Scalping (USE AT YOUR OWN RISK)

[cowmadagan]

No, there was no offense taken at all. Just as everything else I post here, it's to help.
The reason why I said demo and live are apples and oranges is as a warning. Don't expect to do what you've been doing and still have it work.
If you look at what the other senior officers are saying, you'll see that it's probably not even worth the risk.
I'm posting it just to show it can be done at all, and just like showing someone how to use a weapon could mean that they'll hurt somebody, showing how to scalp at least improves the chances that you'll make a profit ever instead of missing the mark every time....even though the only one who'll get hurt is whoever is dependent on your money (wife, kid... hamster).
You'll notice that above the trade was in and out in twenty five seconds.

 

[RahmanSL]

Phew, that’s a relief cowmadagan! For a moment there, I thought you were going to bash me up. I can actually feel your passion for scalping from your posting.

Yah, from what I have read all over the internet, most of us Newbies make the mistake of thinking Demo & Live accounts are executed at the same speed. And over 90% of us are wiped out within the first week of live trading. I am trying to be one of those in the minority and that’s why I have still not gone live. Believe me, I have searched far and wide and each time I though I have the perfect broker which fits my criteria, out come some post somewhere in the internet forum warning of that company shortfall.
Did you read my posting on ForInvest? I tried out their Demo platform and found it to be extremely fast in executing trades and that made me think they were perfect for me. But when I started enquiring more in the internet about this broker…hoohii…their people really came out of the woodworks (masquerading in many supposedly clients’ names) bashing me for questioning this shady company. Thankfully, and God bless him, ernest8fingers gave me some support as I was surrounded by their people posting high praises for their ****ty company.Their African IT Manager (or so he claims) even tried (unsuccessfully) to have me blacklisted in 100ForexBroker site for commenting on them. Even the Moderator on that site doesn’t know very much on this shady company and he is supposed to be well informed.

Ok, enough of that (as far as I am concern) scam company ForInvest.

When I started out in forex some +4months back, scalping (I did not even know the term back then) was what I did and which got me interested as I could hardly believe that I can make a few dollars in seconds by just one click of the mouse. It must be beginners luck as I was making some serious money by scalping. But, of course, I was using a USD100k Demo account and trading on very large 8 lots volume.
Since those days, I think I have become more matured and…aahemm…more sophisticated from all the education I received in various independent forums and actual Brokers’ forum too.
And believe me, I really would be interested to learn what you have to advise as you are much2 more senior than me in forex trading and I have everything to gain by listening to you and, as a matter of fact, other distinguished senior traders here too.

All the best, and looking forward to your postings.!

 

[Pharaoh]

“
Hmmmm, ernest8fingers, so there is tale on your 2 missing fingers! I would very much like to hear your tale on this.
…hehehe…Anything to do with bashing them for pushing the wrong keys while trading???

I'm betting that his first broker was run by the mob. When they showed up for a margin call in person, things got ugly.

 

[cowmadagan]

This took longer than expected, and cost me a bit while not trading

Anyways, aside from my gripe of not trading while editing and filming this vid, and that it actually stopped me from making some flow...here's the live scalp.



If you don't like that addy, click

Hope it helps young and old, in both dissuading those who'll lose more often than win (I'm not being elitist...recently I'm totally cheesed about how I can't make a mid term profitable trade to save my life), and showing the inside of the head of someone who does this kind of trading often.

Cheers

Edit: she's good to go; youtube finished processing it.

 

[cowmadagan]

Don't forget to star the vid.

 

[Pharaoh]

First I have to let it finish loading and watch it. Next, I have to look up my YouTube account so I can rate it.

 

[Ricex]

Interesting video cowmadagan, you've traded a news event there which is different to everyday scalping in that you have an exact time to work to and can almost guarantee large movement one way or another.

What are the factors you look for during normal trading that tell you when to enter a scalping trade? or do you just scalp news?

 

[cowmadagan]

For non-news scalping I look at the exact same candle shapes as longer term traders. If I see hanging men, hammers, shooting stars and such, but it's partially rhythm too.
The way I use scalping is actually a strategy to pair with long term trading.
By that, I mean that I try to bail when I see the peaks occurring and reenter at a valley or vice versa. I'm not convinced it's the best way, as sometimes you'll miss a few pips on the way if you think it's a peak but it's more of a plateau on the continuation of a curve, but since I spent a lot of time working minute charts to try to make a day's wage daily (which is a really stupid idea) it's easy for me to associate it into my range trading, or trend trades.

The only other thing about news trading, and normal trading for that matter, is just like Kenny Roger's 'The Gambler'...Know when to hold 'em, know when to fold 'em, know when to walk away and know when to run.

 

[RahmanSL]

Hi cowmadagan,

I am still on Demo with Tadawulfx. Need some advise.
Last Friday I took some long position (both Sell & Buy) when (according to tick chart) when any currencies pairs are way up or down.
I set the SL some ways up or down but left the TP alone. Just half an hour ago, I went back to my Demo account and saw that from my account of around USD1,200, it has gone to (after closing all positions) around USD1,800.
Does this happen in real live trading??

 

[cowmadagan]

Yeah. We call that luck, or more accurately a fluke.

Basically that strategy is found to be unsafe, and unsuccessful.
I want to say that we don't poo-poo an idea out of jealousy or elitism; we do it to protect people. Also, we aren't part of any brokerages, so it's also not to prevent brokerages from losing money.

Also, the movement of adding 50% of your account shows that the number of lots you were using is unsustainable. If those trades went the wrong way, you'd be out of money in less than ten trades. I had more than ten bad trades last week alone.

Did you manually enter your trades, or place orders to enter? If you placed orders, the problem is that it just as easily could have hit your order and then your stop and then the other order and stop instead of what happened; hit order then t/p then other order then t/p.