scalping/curency meter

does anyone have in experience with forex scalping and forex currency meters?

scalping is a good way to lose your money, in the end i don't think ANYBODY can be successful with scalping. If you lose 3 pips (+3 more for the spread) that's 6 pips. Just to break even after 1 3 pip loss, you'd need to get 9 pips, (-3 to the spread). do the math over the long term and you're going to have to win well over 75% of the time to make ANY money at all.

do you mean "short term swing trade?" if so, there are ways to ride the short-term trend.

There is many people who are Successul at Scalping and are makeing money from it, and yes it takes time to Master it but like any streatgy it takes time, within time you learn to spot out breaks. and the idea is that many scalpers have a way to balance the odds to there side. Just takes time to develop the right Streadgy for you. I suggest Demo account!!!!

What do you define as scalping? a couple minutes or so? To just grab a few pips here and there, it won't last. maybe if you're in trades for an hour or so, grabbing 20 here and 30 there, then you have better odds, but anything smaller and like picking pennies up off the ground, when theres dollar bills taped to the wall. if you are able to "know" the market and where it will go in a very short period of time, say under 5 minutes, where the market will be very dynamic, why not go longer term? easier to detect trend, patterns etc, and the longer the timeframe the more stable/reliable the trend or breakout is likely to be.

I've been there, thinking "hey, if i can grab 10 (7 after the spread) pips a day off two quick trades, ill be rich in no time!" but what about when you get a loss? two quick losses will set you back 15-20 pips after the spread. There goes a whole weeks work!

Scalpers dont trade with the same amount of lots every trade, they raise it and lower it one trade can be for 10k lots another for 50k lots and the next for 200k lots. If you look at the king of the mini results from FX capital, you will see Scalpers, and look how they shift there lots from trade to trade. based on what they feel is gona happen they risk the amount that they feel ok with. Sometimes can make 1400$ from a trade but only if the trend is right on there 2 pips lower..and they bail out. but it takes time and displine, wont do that over night and its diffrent with everyone some just might never have the physcology needed for this. but Scalping is a something that works for some be it 5 mins to 30 mins. the idea is to ride a trend if there is no trend then they will exit.

to each his own.

any body can tell us about sl in scalping & tell us one method of this subject?!

I think getting back to the original question of scalping and the currency meters, then I think you can do fine if you combine a simple system with the meter. I have used the meter on 5min, 10min and 30min charts with success. Some trades last a minute to 15 minutes depending how you play it out with almost no drawdown. And just because the word scalping gets thrown in doesn't mean to me you need to look to capture 5 pips or something like that, most of the scalps I took went for 20 to 80 pips in no time at all with maybe a 10 or 15 pip stop loss.

I think you still need to watch the meter and a chart in action to really get a good feel for them but it is kind of simple. It just takes lots of staring at a screen and learning when not to trade.

juicyt

If you want to scalp 2 - 3 pips every few minutes, it will almost certainly heavily involve price action and a tight spread. I couldn't add to the currency meter part of your question as I have no visibility of this.

I also like the term "short term swing trading".

I've just had a good week with "short term swing trading" on a 1m chart, with a good overview of the 1h and 4h chart. Understand and know your channels, S/R's and Fibs. The key for me was getting a "feeling" for the pair and price action, price action, price action (check out the J16 thread for a good PA overview).

Waka

In my opinion scalping envolves a great "empathy" with the currency you're trading the often spoken "6th sense", one can even scalp against the trend, increasing the number of trades.

Now, that said, the risk is usally greater but it still is positive, that involves very tight stop losses and that is why many traders wanting to start scalping get stopped out a LOT and eventually quit. This is where PA kicks in to determine the entry in the right moment, and exit the same way.

I've been a week trader for almost 3 years, and this year with the perception of high volatility I started looking how to trade lower time frames efectivly, I started looking for indicators/systems etc, but i've came to the conclusion that it's all about PA and knowing where those probable S&Rs are, any other way and you're always entering late. I personnaly use a flexible SL and sometimes none at all, specially if I go with the trend, i don't want to get caught by those "stop hunters"

There are a few good reads about this in the forum, take a look around

SS

Dabbled with a it a long time ago but not enough to give advice other than pointing you to Tom Yeomans blog http://tomyeomans.livejournal.com/ - He sells a currency meter and a scalping technique to use with it. Whether it's successful in reality, I don't know.