Scalping (USE AT YOUR OWN RISK)

[Music Man]

A good broker is Alpari UK. I know many people who use scalping bots on that broker.

Basically, you need a non-Dealing Desk broker with Straight-Through-Processing (STP) to do scalping AND news trading. The Dealing Desk brokers don't like either.

If I were going to trade on a dealing desk broker, I would trade longer timeframes. For example, a Bollinger Bounce strategy used for scalping the M1 chart can also be effective for longer-term trades on the H1 chart. You just have to be more patient.

MM

 

[RahmanSL]

Cowmadagan,

Sorry I couldn’t get back here due to some business trip…

I didn’t monitor my trades on Demo account as I should and, when I got back to them yesterday, all of them were closed out by SL and I am basically back where I started.
Same thing happened with my open position with Oil which were closed out by SL and I am down a few thousands virtual money.

Lesson learned: Never leave any position opened if I cannot attend to them. Set SL & TP if I want to trade away from monitor.

I like oil because the days of cheap oil will never be here again. So, if I see the price hovering around USD72 & lower, it’s a good thing go in as the price can only go back up.
For Gold, the price seems to reflect Oil sentiment and I am tempted only when it is at near the highest at around USD114 area. I guess that will limit my commodities trades to a few times per year.

Once again, thank you very much for your valued comments & lessons, cowmadagan, and all the best.

 

[cowmadagan]

Hey everyone.
If you really want to scalp, outside of news trading, keep google finance's live feed of stock markets open.
Make sure you select the predominant market for the time you're trading, which to my knowledge are the Nikkei in Asian day, the FTSE in the Euro (until US open) day, and the S&P 500 during the US day.

Please correct me if you've found a greater correlation to FX tendencies to a different European stock exchange.

 

[trumpeter]

Scalping is like trying to flush your toilet using only the big toe on your left foot. Why would you do that anyway is my point? Some swear by it-others -like me-swear at it. That style of trading WILL-IMO-reduce your lifespan. So will trading during a Major News release(like todays FOMC statement) I stayed out all day. As for the fate of my 2 missing fingers?-Well-thats a tale for another thread-lol.

Thought we all had 8 fingers... and 2 thumbs

 

[Stony]

I just re-counted, to make sure. Result: ernest ist right!

 

[Eric Alyea]

Kids, better fingers, better eye’s

For the record a one form of knife fighting technique (research the opinion of it your self) is to be very fit, practice every day(you will get cut, and you will BLEED in training, if you didn't, it wasn't real training), and know how to get out of the way. They miss you but you always come back with a little, “I got YOU cut”. The theory is to bleed them out with many small cuts and out live them. That is a knife fight with human bodies though.

The banks are different, but you can still get your blood (money) like a mosquito and (for lack of a better comparison) learn where to get a little and (Git) leave. If you try to suck a full greedy belly full, you will get noticed and swated.

I am practicing something that was taught to me, “Zen Trading https://www.forexpeacearmy.com/fore...uellatorus-review-eric-alyea-3.html#post30914 ”. I must say that it show’s me how to work the keyboard:

and as a Sniper, compare it to:
reload (new window)
one in the chamber (“Market order” pre-loaded with units) or ("Close order" window)
safety off (curser on “submit”)
safety on/obstructed target/out of range (curser below “submit”)
that round in the chamber is to hot from the barrel temp(close/manage that window),
reload/reposition/new target (recall pre-loaded “Market order”) or (your pips just hit/cash/close out)
etc.

Functionally, I have heard of a person that like's and does the (“Zen Trading”) 1 pip (hit/sh*t/git) thing for a living (over $100,000.00 REAL not margin on account NEEDED). It is fun and will teach you your limits and then some.

I don’t “know anything other than risk” Highly calculated, position, placement, down to the pulse beat of your heart to pull the trigger for execution

“PULLING the Trigger” is what I do, had a lot of bad and missed shot’s. The gaming kids now days know how to do it better then us “Grown Up” safe klutz’s, better fingers, better eye’s

P.S. Darn the real reason I wrote this was to say, I used to have to practice turning light switches on/off with the tip of a 3 foot Bokken (wooden sword) to learn tip distance and leverage pressure (for shinken, steel sword's with people{toy sword's make toy soldiers}). The answer is "Yes" I used to flush the toilet with the tip of my bokken, but I am from a different world.