope that helps..
  • #6
  • Jan 14, 2008 2:50am Jan 14, 2008 2:50am
Quoting Seaward22
About to open a live account. I know North Finance doesn't allow scalping. Please give me your opinion on my standard trade.

Open Oil Trade. 1.0 Lot. Set Profit Target at 10 pips. Is this scalping? Sometimes the trade is closed in minutes, on average it takes 1 hour. At most I have 4-5 trades in between 10 pips each open. I do on average 10-12 of these a day. 50-60 per week. Most trades are closed by setting a profit target, but some are manually closed if I think my trade will go south.

Any opinion on brokers that allow U.S. traders to trade Oil, Gold, and Wheat? These are the 3 I demo trade.
I do not know where you get your information about NorthFinance doesn't allow scalping.

They let you close any trades at 0 profit even at any time or how many times you want them.

Just that the TP must be 10pips and above. Either that or you can manually close them at any profit u want.

I been trading there for 2 years and so far no probelms.
  • #7
  • Jan 14, 2008 2:56am Jan 14, 2008 2:56am
Quoting uncleforex
I do not know where you get your information about NorthFinance doesn't allow scalping.

They let you close any trades at 0 profit even at any time or how many times you want them.

Just that the TP must be 10pips and above. Either that or you can manually close them at any profit u want.

I been trading there for 2 years and so far no probelms.

I spoke with one of their people on the live chat and they said they'd shut my trades down if they noticed scalping on a regular basis. I then gave them a few examples of my trades like the one I posted above and they said it was fine. Maybe there's a fine line in the definition of scalping. Thanks so much for the reply. I feel much better going with North Finance. Do you find any trouble with withdrawals?
  • #8
  • Jan 14, 2008 3:03am Jan 14, 2008 3:03am
oopz sorry you were asking the question to uncleforex..
  • #9
  • Jan 14, 2008 3:11am Jan 14, 2008 3:11am
Quoting jacobtrader
I withdraw regularly through STIFX.. And in 2-3 Days its in my Bank Account.. so i dont have any issues there with STIFX

I appreciate the feedback. I'm going to check out STIFX. Thank You!
  • #10
  • Jan 14, 2008 3:22am Jan 14, 2008 3:22am
Quoting Seaward22
I spoke with one of their people on the live chat and they said they'd shut my trades down if they noticed scalping on a regular basis. I then gave them a few examples of my trades like the one I posted above and they said it was fine. Maybe there's a fine line in the definition of scalping. Thanks so much for the reply. I feel much better going with North Finance. Do you find any trouble with withdrawals?
No problems with withdrawals. Fast and efficient.

Best about NF is the spread and the low spreads.
  • #11
  • Jan 14, 2008 4:38am Jan 14, 2008 4:38am
Quoting Seaward22
About to open a live account. I know North Finance doesn't allow scalping. Please give me your opinion on my standard trade.

Open Oil Trade. 1.0 Lot. Set Profit Target at 10 pips. Is this scalping? Sometimes the trade is closed in minutes, on average it takes 1 hour. At most I have 4-5 trades in between 10 pips each open. I do on average 10-12 of these a day. 50-60 per week. Most trades are closed by setting a profit target, but some are manually closed if I think my trade will go south.

Any opinion on brokers that allow U.S. traders to trade Oil, Gold, and Wheat? These are the 3 I demo trade.
Hi!
I have live acc. in North Finance and i think dont have any problem with scalping method. I know there's a different in price action between live account and demo.
In live acc. just watch carefully when the price open gap 1-2 pips (forex) it means there's position that covered by broker and it may cause ur TP doesnt hit. So, I prefer to close position manually.
I think may be all broker do that to protect (hedge) their fund.
  • #12
  • Jan 14, 2008 4:42am Jan 14, 2008 4:42am
Quoting jacobtrader
Yes.. its better to email them and check..
Though my friend from USA does has account with them.. so not a problem... But its better to email STIFX.. and check.. hope that helps..
isn't stifx an ib for o.d.l.
If I Go Broke Trying Then I Will die happy.
  • #13
  • Jan 14, 2008 1:08pm Jan 14, 2008 1:08pm
Well if they're an IB for ODL why not just go through ODL?
  • #14
  • Feb 11, 2008 11:40pm Feb 11, 2008 11:40pm
Quoting uncleforex
I do not know where you get your information about NorthFinance doesn't allow scalping.

They let you close any trades at 0 profit even at any time or how many times you want them.

Just that the TP must be 10pips and above. Either that or you can manually close them at any profit u want.

I been trading there for 2 years and so far no probelms.
I called their support and they said that they do not encourage scalping. Their definition of scalping is trades open less than 10 minutes.
  • #15
  • Feb 12, 2008 1:58pm Feb 12, 2008 1:58pm
Quoting Qwert
I called their support and they said that they do not encourage scalping. Their definition of scalping is trades open less than 10 minutes.

Can anyone confirm they have been making consistent trades under 10 min with NF? I usually go for 10 pips with many times this being achieved under 10 min. I'd say 50% is under 10 min. 50% over. I made 45 trades in one day under the demo with countless closed under 10 min. Would this not work with a live account?
  • #16
  • Last Post: Feb 26, 2008 2:54am Feb 26, 2008 2:54am
Which pair did u use?

Demo should reflect the live imo

Quoting Seaward22
Can anyone confirm they have been making consistent trades under 10 min with NF? I usually go for 10 pips with many times this being achieved under 10 min. I'd say 50% is under 10 min. 50% over. I made 45 trades in one day under the demo with countless closed under 10 min. Would this not work with a live account?
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