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Scalper challenge

  • #61
  • Feb 9, 2011 3:34pm Feb 9, 2011 3:34pm
Quoting Ipndasno
I use both Dukascopy Jforex and STFX Mt4 for scalping-short term trading on LIVE accounts.

Long run - currently 8 Months full time. It's not that long, but it is long enough to display consistency and that scalping can be done

I don't see any problem scalping for years to come.
- Limited market exposure
- Price action only- no indicators
- earn money through Rebates =)


Scalping just has a Bad reputation

Well done. I suspect you're very skillful but I can guarantee you'd do better using a non-MT4 interface. If you trade using limits then get an account where you can trade through a DOM.
He was looking for the card so high and wild hed never need to deal another
  • #62
  • Feb 9, 2011 3:38pm Feb 9, 2011 3:38pm
Quoting dr_who
If you take market prices anywhere you're getting raped.
Since MBT started 'pay for limits' I haven't paid any commission and have ended each day with a credit rather than a debit.
well you may have a point there, but MB is one of the worst I have seen, not THE worst, but really bad. I looked up this 'paid for limits' just now... get paid to add liquidity.... nice one MB... still smells like crap to me.

I'm glad to hear you are ending the day positive, best of luck to you.
  • #63
  • Feb 9, 2011 4:45pm Feb 9, 2011 4:45pm
Quoting Ipndasno
lol
http://www.alpari.co.uk/en/trading_a...son_table.html

trading conditions are not good unless you are using their PRO account 20k.
difference is the instant=requotes vs. NDD = no dealing desk. Read their site.
...

...sweet soaring dreams,..., get alive man!
  • #64
  • Feb 10, 2011 12:19am Feb 10, 2011 12:19am
i hear from people that mb is great
3$ commission,with 3/10 of a pip avg,thats about $5 per 100k lot,
other brokers would charge 15-30 bucks for that

i heard several people that trade with them are very happy

about scalping being shit
its really not what u do its how u do it
  • #65
  • Feb 10, 2011 12:40am Feb 10, 2011 12:40am
Quoting dragan53
i hear from people that mb is great
3$ commission,with 3/10 of a pip avg,thats about $5 per 100k lot,
other brokers would charge 15-30 bucks for that

i heard several people that trade with them are very happy

about scalping being shit
its really not what u do its how u do it
dragan53, 3$ per side is up there with the worst man... that's terrible. If anyone tells you that is good, they have no idea what they're talking about because if they did, they would know that they could be "scalping" with true pricing on better platforms with much better commission rates. If they were actually profitable, I'm sure they would come to know this in due time.

I was saying scalping is a shit strategy, unless you have tight pricing and commissions on an institutional platform. I'm not here to put scalping down... just trying to help. Have fun with the competition.

Take care.
  • #66
  • Feb 10, 2011 1:00am Feb 10, 2011 1:00am
thanks monroe

the competition seems dead,as no one wants to compete,and i dont want to trade with alpari

for now ill just stick to vantagefx,tight spreads,
around 1.5
its alright,not the best,but cant find better,
  • #67
  • Feb 10, 2011 1:12am Feb 10, 2011 1:12am
Quoting dr_who
I haven't read the whole thread but do you understand what you're up against trying to 'scalp' ?
Do you understand the edge the spread gives your broker when applied to scalping ?
To scalp you really shouldn't place market orders or you'll be up against at least a 30% edge and I doubt you'll be able to overcome that.
I doubt there's a scalper alive that can win in the longrun using a live MT4 account. The operative word being 'longrun' (and 'live' of course).

I wish you the best but my best advice would be to ditch MT4 if you really want to...
Ive heard that a hundred times before. Luckily i dont rely on such sentiments, but instead i trust my account.
My signature is: "Classified".
  • #68
  • Feb 10, 2011 1:19am Feb 10, 2011 1:19am
if you don't have enough for a tier 2 prime broker, I would suggest you look for something with maximum EU<=1 pip and GU <=2 pips including commissions per side, don't scalp on MT4, go for the institutional platforms. Brokers can be negotiated, don't just take what they offer, tell them what you need and your normal volume, talk to them on the phone. Shops like FXDD offer CNX viking with better commissions.

maybe try oanda for now and just avoid news at initial releases.
  • #69
  • Feb 10, 2011 1:31am Feb 10, 2011 1:31am
Hey cube, what sort of take profit are you planning for these, is it the one you have set on them since opening and would you ever close them at a loss or would you let them empty your account if worse comes to worst?
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  • #70
  • Feb 10, 2011 2:05am Feb 10, 2011 2:05am
thanks monroe
ill think about it then
one problem is that im gonna deposit only 100 dollars
for fxdd u need more than 2k
darn,do u know anyone except oanda thats willing to open accounts on the stuff ur talking about like viking fxdd,?for only 100
  • #71
  • Feb 10, 2011 2:17am Feb 10, 2011 2:17am
Quoting dragan53
thanks monroe
ill think about it then
one problem is that im gonna deposit only 100 dollars
for fxdd u need more than 2k
darn,do u know anyone except oanda thats willing to open accounts on the stuff ur talking about like viking fxdd,?for only 100
with $100 USD?? well your best bet is oanda in that case, especially since they have the variable unit size... this way you can practice what you're doing.

It's viking currenex, basically a MM model version of CNX. brokers like PFG and Alpari were using the same thing I believe for their "institutional" accounts. Harder to find half decent commission rates, FXDD wasn't that bad with some negotiation from what I've heard, I never traded with them though.

Real institutional platforms with tier 2 brokers have minimum trade size requirements and you'll need 20-50k deposit.
  • #72
  • Feb 10, 2011 2:34am Feb 10, 2011 2:34am
that sounds far away from me
ill see,soemtime oanda disconnects from their servers,i fear of this

i just stuffed myaccount,wihn the usdjpyloss of 100 pips in 3 addon trades
lesson learned the expected reaction happened but just wheb i didnt put a tp and was in ny,
stuffed eurousd too broke evry rule in my book,went against the majority,went against the london breakout


lessons learned
more trading less ff


so monroe do u trade with currenex?
  • #73
  • Feb 10, 2011 3:02am Feb 10, 2011 3:02am
Quoting dragan53
that sounds far away from me
ill see,soemtime oanda disconnects from their servers,i fear of this

i just stuffed myaccount,wihn the usdjpyloss of 100 pips in 3 addon trades
lesson learned the expected reaction happened but just wheb i didnt put a tp and was in ny,
stuffed eurousd too broke evry rule in my book,went against the majority,went against the london breakout


lessons learned
more trading less ff


so monroe do u trade with currenex?
No I use Oanda... I don't scalp, don't need the fancy stuff.

Sorry to hear about the losses... perhaps you jumped in too early on these trades, but you might have the right idea.
  • #74
  • Feb 10, 2011 3:12am Feb 10, 2011 3:12am
thats alright monroe
all i can do now,is not repeat it again

good luck with oanda
  • #75
  • Edited 5:19am Feb 10, 2011 4:56am | Edited 5:19am
Quoting Forexcube
Some scalping ideas

(...but here they talk also with higher time frames M5/M15 and named it "scalping").

I appreciate Scalping as a form of 10 sec., 30 sec., M1,...

Much of that i would consider very dubious "methods", perhaps rather i would say non methods of arbitrarily giving fiat money away. There might be some golden nuggets in that, but i didnt seem to find any. For instance a fella, writing about a M5 scalp system suggests doubling up when in loss and not using any SL, thats pretty much the definition of "dubious" to me, given that he is using the signal he says he is, and given that he is not operating on a account of near limitless funds, in which case there is not point in trading to begin with.

That would mean this person operates on the more or less empirically based assumption that this person will never loose. Given that the person is right, the person should have either amassed near limitless funds in a short time, or would have emptied the account. I might reserve my judgement on which one is the case, but i think people can probably make up their own minds which seems more probable.

So all in all those things they write about in these links might be considered ideas, but in that i case i would consider them bad ideas, given that they are put into practice as they are explained. I also read and had a look at a M5 MA 10, buy/sell method after 3 candles that was even more dubious, empirical evidence refuted it very quickly. Given that these "methods" are not put into practice as they are explained, but rather in another fashion more "advanced" or given that i misunderstand in what way they are good ideas, they may still in some fashion be good ideas.
My signature is: "Classified".
  • #76
  • Edited 10:02am Feb 10, 2011 9:42am | Edited 10:02am
Quoting yaed
Hey cube, what sort of take profit are you planning for these, is it the one you have set on them since opening and would you ever close them at a loss or would you let them empty your account if worse comes to worst?

Hi buddy

If you make the Multiple Time Frame Analyse (with Daily, Weekly & Monthly Charts) there isn't any need to sell these trades in the loss-zone. These trades will sooner or later all run in a (big) win.

The discussion of my kind of "Deficit Management" (Money- & Risk- Management) can be followed at:
http://fxbookies.com/viewtopic.php?f...50c1&start=100
...beginning at Tuesday Feb 08, 2011.

Tuner was the only trader so far who have ask the right question. (Now you're the next interrogator. Congratulation clever man!) See there, please. It's not the aspect that these trades are running in a big loss, it's more the analyse and the deficit management how I trade my concept in my way with my personality and experience and without any Stop Loss most of the time.

Best regards
FXcube
  • #77
  • Feb 10, 2011 9:53am Feb 10, 2011 9:53am
Quoting yaed
Much of that i would consider very dubious "methods", perhaps rather i would say non methods of arbitrarily giving fiat money away. There might be some golden nuggets in that, but i didnt seem to find any. For instance a fella, writing about a M5 scalp system suggests doubling up when in loss and not using any SL, thats pretty much the definition of "dubious" to me, given that he is using the signal he says he is, and given that he is not operating on a account of near limitless funds, in which case there is not point in trading to begin with....
Hi yaed

You have only put some aspects of these different trading systems together by constructing your own system. I bet with you I can make out of all of them (ad libitum 1) and 3 excellent scalping strategies with empirical evidence when I would try to construct my "own brand". May be it needs one year with empirical evidence. Sure! It's a great educational web page! It's like cooking an excellent dinner! So much ingredients! Terrific!

Kindest regards
FXcube
  • #78
  • Edited 10:29am Feb 10, 2011 10:18am | Edited 10:29am
Trading Example
EURUSD, M1, 2011 February 11

...and I could make these trades any more since I have some Shorts (EU-Long-Term-Trades) in the depot.

Beginners should only scalp (10 sec., 30 sec., M1, M5) in the trend of higher time frames (H1, H4, Daily).

If you Scalp all day long you will loose your Money!
Attached Image(s) (click to enlarge)
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  • #79
  • Feb 10, 2011 10:32am Feb 10, 2011 10:32am
Quoting Forexcube
Hi buddy

If you make the Multiple Time Frame Analyse (with Daily, Weekly & Monthly Charts) there isn't any need to sell these trades in the loss-zone. These trades will sooner or later all run in a (big) win.

The discussion of my kind of "Deficit Management" (Money- & Risk- Management) can be followed at:
http://fxbookies.com/viewtopic.php?f...50c1&start=100
...beginning at Tuesday Feb 08, 2011.

Tuner was the only trader so far who have ask the right question. (Now you're the next interrogator....
Yes i read some of that. I also see that you use relatively much bigger lots for the scalps then for high timeframe trades, usually 10 times the amount in this case which is pretty self evident why
My signature is: "Classified".
  • #80
  • Edited 11:09am Feb 10, 2011 10:43am | Edited 11:09am
Quoting Forexcube
Hi yaed

You have only put some aspects of these different trading systems together by constructing your own system. I bet with you I can make out of all of them (ad libitum 1) and 3 excellent scalping strategies with empirical evidence when I would try to construct my "own brand". May be it needs one year with empirical evidence. Sure! It's a great educational web page! It's like cooking an excellent dinner! So much ingredients! Terrific!

Kindest regards
FXcube
That is my method yes, deduction from misstakes, my own and others: Try this, doesnt work, try this, doesnt work, and so on until all options other then the correct ones is exhausted and voilá, one step closer to the truth

I am currently whatching your CCI too see how it matches up with what i would do anyway and such. I went long at 14:53 and 15:02 on E/U London time. First one +3.2 pips, the other Alpari didnt really want to close it fast enough so i had to settle for +2.4, it was almost +4 when i used the script, but i got requoted.

I am thinking about this line of thought that means on a lower timeframe you need more reasons to trade, the assumption being that lower timeframes are more fickle and hard to understand then higher. Its a funny thing that i have the opposite in mind: higher timeframes is more fickle and i would need stronger reason to trade that then the lower ones. Thats why i stick to M1. I had a look at 10 sec and 30 sec and such, but making use of that would only be possible with spreads below 1 i think, otherwise its not much use.

I had a period in which i tried my hands on ticks even, but that just got on my nerves so im sticking to my M1, fixed S/R, envelopes, MAs, MACD (easier to quantify the distance between key MAs that way) and double stochs.

The envlopes, bollys or standard deviation channel almost seem like a matter of taste, the principal is very much the same.

I do have the nagging feeling that i should really get down to business on getting the feel for the CCI divergences and such that you have. But i have found that when i analyze and trade at the same time, one of them suffer, and my account knows which one suffers the most



I think that CCI divergences is difficult for a similar reason as to why Guppytrading and the like is difficult to wrap ones head around, there are no exact boundaries, no lines that seem to be physical and seems not much numbers to it, a bit postmodern maybe. But i think, eventually ill just have to bite that bullet and learn it anyway.

Maybe tomorrow ill use the demo and trade exclusively divergence and see how it goes.

I do like this afternoon, if it looked like this id be hosting FF parties here in Sweden every weekend, flying people in and out on 125 different private jets with constant limousine traffic to and from the airport. MAN! Umeĺ airport and the taxi service would just love the business.



Anyhow, why dont anyone not as experienced as Cube just trade this like a maniac for a couple of weeks and tell me how it goes? Bollyes, CCI, MMVG template courtesy of Cube. The H1 is if anyone wants to stare at the same stuff i sometimes look at for historical reference.
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File Type: tpl lv38h1.tpl   25 KB | 270 downloads
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