1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Simple starter strategy and hello

Discussion in 'Beginners Bootcamp' started by Richard FX, Sep 16, 2009.

  1. Richard FX

    Richard FX Recruit

    Joined:
    Sep 15, 2009
    Messages:
    1
    Likes Received:
    0
    Hello everyone,

    I am inexperienced when it comes to forex.

    That being said, I would like to learn to trade profitably, I prefer scalping and half hour trades. I have 300USD in BaronFX (I have to say they requote me frustratingly often during a volatile market and only when the market moves in a more favorable way (meaning they get a few extra pips) do they let me close at the price I choose. Also trades take up to 10 seconds to complete. Is this a regular timeframe I should expect from most brokers? When I am dealing in seconds at times, it can really damage me.

    IE this morning GBP/USD I had a profit of 21 dollars tried to close, requote 19, waited a few seconds 23, tried to close, requote 20, requote 19, and before it would let me take the second requote on my requote, it was at a loss. although another time with it was a 14USD profit and the market moved to 17 boy howdy they let me take that in a jiffy. Doesn't seem right to me.


    That aside, I am below novice at this trading thing, I'm somewhere between learning to breathe and blinking.

    What kind of 'bootcamp' can I put myself through to get a basic grasp on forex so that trading experience has a chance become a reality.


    And also what is a barebones system that I can use and learn from that will yield reasonable results if executed properly. At the moment I am using MACD and RSI (14) 70/30 waiting for overbought rocket or freefall to catch the turnaround.

    I have 300USD that I have set aside as my first run scholarship money, playing in the real market. I can lose it all and not bat an eye.


    Thank you in advance, and

    Hello World!
     
  2. ernest8fingers

    ernest8fingers Master Sergeant

    Joined:
    Feb 25, 2008
    Messages:
    487
    Likes Received:
    7
    Babypips.com is a great starter Forex website. Good luck.:)
     
  3. Stony

    Stony Sergeant

    Joined:
    Mar 21, 2009
    Messages:
    167
    Likes Received:
    2
    Hi Richard,

    make sure with your broker that scalping is accepted as a trading method. Otherwise you will always have requotes and bad executions. Many brokers don´t allow scalping at all and even nullify scalping trades after they are closed.

    Regards, Stony
     
  4. Lhar_fpa

    Lhar_fpa Private, 1st Class

    Joined:
    Sep 8, 2009
    Messages:
    135
    Likes Received:
    0
    What's wrong with scalping? Is scalping too bad?
     
  5. Stony

    Stony Sergeant

    Joined:
    Mar 21, 2009
    Messages:
    167
    Likes Received:
    2
    Scalping is beautiful, and IMO the only way to make profits in forex. But brokers usually don´t like it because they have trouble hedging scalping orders quickly enough. Therefore it depends on the broker´s ability to cope with scalpers, if they allow you to do it.
    This is my personal experience. I love to scalp!

    Regards, stony
     
  6. vans22

    vans22 Private, 1st Class

    Joined:
    Sep 9, 2009
    Messages:
    52
    Likes Received:
    1
    Please help me . What exactly is scalping?Thanks !:D
     
  7. Stony

    Stony Sergeant

    Joined:
    Mar 21, 2009
    Messages:
    167
    Likes Received:
    2
    Scalping means: many quick trades with small profits (3-10 Pips plus spread are enough - you take only the "scalp" of the trade) instead of trying to keep positions for a longer time in order to make large profits in one piece. You jump into the market and out of it within minutes, maybe seconds. This can amount up to 20 or 30 trades a day.

    Regards, Stony
     
  8. M.Nazri

    M.Nazri Private, 1st Class

    Joined:
    Jul 7, 2009
    Messages:
    28
    Likes Received:
    0
    can anybody tell me what are the best indi or technic to do a scalping??thank you
     
  9. M.Nazri

    M.Nazri Private, 1st Class

    Joined:
    Jul 7, 2009
    Messages:
    28
    Likes Received:
    0
    and what Time Frame are the best to do so??thank's
     
  10. Stony

    Stony Sergeant

    Joined:
    Mar 21, 2009
    Messages:
    167
    Likes Received:
    2
    That´s difficult to tell. Indicators are too slow for scalping. I use timeframes from tickchart to 5 min. I do trades by directly observing chart patterns rather than indicators. It takes a lot of experience, though.

    Regards, Stony
     

Share This Page