Disliked{quote} Tea, Is the signal that serves as the final trigger for your most recent trades that you posted - is it the Winner crossing the 50 level? ThanksIgnored
Simple Correlation Indicator System
@kirkleaforex First off, I'd just like to say that the strategy you've released on here is very great! You also seem like a very nice person helping out and giving tips to everyone asking questions in the thread. Thumbs up for that! Now, to the point. I have a question regarding the spread when scalping. The reason I decided to ask the following question was due to the last posts by @teapeak showcasing his quick scalps using the strategy. I'm current using a broker by the name of "Pepperstone" and at their webpage it says the following: "0.0 Ultra...
Spreads have narrowed a lot over the past ten years that I have been at this. In my opinion they have never been lower. A spread of 1 to 2 pips is reasonable on the major currencies, i.e. AUDUSD / EURUSD / GBPUSD / USDCAD / USDCHF and USDJPY. With your other crosses the spreads can blow out a little more, and for exotic crosses they can be very wide, so best not to trade anything too exotic while you are starting out.
I am also with Pepperstone (in Australia), but what you are referring to with a 0.0 spread is a commission based account called "RAZOR". And the spread they refer to on a Razor account is actually "from" 0.0 pips, AND with a $3.50 commission for every $100K that you trade.
When they say $100K, they mean $3.50 commission per standard lot. A standard lot is calculated at $10 a pip, and with this you effectively control $100K worth of money in the market, using "leverage" (a great thing - a dangerous thing).
So if you are trading using a 0.01 lot size you are spending $0.10 per pip, and it will take you 100 trades to pay out $3.50 in commission. On top of this is the spread, starting "from" 0.0. They advertise the average spread for EURUSD is 0.0 to 0.8 on a Razor account.
So they offer different account structures based on what your preference is - fairly tight spread, or a very tight to zero spread PLUS commission. The minimum account opening balance on a Razor account is $200AUD. I don't believe a demo account is available on a Razor account however. And it is without a doubt the best thing in the world to hone your skills on a demo WELL before throwing live money away, even though the two aren't even closely related in terms of the emotions you will face at first.
Some quick advice though...scalping the market requires focus and the ability to remain free of emotion. If you see a trade opportunity that falls within your strategy entry parameters, you need to "pull the trigger" without hesitation, and in the blink of an eye, when the market moves against you and takes out your Stop Loss, you need to shake it off and reassess without letting it get to you. This business can be extremely punishing if you don't have a huge degree of discipline.
Best of luck - stick around and ask questions of people here, and of course there is plenty of help in other forums on FF. A great place to start your journey.
Trade to Live - Don't Live to Trade
{quote} Hi, not exactly but it is the best when crossing 50 level, as you can see on upper picture I have trade which is above this level. For me as I observed today a must is all indies aligned then fire. But as I am also new to this system I need to learn more to trust to it to be able to trade longer positions and bank more pips.
And Tea, according to what you mentioned and posted earlier, you have banked about 25 pips already today, using a new strategy. That is a great start my friend. Build on it.
I would recommend changing the "MaxBarsBack" setting in the indicator settings box to 5000, just for a while over the weekend, and look back through the past few days of data to see where signals are firing. Place a vertical line over the signal and see if it coincides with other clues. It is a good way to learn the strategy better without the stress of being in a live environment.
Have a great weekend ahead!
Trade to Live - Don't Live to Trade
- #491
- Oct 16, 2016 8:01am Oct 16, 2016 8:01am
- | Joined Jul 2007 | Status: Trader | 1,399 Posts | Online Now
Tea you are on fire! Perhaps you should take over this thread and show us all how it's done, mate!
Great to have you on here and nice to have you sharing your trades with us all.
Great to have you on here and nice to have you sharing your trades with us all.
Trade to Live - Don't Live to Trade
Tea you are on fire! Perhaps you should take over this thread and show us all how it's done, mate! Great to have you on here and nice to have you sharing your trades with us all.
and still learning this system slowly and yes looks very good. trying to find best entry points and to go hurry to every trade opportunity the system alarming me. I did my homework over the weekend so entering only best looking signals to me. will keep post more trades as they will come. thanks again for your effort and nice system
