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Brokers and scalping my eur/usd

  • #1
  • First Post: Jun 19, 2008 12:49am Jun 19, 2008 12:49am
Hi again

What I want to know is, are there any brokers out there that allow you to scalp? Although I'm doing well scalping with Oanda at the moment on the demo account, I'm very skeptical for when I go live. Bad memories of trading with interbankfx.

Currently, I'trade in and out in a matter of seconds, very seldom staying in for longer than 20 seconds. I've found that the 5 sec charts work best for me. I'm looking to take between 1 and 5 pips each trade, and not lose more than 3 on any trade that goes bad.

Does ANYONE out there trade full time, scalping, and which brokers are the best for this?

Thank you in advance.
  • #2
  • Edited 1:33am Jun 19, 2008 1:28am | Edited 1:33am
Quoting dimitrius
Hi again

What I want to know is, are there any brokers out there that allow you to scalp? Although I'm doing well scalping with Oanda at the moment on the demo account, I'm very skeptical for when I go live. Bad memories of trading with interbankfx.

Currently, I'trade in and out in a matter of seconds, very seldom staying in for longer than 20 seconds. I've found that the 5 sec charts work best for me. I'm looking to take between 1 and 5 pips each trade, and not lose more than 3 on any trade that goes bad.

Does ANYONE out there trade full time, scalping, and which brokers are the best for this?

Thank you in advance.
Oanda is way better than IBFX (from personal experience with both and having visit IBFX's office in person); nevertheless, Oanda has been known to have issue with people being in trades for only a few seconds sighting that offenders use a faster feed to take advantage of the delay with Oanda's pricing. I would generally say that Oanda is a decent broker for scalping, but in your case I would say you might end up getting booted if you close your trade within a few seconds. If that is the case, I suggest that you do as I and many other exerienced traders have chosen to do and switch to an ECN. I hear Interactive Brokers are good, and MB Trading pretty good. I personally chose Hotspotfx and haven't looked back. I generally do not stay in a trade for only a matter of seconds, but sometimes that is the case for me and I haven't had any problem with Hotspotfx in those cases.
I hope that helps you and good luck!
  • #3
  • Jun 19, 2008 1:48am Jun 19, 2008 1:48am
Thanks for the advice Willis . I've been told hotspotfx is one of the best. It's crucial for my strategy that my trades are only a few seconds long.

Anyone else have any input?
  • #4
  • Jun 19, 2008 8:11am Jun 19, 2008 8:11am
Since last night Oanda have updated their platform to give a much faster feed. Before the Oanda chart would lag my IBFX demo chart by 0.5-1 seconds but now it moves before it. This should get rid of the taking advantage of the delayed feed issue.
  • #5
  • Jun 19, 2008 10:17am Jun 19, 2008 10:17am
most of the brokers you list will not like you scalping in that time frame and will make things very difficult for you.

You should really move to an ECN or currency futures since you are trading EURUSD.
  • #6
  • Jun 19, 2008 4:41pm Jun 19, 2008 4:41pm
I have a live account with Oanda and I scalp daily taking 1-5 pips and remaining in a trade less than 10 seconds. I have been doing this month after month without any problems from the broker.
Visit my journal here.
  • #7
  • Jun 19, 2008 4:59pm Jun 19, 2008 4:59pm
Quoting Rosscub
I have a live account with Oanda and I scalp daily taking 1-5 pips and remaining in a trade less than 10 seconds. I have been doing this month after month without any problems from the broker.
Hi,

Are you using Market orders? If not, what type of orders are you using?

Thanks,
lucidlamp
  • #8
  • Jun 19, 2008 7:41pm Jun 19, 2008 7:41pm
Quoting lucidlamp
Hi,

Are you using Market orders? If not, what type of orders are you using?

Thanks,
lucidlamp
I use limit orders for entry but most of my exits are market. Sometimes I exit on my profit limit if the market is moving quickly.
Visit my journal here.
  • #9
  • Jun 19, 2008 7:58pm Jun 19, 2008 7:58pm
Quoting Rosscub
I use limit orders for entry but most of my exits are market. Sometimes I exit on my profit limit if the market is moving quickly.
I can't seem to use limit orders successfully in 5 second charts, probably because I also use standard deviation as a key indicator, which my entry and exit is based on, and if that doesn't give me a signal, and my limit order is hit, then my trade is normally unsuccessful. I use only market orders for both entry and exit.

Rosscub, would you mind sharing what strategy you use for entry? I would like to use limit orders, but I find that I can't adapt it to my current scalping strategy.
  • #10
  • Jun 20, 2008 6:00am Jun 20, 2008 6:00am
Quoting dimitrius
I can't seem to use limit orders successfully in 5 second charts, probably because I also use standard deviation as a key indicator, which my entry and exit is based on, and if that doesn't give me a signal, and my limit order is hit, then my trade is normally unsuccessful. I use only market orders for both entry and exit.

Rosscub, would you mind sharing what strategy you use for entry? I would like to use limit orders, but I find that I can't adapt it to my current scalping strategy.
Hi Dimitrius,

I will give you the general concepts of my strategy without sharing the definite secrets :-)

I use the Daily and 1 Hour charts to determine key levels of support/resistance. Usually this is high/low pivots, but I also check to see if they also correspond to fib ret, pp, or round numbers. I then place my limit orders just beyond those points. I exit as soon as I see a profit. I only trade during high volume hours and I cancel my orders during news announcements. I re-enter my orders after the spreads return to normal. That's it in a nutshell.
Visit my journal here.
  • #11
  • Jun 21, 2008 7:34am Jun 21, 2008 7:34am
Quoting Rosscub
Hi Dimitrius,

I will give you the general concepts of my strategy without sharing the definite secrets :-)

I use the Daily and 1 Hour charts to determine key levels of support/resistance. Usually this is high/low pivots, but I also check to see if they also correspond to fib ret, pp, or round numbers. I then place my limit orders just beyond those points. I exit as soon as I see a profit. I only trade during high volume hours and I cancel my orders during news announcements. I re-enter my orders after the spreads return to normal. That's it in a nutshell.
Hmmmmmm, sounds interesting. I've seen a similar strategy with daily and hourly charts and corresponding fib s&r. The trader using it turned 10k into 90k in three months. I wouldn't have believed it if I hadn't seen his p/l statement. We both traded with the same broker, so I knew it was legit, as this guy had a reputation with the broker.

Somehow though, I think that there's more to this than you're letting on. Thanks for what you've given so far. Can I tempt you to share anymore? For the greater good of mankind of course.
  • #12
  • Jun 21, 2008 11:27am Jun 21, 2008 11:27am
Hi,

Which companies have 5 second charts? Do these same companies also allow micro lots.

Thanks.

Billser


Quoting dimitrius
I can't seem to use limit orders successfully in 5 second charts, probably because I also use standard deviation as a key indicator, which my entry and exit is based on, and if that doesn't give me a signal, and my limit order is hit, then my trade is normally unsuccessful. I use only market orders for both entry and exit.

Rosscub, would you mind sharing what strategy you use for entry? I would like to use limit orders, but I find that I can't adapt it to my current scalping strategy.
It's All About Attitude ...
  • #13
  • Jun 21, 2008 1:48pm Jun 21, 2008 1:48pm
Quoting dimitrius
Hmmmmmm, sounds interesting. I've seen a similar strategy with daily and hourly charts and corresponding fib s&r. The trader using it turned 10k into 90k in three months. I wouldn't have believed it if I hadn't seen his p/l statement. We both traded with the same broker, so I knew it was legit, as this guy had a reputation with the broker.

Somehow though, I think that there's more to this than you're letting on. Thanks for what you've given so far. Can I tempt you to share anymore? For the greater good of mankind of course.
Hi Dimitrius,

Actually, because of certain limitations to this style of trading (Oanda will only provide instant exectution of orders up to $200k leveraged 50:1), I have been working on a modified version for day trading. It uses the same basic principles, but it targets larger gains. When I'm done testing this new model and go live with it, I might consider disclosing my old method to FF, providing there is enough interest.

...and yes, there is more to it than that ;-)
Visit my journal here.
  • #14
  • Jun 21, 2008 4:51pm Jun 21, 2008 4:51pm
I'm scalping with OANDA in a Real account and I have no problems with them. But my scalping method is different. I try to get 4 or 5 pips and I normally stay 2 to 5 minutes in a trade. If you move a large amount of money and stay only a few seconds, I guess they will not like it because OANDA use a dealing desk and they need 1 to 1,5 minutes to cover the trade. You should better use an ECN broker.
  • #15
  • Jun 21, 2008 5:03pm Jun 21, 2008 5:03pm
Quoting blackhawk
I'm scalping with OANDA in a Real account and I have no problems with them. But my scalping method is different. I try to get 4 or 5 pips and I normally stay 2 to 5 minutes in a trade. If you move a large amount of money and stay only a few seconds, I guess they will not like it because OANDA use a dealing desk and they need 1 to 1,5 minutes to cover the trade. You should better use an ECN broker.
I am moving over my MT4 EA scalper to Oanda. Hoping That the fills are nice.
MB trading was a pain if you ask me..

Is anyone using the Oanda API ? Ive got stand alone windows apps (Robots) for 4 diff brokers, but now moving it all to Oanda.
  • #16
  • Jun 21, 2008 6:06pm Jun 21, 2008 6:06pm
Quoting Rosscub
Hi Dimitrius,

Actually, because of certain limitations to this style of trading (Oanda will only provide instant exectution of orders up to $200k leveraged 50:1), I have been working on a modified version for day trading. It uses the same basic principles, but it targets larger gains. When I'm done testing this new model and go live with it, I might consider disclosing my old method to FF, providing there is enough interest.

...and yes, there is more to it than that ;-)
Well I, for one, look forward to hearing more about your live trading and this method.
  • #17
  • Jun 21, 2008 6:08pm Jun 21, 2008 6:08pm
Quoting Billser
Hi,

Which companies have 5 second charts? Do these same companies also allow micro lots.

Thanks.

Billser
Oanda has 5 second charts.
  • #18
  • Jun 21, 2008 8:46pm Jun 21, 2008 8:46pm
Quoting Rosscub
Hi Dimitrius,

Actually, because of certain limitations to this style of trading (Oanda will only provide instant exectution of orders up to $200k leveraged 50:1), I have been working on a modified version for day trading. It uses the same basic principles, but it targets larger gains. When I'm done testing this new model and go live with it, I might consider disclosing my old method to FF, providing there is enough interest.

...and yes, there is more to it than that ;-)
Hi Rosscub,

Have you had that limitation confirmed by someone at Oanda? I was under the impression, that they offered instant execution upto 10M on eur/usd.

The only time Oanda does not like trading is when it is latency trading, eg news time. They don't have any probs if you are trading non-news time, and taking small pip profits on large volume trades. That is what I have understood from them.

Regards,
K.
  • #19
  • Jun 22, 2008 8:35am Jun 22, 2008 8:35am
Quoting kermut
Hi Rosscub,

Have you had that limitation confirmed by someone at Oanda? I was under the impression, that they offered instant execution upto 10M on eur/usd.

The only time Oanda does not like trading is when it is latency trading, eg news time. They don't have any probs if you are trading non-news time, and taking small pip profits on large volume trades. That is what I have understood from them.

Regards,
K.
Hi Kermet,

10 mil is 200k at 50:1 leverage (that's what I refered to in my post), and yes, this has been confirmed by Oanda.
Visit my journal here.
  • #20
  • Aug 16, 2009 1:57pm Aug 16, 2009 1:57pm
Quoting dimitrius
Hi again

What I want to know is, are there any brokers out there that allow you to scalp?
Alpari UK. Watch it live below.
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