Is 30 trades in 6 to 8hrs considered to be scalping? | Forex Factory

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Is 30 trades in 6 to 8hrs considered to be scalping?

  • #1
  • First Post: Jul 9, 2008 5:36pm Jul 9, 2008 5:36pm
Hi

I was just wondering what sort of trader I am? I will typically collect 10-12pips as take profit each time. Also I sometimes collect 5-7pips as take profit. Very occasionally I will adjust the take profit amount to 20pips.

I make 30 trades per day on average.
  • #2
  • Jul 9, 2008 5:41pm Jul 9, 2008 5:41pm
Yes you are right, that is considered to be a scalper
  • #3
  • Jul 9, 2008 5:44pm Jul 9, 2008 5:44pm
Quoting Xenaga03
Yes you are right, that is considered to be a scalper
damn, I guess that means that slippage is going to bite me in the ass. (i want to use oanda)

hmm..

Thanks for letting me know.
  • #4
  • Jul 9, 2008 6:32pm Jul 9, 2008 6:32pm
It sounds like you are doing great .....why change something that isn't broken.........Congrats.....



Quoting altrader
damn, I guess that means that slippage is going to bite me in the ass. (i want to use oanda)

hmm..

Thanks for letting me know.
It's All About Attitude ...
  • #5
  • Jul 9, 2008 6:43pm Jul 9, 2008 6:43pm
Quoting altrader
Hi

I was just wondering what sort of trader I am? I will typically collect 10-12pips as take profit each time. Also I sometimes collect 5-7pips as take profit. Very occasionally I will adjust the take profit amount to 20pips.

I make 30 trades per day on average.
My guess is that you are a Direct descendant from Sitting Bull. (now there's a conundrum){Go for the blond }
  • #6
  • Jul 9, 2008 8:26pm Jul 9, 2008 8:26pm
Way too many definitions as to what a scalper is. I have been doing this for a long time and my belief is a scalper is one that jumps in and out of trades from seconds to a few minutes.

If you ever run into problems with your broker as far as scalping, then switch to FXDD where I have never had a problem scalping.

Congrats and welcome to the scalping team. Keep up the excellent work and wish you continued pips.
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
  • #7
  • Jul 9, 2008 9:07pm Jul 9, 2008 9:07pm
Quoting CTGUY
Way too many definitions as to what a scalper is. I have been doing this for a long time and my belief is a scalper is one that jumps in and out of trades from seconds to a few minutes.

If you ever run into problems with your broker as far as scalping, then switch to FXDD where I have never had a problem scalping.

Congrats and welcome to the scalping team. Keep up the excellent work and wish you continued pips.
Many thanks.

I plan to test my edge out for 3 months and then open up a $1000 account and then trade tiny amounts for a few months to see how I go. Then I will increase the number of units I buy and put in an additional $4k into my trading account and look to slowly grow it.

But yeah..I do trade usually from a few minutes per trade up two an hour or two but that is it. Although if I am very confident of a retrace I can wait longer.

Slippage is what I am worried about but what kind of slippage do people get typically when using a take profit level of say 10-12pips?
  • #8
  • Jul 9, 2008 9:18pm Jul 9, 2008 9:18pm
Quoting Bemac
My guess is that you are a Direct descendant from Sitting Bull. (now there's a conundrum){Go for the blond }
I was just curious but what do you mean by sitting bull?

I'm prepared to go long and short whenever possible. I don't just go long if that is what you mean by 'sitting bull'?
  • #9
  • Jul 9, 2008 9:21pm Jul 9, 2008 9:21pm
Quoting Billser
It sounds like you are doing great .....why change something that isn't broken.........Congrats.....
Yeah so far, so good but still need to do a lot of testing. I guess the why change comes from me reading a lot of horror stories about slippage. It might be a problem to my scalping strategy but I can't be sure until I open up a small account and trade live for awhile.

But hearing other peopls views and experiences of slippage when they take profit at 5-7pips and at say 11pips would give me big insight into whether I should tweak my system a bit or just go with it and accept the slippage as a part of my system and the results it can generate.
  • #10
  • Jul 10, 2008 1:08am Jul 10, 2008 1:08am
So what is your scalping method. Would you mind sharing..

Thanks

Quoting altrader
Yeah so far, so good but still need to do a lot of testing. I guess the why change comes from me reading a lot of horror stories about slippage. It might be a problem to my scalping strategy but I can't be sure until I open up a small account and trade live for awhile.

But hearing other peopls views and experiences of slippage when they take profit at 5-7pips and at say 11pips would give me big insight into whether I should tweak my system a bit or just go with it and accept the slippage as a part of my system and the results it can generate.
It's All About Attitude ...
  • #11
  • Jul 10, 2008 2:01am Jul 10, 2008 2:01am
Mmmm, just find a broker that doesn't have much slippage. I scalp sometimes, and I've never had that problem. I wouldn't worry about it just yet. I'd focus on perfecting your system, and then when your live if the broker does screw you just look for a good one.
  • #12
  • Jul 10, 2008 5:22am Jul 10, 2008 5:22am
Is 30 trades in 6 to 8hrs considered to be scalping?

Scalping? not necesarily

Over trading? .... yes.

But if it's working for you who am I to judge!

It's all about $ in the pocket but the more you trade the more you open yourself up to losing trades... in theory

so take what works for you and throw the rest away! Just make sure what your doing works over the long run.

what happens if you have one very bad day and 20 of those 30 trades lose due to irregular market conditions?

if you can survive this without too much damage then theres no concerns here, but otherwise it wold seem like you are gambling not trading.

Just rambling on but hey you asked for it right?

everyone has there own opinion this is just mine. YOURS is what matters.
Time hides Nothing
  • #13
  • Jul 10, 2008 7:21am Jul 10, 2008 7:21am
Quoting Billser
So what is your scalping method. Would you mind sharing..

Thanks
well i'm still working on it. I don't know if it will keep on working. It has worked the last few days I tried.

Anyway I base it on support resistance, fib retracement, and candlesticks. I know that sounds vague but honestly that is about all that I use. (oh and i often flick between all time frames) Well anyway I need to test it out on demo account for the next few months to see how it goes. The other issue with it is that I'm not sure how much slippage will hurt this method and so that's why I was asking about slippage in this thread.
  • #14
  • Jul 10, 2008 7:23am Jul 10, 2008 7:23am
Quoting CindyXXXX
Is 30 trades in 6 to 8hrs considered to be scalping?

Scalping? not necesarily

Over trading? .... yes.

But if it's working for you who am I to judge!

It's all about $ in the pocket but the more you trade the more you open yourself up to losing trades... in theory

so take what works for you and throw the rest away! Just make sure what your doing works over the long run.

what happens if you have one very bad day and 20 of those 30 trades lose due to irregular market conditions?

if you can survive this without too much damage then theres no concerns here, but otherwise it wold seem like you are gambling not trading.

Just rambling on but hey you asked for it right?

everyone has there own opinion this is just mine. YOURS is what matters.
Yeah you make some good points. I guess that's what testing is all about though. Need to try different things and see how they go. Anything is possible as you point out.
  • #15
  • Jul 10, 2008 7:24am Jul 10, 2008 7:24am
Quoting outofajam
Mmmm, just find a broker that doesn't have much slippage. I scalp sometimes, and I've never had that problem. I wouldn't worry about it just yet. I'd focus on perfecting your system, and then when your live if the broker does screw you just look for a good one.
I guess when it is all said and done, you are correct. I'll focus on the edge and money management first and then change brokers if I have to. Thanks for the response
  • #16
  • Jul 10, 2008 7:56am Jul 10, 2008 7:56am
Quoting CindyXXXX
Is 30 trades in 6 to 8hrs considered to be scalping?

Scalping? not necesarily

Over trading? .... yes.

But if it's working for you who am I to judge!

It's all about $ in the pocket but the more you trade the more you open yourself up to losing trades... in theory

so take what works for you and throw the rest away! Just make sure what your doing works over the long run.

what happens if you have one very bad day and 20 of those 30 trades lose due to irregular market conditions?

if you can survive this without too much damage then theres no concerns here, but otherwise it wold seem like you are gambling not trading.

Just rambling on but hey you asked for it right?

everyone has there own opinion this is just mine. YOURS is what matters.
Hmmm so which sounds better to you I will give you two scenario's:

Let's assume you have a $10k account with 100:1 leverage.

1) You trade the daily chart, you make 2 trades a day setting TP of say 100 pips and SL of say 50 pips with 2% of your account, the method you use has a 60% hitrate. (these are random numbers I picked but seeing a lot people use). Now you go to work or go do something else ,all day you are wondering if your TP or SL got hit, checking charts throughout the day to see where things are at etc. You get home to find out that either a)lost $100 or b) made $200. Let's say you do this for a week and actually hit a perfect 60% hit rate. You end the week up $600.

2) You trade a tick chart, second chart, min chart etc, you scalp. You make 5 trades in a 1 to 2 hour period, you have a hazard SL set at say 10 pips, you do NOT have a TP, you jump in and jump out and take what you can get, let's say you average 4 pips a trade and you jump out when the market turns on you and you are around -4 pips. Now since we all know the market must move 5 pips before it can move 50 and we have a defined method let's assume we have an 80% hit rate and because we are in and out in seconds to minutes we can utilize 80% of our account (oooh scary for most). So when you leave to go to work or do something else you have NO open positions you know what you made or lost for the day. Let's assume you hit your exact 80% hit rate this means you end the week with $1,600 or lets assume you only have a hit rate of 60%, same as example 1, this means you end the week up $1,200.

Which sounds more appealing to you? So many people are concerned with getting BIG pips when they need to be concerned with getting POSITIVE pips with BIG $ behind them. Too many people think scalping is a big no no and a losing game when in reality it is just as much a losing game as trading daily charts...it comes down to one thing...the trader. Some will say but you can blow your account faster scalping then trading dailies....if you blow your account scalping I have a suspicion that you would inevitably blow your account on dailies too. Just my .02
  • #17
  • Last Post: Jul 10, 2008 11:37am Jul 10, 2008 11:37am
Are you talking to me>>>?
Time hides Nothing
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