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Broker For Scalpers?

Discussion in 'General Forex Talk' started by Nick77, Nov 21, 2007.

  1. Nick77

    Nick77 Private

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    Hello forex scalpers,

    I was wondering what you guys think is the best broker for scalping traders. I have tried about three different demos that were just OK. I don't like EFX or MBT because there are no charts and their spreads change to much. Dukascopy was pretty good, half a pip spreads mostly, but you have to have $50,000 to open an account. Does anyone have a good broker for scalping? Thanks.

    Nick
     
  2. OzWizard

    OzWizard Corporal Punishment

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    FX FUTURES all the Way!!!

    Forget Forex....... you will LOSE...... look at CME FX Futures....

    OZ :eek:oh:
     
  3. Nick77

    Nick77 Private

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    Cme Fx Futures

    I appreciate your advice Oz. It sounds like you tried scalping forex but then you switched over to futures. Can you please explain a little bit more about what cme forex futures are and why they are better? Also do you need a special broker to trade futures, and if so who do you recommend? Thanks.

    Nick
     
  4. OzWizard

    OzWizard Corporal Punishment

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    Google CME FX.....

    ..... a good couple of summaries can be found there. Never really tried FOREX live... but about three years ago I met a Ukrainian guy who actually ran a 1-man operation (bucket shop), HE showed me the software and ALL the inside stuff he did! See, FOREX is big here as people are attracted to the low amounts (some offer accounts for $20) :shocked: Remember incomes are lower here... a big 16 ounce (half liter) beer is .40 to .60 cents!!!!!!! (Only the women are expensive - :eek:oh:)

    I am enjoying the EURO FX and concentrate solely on it. It trends, it is based against the DOLLAR but not as a pair... just a value such as 1.4678, and each tick (pip) is $12.50! I trade off a 60 minute chart and my only BIG concern is this market does have some GAPS... I have seen a 31 pip jump (gap)...

    It is less liquid, but you know exactly where you will be filled (limits) and the CME backs it all - TRANSPARENT!!

    The broker I use is INFINITY FUTURES, I have a long relationship with them (S&P 500). $250 margin per lot, $6.50 round turn, 1 pip spread...

    For me, listing the pros verses the one con... FX Futures - WIN!!

    OZ :) LIVING the DREAM in 'Eye-Candy' LAND!! ;)
     

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  5. alkemist

    alkemist Recruit

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    Hello Nick77,
    Every trader defines "scalping" differently, but with an
    average profit in the range of 6 to 10 pips per trade, I
    consider myself a scalper. All of my scalp-type trading is
    done thru my Oanda account. Some things I do that I
    consider important to scalping successfully in the FX
    markets is to stay away from market orders as much as
    possible. The only time I use a market order is upon my
    entries. As soon as I have entered I immediately enter
    a stop-loss limit order and a take profit limit order
    (always in that order..). Many of the more suspicious
    fills that traders often recieve occur when manually
    entering with market orders. Using limit orders seems
    to guarantee that I get my wanted price much more often
    than not. As a scalper I also consider it of the utmost importance
    to only trade during the markets most liquid time periods.
    I consider this important irregardless of whether a trader is
    a scalper or not, but it becomes even more important when
    scalping and trading costs (ie. spreads) must be kept to
    an absolute minimum. Slow, illiquid market conditions usually
    mean larger spreads. I don't trade news for the very same
    reason (skewed spreads..). Are you presently trading?
    Or getting ready to begin?
     

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