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Looking for a good scalping system

Discussion in 'General Forex Talk' started by Nicholas Mahan, Sep 21, 2009.

  1. Nicholas Mahan

    Nicholas Mahan Recruit

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    Greetings all,

    I am look for a good scalping system (indicator) that could allow me to make 2-4 trades a day to bring in about 50 pips a day. Anyone have any suggestions?

    Thanks in advance! :)

    Nicholas
     
  2. Jason Rogers

    Jason Rogers FXCM Representative

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  3. vans22

    vans22 Private, 1st Class

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    Hi there ! I am self studying for forex trading before I will actuallly trade with real money . Right now I'm just using my demo accounts.Can you please tell me more anout scalping.Thanks!:D
     
  4. Music Man

    Music Man Corporal

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    For scalping, I believe you need to use a trading robot (EA in MetaTrader parlance). Yes, you can do it manually, but your humanity is against you. A person gets tired, gets distracted, gets overconfident or discouraged -- all deadly to your trading decisions. A robot just follows the rules. The in-and-out nature of scalping increases the risk of human error, perhaps to an unacceptable level, depending on the person.

    OTOH, in a good session, a human scalper can make profits very quickly... leading to overconfidence, leading to bad trades, leading to needing a robot, or becoming a Zen Master, insofar as emotion control is concerned. :)

    Also, you can hedge your robot with other robots, so your trend-following robot is making money when your ranging-market robot would lose, and vice versa. No robot (yet) makes money in every market, but the good ones do very well when the market is with them. So, it's not doubting the robot, it's being realistic about its abilities. Robots with known trading systems are a great way to test the potential of the system for consistent wins.

    For free EAs that include source code, TradingSystemForex.com has many posted that have potential, but you kinda have to learn a bit about MQL and setting optimization to make it work for you. Not all are scalpers... some trade just a few times a month... but all need optimization.

    Good trading,

    MM
     

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