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Scalping - boon or bane?

  • #981
  • Sep 24, 2014 11:08am Sep 24, 2014 11:08am
Forexcube....great discussion.

I scalp the Asian session only...Mon through Thu....3pm CDT - 6 PM CDT.....Eur/USD only....avg 1 to 3 trades per day only. Risk to reward ratio is 7:1 but that is the life of a scalper.

My demo account has gone from $6,000 to $48,000 in 1 1/2 years. Its an automated system through ITFX but the spread is only 0.2! So...its easy to clobber them with a spread that low. With a spread that low...someone such as yourself would be able to shut the Broker down in just a day or two. Simply put...as we both know...you wont find a spread that low. at least I know of no live broker with a spread that low.

My real accounts have gone up about 30% in 1 year. But its all automated and it appears to be working. The spreads avg around 1.0 to 1.5.

My question to you is can I expect to win this way over the longer term? I feel that with a spread of over 1.5 it will be a loser long term. With a spread closer to 1.0 I have a good deal of confidence that my qutomated system will win long term. Less than 0.5 spread and it is indeed...in my opinion...one of the holy grails. Your thoughts? And again...I really enjoy reading your posts.
  • #982
  • Sep 24, 2014 11:12am Sep 24, 2014 11:12am
Quoting Forexcube
EURUSD, Long @ 1.27872 I don't know if it's a scalping or swinging trade. Maybe I'll add on more time.
#979

Exit @ 1.27907, +3.4 (1.75$), (+0.175%)

EURUSD, M1, 2014 September 24
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  • #983
  • Edited 11:41am Sep 24, 2014 11:24am | Edited 11:41am
Quoting 60minman
Forexcube....great discussion. I scalp the Asian session only...Mon through Thu....3pm CDT - 6 PM CDT.....Eur/USD only....avg 1 to 3 trades per day only. Risk to reward ratio is 7:1 but that is the life of a scalper. My demo account has gone from $6,000 to $48,000 in 1 1/2 years. Its an automated system through ITFX but the spread is only 0.2! So...its easy to clobber them with a spread that low. With a spread that low...someone such as yourself would be able to shut the Broker down in just a day or two. Simply put...as we both know...you wont find...
#981

Hi 60minman!
Congratulation! You seems to be on your right way!
1.5 pips is definitely too much. Maximum 1.0, better 0.8/0.9 without any extra charge, commision...
(e.g. comparing - so scalping at Ducaskopy - here you've got 0.02 but now additively +commission - seems not really comfortable).

Think about if you should code a M5-strategy when using 1.2 pips - something like "M5-Two-Way-Confirmation-Strategy" (http://www.forexfactory.com/showthread.php?t=297304).

As a side note
30% a year is splendid!

Kindest regards!
FXcube
  • #984
  • Sep 24, 2014 12:24pm Sep 24, 2014 12:24pm
Are you scalping some pair different to EURUSD? And what kind of filter do you use to don't trade false scalping entries?

Thanks for share your strategy and your trades, help a lot.

Carlostedo
  • #985
  • Edited 1:16pm Sep 24, 2014 1:03pm | Edited 1:16pm
Quoting carlostedo
Are you scalping some pair different to EURUSD? And what kind of filter do you use to don't trade false scalping entries? Thanks for share your strategy and your trades, help a lot. Carlostedo
#984

Hi carlostedo!
I like EURUSD, EURCHF, USDJPY, GBPJPY, EURJPY for scalping, some of these currency pairs predominantly at M5 basis than at M1.
ADX is a great filter, but I didn't use no filter anymore. It's my experience when comparing multiple time frames which gives me suitble probabilities for executing an order. (I have published some Scalping Systems at FF, see there, please - Forum Posts: 34 Threads Started, or the reference in p.1,#1).
The market has changed its rhythm since several months and I like to trade overlapping candles or breakouts with regard at higher timeframes.
The market seems more to be cuckoo, so I like to wait after a bigger breakout (ballooning or dropping prices) & then try to scalp the range with success.
Indicators could loose more and more its power in the future, while the big market players consider the needs, say it will be tight squeeze to develope valuable & reliable indicators in the future. I could give many examples for this say-so. It could be that algorithm trading will dominate and control evermore the forex market. I think that the forex market is located in a great modification & it (price fluctuation) will become jumpy more & more. The situation is wordening & we have to reflect if former successfull trading strategies would be really give us the profit in the future. I doubt the validity because the same causes aren't still active. We've to adjust oneself to new situations. This was one of the reasons why I publish some of my real trades at a smaller real account (due to security reasons) here at FF, so that everybody could follow cristal clear my life trading - a way of trading from a professional trader who do this day by day.
Kindest regards
FXcube
  • #986
  • Sep 24, 2014 4:17pm Sep 24, 2014 4:17pm
OK interesting thread not least since I have just started a scalping experiment myself. No I don't as yet have any results to mention as it has all been research thus far. I need a break from running extended and complicated positions with all sorts of defensive techniques in place. I'm thinking 'play time'.

What I am setting out to do is very simple.

1) Small tf price action from 5/3 min compressed charts and sub 1min entry exit entrirely on PA and the story it tells.
2) Eye on levels as they are arrived at (rather than comprehensive analysis) and the action of price (acceptance/rejection).
3) Sense of direction on day/session (day divides into multiple sessions according to global participants)
4) Stay out of tight market periods. i.e. not enough space - don't bother pushing it.
5) Cap losers fast. The PA isn't behaving as it should and throwing up a contra signal Very S/T skidadle.
6) Work the waves up or down, and watch out for the direction changes. they always show up on levels and S/T price action...

All very short term.

As to indicators, I find a 40/50sma combo quite useful in showing a sense of directional bias. and an RSI7 can throw up interesting and useful supporting patterns. And the occasional line to highlight a reverse break/Pull back. but on the whole I like clean un-cluttered charts where movement of price is king and nothing distracts from the message it sends..

Well that's the plan anyway
  • #987
  • Sep 24, 2014 4:45pm Sep 24, 2014 4:45pm
Quoting nbfx
5) Cap losers fast.
Damn fast. Practical example.
Warning : not to be done at home or anywhere else.

https://m.youtube.com/watch?feature=...&v=dj6aovMOKMs
Meeeooow !!!
  • #988
  • Sep 24, 2014 5:28pm Sep 24, 2014 5:28pm
Looks to me like an object lesson on knowing when major events are about to occur....
  • #989
  • Sep 24, 2014 6:18pm Sep 24, 2014 6:18pm
Quoting nbfx
OK interesting thread not least since I have just started a scalping experiment myself. No I don't as yet have any results to mention as it has all been research thus far. I need a break from running extended and complicated positions with all sorts of defensive techniques in place. I'm thinking 'play time'. What I am setting out to do is very simple. 1) Small tf price action from 5/3 min compressed charts and sub 1min entry exit entrirely on PA and the story it tells. 2) Eye on levels as they are arrived at (rather than comprehensive analysis)...
#986

Sounds well-advised!
Keep us informed (up to date)!
...& it's cool when you publish some of your trades at this board here.
I prefere predominantly also "naked charts", only candles. The pivotals & the CCI gives me some orientation where exits should be placed (without any hard rule motivation).
FXcube
  • #990
  • Sep 24, 2014 6:25pm Sep 24, 2014 6:25pm
EURUSD, Weekly, 2014 September 25

I expect bigger amplitudes at H1/H4 in these days.
FXcube
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  • #991
  • Sep 24, 2014 6:27pm Sep 24, 2014 6:27pm
Hi! I just wanted to respond to your original post.

I think scalping is a blessing, but ONLY IF you are good at it.
Please check out my blog at https://from-zero-to-hero . net
  • #992
  • Sep 25, 2014 2:19am Sep 25, 2014 2:19am
dax30 ..1 hr long at both rectangles.. 9746/54 on my mind.. not written in mud thou
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  • #993
  • Sep 25, 2014 3:56am Sep 25, 2014 3:56am
Sick of this closed for some good points.. picture 1 hr.. dax30
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  • #994
  • Sep 25, 2014 4:58am Sep 25, 2014 4:58am
EURCHF, Long @ 1.2075 Target @ 1.2080
  • #995
  • Edited 5:13am Sep 25, 2014 5:01am | Edited 5:13am
Excursus
Swinging Trade - Long Term Trade
Extra Account
EURUSD, Long @ 1.2730 (0.03 lot), Target @ 1.3000
PO EURUSD, Long @ 1.2350 (0.03 lot), Target @ 1.3370

___
PO = Pending Order
  • #996
  • Sep 25, 2014 5:50am Sep 25, 2014 5:50am
EURUSD, Long @ 1.27182, SL @ 1.2710
  • #997
  • Sep 25, 2014 5:53am Sep 25, 2014 5:53am
EURUSD, M5, 2014 September 25
EURUSD, H1, 2014 September 25
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Click to Enlarge Name: EURUSD, H1, 2014 September 25.jpg Size: 94 KB
  • #998
  • Sep 25, 2014 5:58am Sep 25, 2014 5:58am
Quoting Forexcube
EURUSD, Long @ 1.27182, SL @ 1.2710
Trail the SL to 1.2715

EURUSD, M5, 2014 September 25
Attached Image (click to enlarge)
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  • #999
  • Sep 25, 2014 6:04am Sep 25, 2014 6:04am
Quoting Forexcube
EURUSD, Long @ 1.27182, SL @ 1.2710
Target @ 1.2733 (DS1)
  • #1,000
  • Sep 25, 2014 6:31am Sep 25, 2014 6:31am
Quoting Forexcube
{quote} Trail the SL to 1.2715 EURUSD, M5, 2014 September 25 {image}
#998, #996

SL was executed.
Loss: -3.2 Pips
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