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Which is the best broker for scalping?

  • #41
  • Aug 10, 2011 10:05am Aug 10, 2011 10:05am
Quoting Monroe
Scalping forex is not a waste of time, and very profitable. Scalping futures is a waste of time IMO.

I have watched futures, not traded, but they are not as liquid, don't move as much, and spread and commissions are not as tight as the forex market can offer.

forex is much more profitable.

nothing in the futures market can compare to EU spot fx.
Sorry to revive an older thread, but I just had to point out your slight bias, and lack of knowledge in this post. Seems you might have been a bit premature in your judgment here, as pretty much everything you said in this post was off by a mile. What exactly were you watching!? (rhetorical question)

Though I don't doubt Spot FX is profitable, and I believe it can be traded, but scalping on a spread based cost per trade is ridiculous.

I will agree that position sizing is a lot harder to swing in the futures market, but it really isn't an issue when you figure out you're doing the same thing, just for bigger "lots".
  • #42
  • Aug 11, 2011 2:36am Aug 11, 2011 2:36am
I never scalped futures but I can imagine that it would be harder to get filled in a market not so liquid such as forex,
since you rewived this thread Im interested to know how you scalp the futures. maybe some futures in the future
not sure I would scalp though.
Bulls are stupid Animals!especially when Im short!
  • #43
  • Aug 11, 2011 5:01am Aug 11, 2011 5:01am
Quoting roughtrader
I never scalped futures but I can imagine that it would be harder to get filled in a market not so liquid such as forex,
since you rewived this thread Im interested to know how you scalp the futures. maybe some futures in the future
not sure I would scalp though.
You would have to be a big trader not to get filled ... there is a lot of people making a living from scalping futures like ES, 6E and FDAX. Futures are more cost effective than spot fx.

  • #44
  • Aug 11, 2011 5:07am Aug 11, 2011 5:07am
how fast is fast?
I demand milliseconds!!!
Bulls are stupid Animals!especially when Im short!
  • #45
  • Aug 11, 2011 9:52am Aug 11, 2011 9:52am
Quoting roughtrader
I never scalped futures but I can imagine that it would be harder to get filled in a market not so liquid such as forex,
since you rewived this thread Im interested to know how you scalp the futures. maybe some futures in the future
not sure I would scalp though.
What is your definition of 'scalping'?
  • #46
  • Aug 12, 2011 1:10am Aug 12, 2011 1:10am
the only definition for scalping is
getting in and out fast,
I go for 5-10 pips depending situation
usually I go for a 5 pip maximum,
I don't hold positions more than a minute tops
that pretty much sums it up
if you are talking about something else it isn't
acording to my view scalping.
Bulls are stupid Animals!especially when Im short!
  • #47
  • Aug 12, 2011 10:01am Aug 12, 2011 10:01am
Quoting roughtrader
the only definition for scalping is
getting in and out fast,
I go for 5-10 pips depending situation
usually I go for a 5 pip maximum,
I don't hold positions more than a minute tops
that pretty much sums it up
if you are talking about something else it isn't
according to my view scalping.

Very rigid there in your definition. I would agree that it is a fast in and out method, but to really maximize gains it is much better to trail your position, and I do this manually. Sure having a PT is a good thing, but at times you will hit that target, and the market will keep going. My definition is a bit more practical IMO, as to base your trading on a static tp number is disregarding price action. What you seem to be doing is saying that the maximum a trade can make is 5 pips, whereas price action might want to give you 20-30 on the same trade. I don't think that having such rigid rules helps a scalper when it comes to where to take profit. But to each his own.

I will usually take a position based on my methods, then as soon as it shows some profit, I will move my stop in and lock in 1-2 ticks. As of writing this post, I did just that in crude as it broke the 86.50 level to the down side. Had I took a 5 tick pt, I would have minimized my gain on the trade, but I manually trailed it, giving me 26 ticks. It is said that if a trade doesn't go for you almost immediately, there is something wrong. This is especially true with scalping.

I'd say try to let your good trades pay you a bit more, and don't be afraid to shy away from the rigidity of those who say you must have an RR of X to be profitable. I am very fast to cut my losses, even when the trade reverses and goes my way.. There are always more ops around the corner.

I'm curious to know what kind of spreads you are seeing when going for a 5-10 pip profit, as when I traded spot fx, the spread made it much harder to go for such a low PT consistently.
  • #48
  • Aug 12, 2011 10:29am Aug 12, 2011 10:29am
Someone here said they scalp 500 trades a day, who was that, talk about trading your socks off lol.

The best broker to deal with is one that does not have the VDP enabled, gives low spread and has high liquidity and allows scalping, ATC Brokers does that and told me personally they don't care how much money you are making, they are a true ECN/STP. So go with them or find a broker that does just that.

Regardless of your method or time in the scalp, don't worry about that stuff, if you are making a profit, then you are doing something right and not wearing yourself out int he process, just keep your trading method in tact. You can always improve on your skill or the way you go about it, but you can rarely improve an account with zero dollars.
  • #49
  • Aug 12, 2011 10:39am Aug 12, 2011 10:39am
First microaccount blow up 250 $. Now from 150$ with scalping till today 400$.
I used FXCM. Not like spread, but not fill abuse from them. Trading news, support, resistance and rumors... No problem!
Once scalper always scalper
  • #50
  • Aug 13, 2011 5:56am Aug 13, 2011 5:56am
Quoting orderphlow
Very rigid there in your definition. I would agree that it is a fast in and out method, but to really maximize gains it is much better to trail your position, and I do this manually. Sure having a PT is a good thing, but at times you will hit that target, and the market will keep going. My definition is a bit more practical IMO, as to base your trading on a static tp number is disregarding price action. What you seem to be doing is saying that the maximum a trade can make is 5 pips, whereas price action might want to give you 20-30 on the same...
if your method work for you thats a good thing,
there is no wrong way to trade as long as you make money,
but I think you missunderstand how I trade,
but dont worry, most pro traders don't really know what it is,
scalping is the most missunderstod method amongs traders,
I even seen seminars about scalping and they teach absolutely nothing
that has anything to do with scalping,
they say they scalp but they dont really scalp at all,
somehow the word scalping has gotten a new meaning because of ignorance,

if there is a major move,
ofcource I will not just take a trade on 5 pips and then stop,
I will get in again,
scalping is not disregarding price action
it is all about price action,
when you trail for 26 pips is not scalping at all, no offence
I try to explain a complex thing it in a few lines,
scalping is about to only take moves in one direction,
and take small bites from the market,
and to get out as fast as possible,
what do I mean with one direction?
you don't! want to get a swing high against you if you short
or a swing low against you if you are long,
avoid the wave pattern, because it takes your pips down to half,
your moves of 26 pips probably have few upswings that go against you?
if you would have used scalping you would have doubled those pips,
because you didn't trade those up swings,
up candle, Im in long or already out
down candle, Im short our already out
this method can be very exhausting
because if demands total focus and concentration,
and you make hundreds of trades in a day
you need to have a feel for the flow if the market.
so it's not for everyone.
scalping is the most profitable method
because it takes every pips possibly out of the market.
but it is the hardest and most difficult way to trade.
there is no way you could beat that with trailing
or anything else,
the spread needs to be very low
anything more than 1 pip or 1.2 max is overkill,
liquidity needs to be good,
because you must get instant fills and execution,
it's not possible if you get reqoutes,
I tend to stay away from those brokers.
if I get some time over some day maybe I post a few examples
Bulls are stupid Animals!especially when Im short!
  • #51
  • Edited 2:31pm Aug 13, 2011 2:18pm | Edited 2:31pm
Quoting roughtrader
.....
scalping is the most missunderstod method amongs traders,
I even seen seminars about scalping and they teach absolutely nothing
that has anything to do with scalping,
they say they scalp but they dont really scalp at all,
somehow the word scalping has gotten a new meaning because of ignorance,

if there is a major move,
ofcource I will not just take a trade on 5 pips and then stop,
I will get in again,
scalping is not disregarding price action
it is all about price action,
when you trail for 26 pips is not scalping at all, no offence
I try...
While I would agree that my way of trading might not fit what text book scalping is, I would say that having a rigid mind set is a bad thing when trading and or scalping. It seems that by your definition, that you are trading what you think to be an opportunity in the market, rather than what opportunities the market is showing (but this comes down to method, which will obviously vary greatly). I don't mean to imply that your method doesn't work, only thinking about scalping in terms of market structure and not in terms of a rigid definition. And if I am implying anything, it is only that a less rigid definition of scalping may very well be more profitable.

I do scalp, but am open to suggestions the market is giving me, and sometimes rather than cutting the position at '5 ticks', I will manage the trade and attempt to maximize profit by limiting MAE.

Quote
the only definition for scalping is
getting in and out fast,
I go for 5-10 pips depending situation
usually I go for a 5 pip maximum,
I don't hold positions more than a minute tops
that pretty much sums it up
if you are talking about something else it isn't
acording to my view scalping.
The only reason I questioned whether price action is a part of it is that you mentioned in your definition of scalping, that "I don't hold positions more than a minute tops". As I understand it, PA is the study of price, and by limiting your position based on time, (because it may adhere to a specific definition of what scalping is) to me, just doesn't make logical sense in the market. (especially one that is so S/D driven)

With that said, I look forward to your examples. And to not get too away from the OP, would you mind sharing your broker that you use for scalping?

Skål!
  • #52
  • Aug 15, 2011 8:10am Aug 15, 2011 8:10am
Quoting orderphlow
While I would agree that my way of trading might not fit what text book scalping is, I would say that having a rigid mind set is a bad thing when trading and or scalping. It seems that by your definition, that you are trading what you think to be an opportunity in the market, rather than what opportunities the market is showing (but this comes down to method, which will obviously vary greatly). I don't mean to imply that your method doesn't work, only thinking about scalping in terms of market structure and not in terms of a rigid definition....
it's ok, we are all here to learn,
and there are no text books about scalping as far as I know,
rigid or not, scalping is what it is.
I may have over agrigated a bit when I wrote Im in for 1M max,
if mom is very high I can stay in a little bit longer and make a few more pips,
and it also depends on timeframe,
my scalping method depends on price actions relation to the crowd psychology,
momentum creates a window of oportunity and is all I need,
basically momentum tells me how long I can stay in,
the limit of TP to 5 pips is because
it's easyer to win 5 pips than 10 pips,
in the long run that makes a difference between won and lost trades,
I hope that clears up a few things about this style
I doesn't allways scalp, even though I like it the most,
action freak that I am, I been more into hedging lately.
the broker Im using for scalping is Divisa capital
never had a problem with them.
if you need a fast broker you will love them.
Bulls are stupid Animals!especially when Im short!
  • #53
  • Feb 18, 2012 2:12pm Feb 18, 2012 2:12pm
I posted this on another forum but found this thread to probably be the exact base of respondents that could help me out... see my question below...

I started off considering MB Trading, ATC Brokers, and Interactive Brokers.

I went with ATC Brokers for now, and I think it's pretty good - decent commissions, good spread, and I like the Trading Station II platform thus far.

The reasons I am still considering switching -

- while I don't always scalp, I like the option to do so, and Interactive Brokers seems to get good reviews for not only the lowest commission ($2 per side/lot), which is half ATC's $4 per side (although ATC is always $4 regardless of currency; I believe IB depends on the conversion to USD first), but also filling orders better than the spread listed;

- I am still not sure if there are any "games" going on with FXCM - it seems sometimes the price slips from what it was when I placed an order, but it is still very fast and gives a feeling of confidence; I think my partial wondering is because I used to have a Standard account with them years ago and remember the pain of realizing how much they marked up the spread for profit; so logistically here my question is, can better fills be had with IB? Or only with a much larger account with an outfit like Dukas?

- I am considering getting back into futures (currency and otherwise); I could just use a separate broker, but it would be nice to use the same capital base for all trading with IB's true universal account.

On the other side, I feel very confident with the Trading Station II platform overall; so far I like the Daily FX Plus analyst overviews, but am looking into TradersAudio and other news sites.

I've read varying reviews on IB, from it crashing a lot when using charts to the order book system being an improvement for forex trading specifically.

So I am hoping to gain some insight as to whether it is worth switching or not.
  • #54
  • Feb 19, 2012 6:48am Feb 19, 2012 6:48am
For scalping take into consideration the following:

-You need a broker allowing scalping
-You need a broker when your trades are on the market - ecn
-You defenetally need a broker with low spreads and low commission
-You need a broker who wont go against you
My experiences:
-Alpari pro account works fine - need lots of trades every day
-IBFX they open spreads but works fine
- TadawulFX steal money
- 3TGFX works fine, pretty new
- Oanada - goes against you
- Etoro - not good for this
- IB (Interactive) - ok, bit big spread
- PFG - steal your money
  • #55
  • Feb 19, 2012 7:16am Feb 19, 2012 7:16am
Hi

Just thought I would mention that I've tried them all and there is only one broker I would now recommend: svsfx.com

I've been with them for 2 months. No re-quotes, no slippage, lowest spreads I've come across and they charge no commission!

No one to touch them IMHO!
  • #56
  • Feb 20, 2012 8:36pm Feb 20, 2012 8:36pm
Quoting Pommegranate
I've been with Armada Markets for about a month now. I like their execution quality and next to ideal connectivity. They seem to have no problem with my scalping EA being profitable and just increased my leverage to 400:1 on Exchange account with 11k US on it. They did, however, mention that they don't approve reckless trading which is fine with me. I would go with them if you trade responsibly and don't blow up your account on 1st day.
What sort of scalping EA are you having success with there? I'm looking at them but not sure if their pre asian spreads will be good enough for my scalper.
  • #57
  • Feb 20, 2012 9:43pm Feb 20, 2012 9:43pm
PFG Best
Quoting wallstreet03
Which is the best broker for scalping ??
  • #58
  • Feb 21, 2012 6:01am Feb 21, 2012 6:01am
Quoting muzza
What sort of scalping EA are you having success with there? I'm looking at them but not sure if their pre asian spreads will be good enough for my scalper.
I use my inhouse-built scalping EA that I've run on futures market for some years now. I'm from Australia but I use the EA mostly during London and US session. So far have no complaints against my broker.
  • #59
  • Feb 21, 2012 7:33am Feb 21, 2012 7:33am
Quoting roughtrader
I am a scalper,
I will probably get flamed for this,
I am generally recommending MB Trading too because they are simply the best!
but NOT for scalping! MBT is one of the absolute best brokers out there,
there is no question about that, I am very pleaced with them so far,
but I wouldn't recommend them for scalping,
the reason is that the execution isn't the fastest on either MT4 or the MBT Desktop,
it can take up to 5 secs before you are filled,
you just can't scalp under these circumstances,
I had to give up scalping with MB alltogether...
From the UK i'm getting market order execution fills on the Free EXN MT4 account in about 400-500ms, which is pretty good. Traders in north America should get faster execution speed than that, From my VPS in NY market order execution speed is about 300 ms
  • #60
  • Feb 21, 2012 8:26am Feb 21, 2012 8:26am
Quoting jmtini
Hi

Just thought I would mention that I've tried them all and there is only one broker I would now recommend: svsfx.com

I've been with them for 2 months. No re-quotes, no slippage, lowest spreads I've come across and they charge no commission!

No one to touch them IMHO!
Wondering if your using MT4 or their Webtrader platform?

Seems only their Webtrader platform has CFD's and oil of which both I trade at times.
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