Giving up on Forex. Any last chance advise?

[bobnat]

Carrotguy,

From another post that Pitt made, scalping is primarily a function of time and consistency. If you're in and out in 2 minutes over and over again, they'll label you a scalper. Sure there may be times when you hit a move(or a move hits you) just right and you get out quickly, but the MM's are probably quite adept at spotting scalpers.

I believe he meant that once labeled as a scalper, they'll put you on manual execution. If your only system is scalping, it's the same as closing your account because you won't be able to do a thing with your system.

Nat

[carrotguy]

Manual execution means they take sweet time in placing your order while price fluctuates?

[daentay]

Hi everyone,

If the system that I am trading goes for 20 pips every trip, and it can go up to 6-7 times a day, is it considered scalping to the MM?

My backtested data shows that I would generated spread for the dealer as much as my profit e.g. If profit = 200 pips, I would have generated 200 pip spread. How would a MM deal with a situation like this?

[bobnat]

Originally posted by carrotguy
Manual execution means they take sweet time in placing your order while price fluctuates?

Basically, yes. It means that the computer won't do it, you'll actually have to deal with a person, which could take many seconds. I've never scalped, but my understanding is that they try to grab just a few pips at a time, capitalizing on specific market behaviors. So slowing the scalpers down puts them at such a disadvantage that it nullifies their systems.

Nat

[ZARDOZ]

Sorry to hear your plight. I have been there. I think the best way to get confidence back is to open a DEMO account (no capital at risk) and simply trade your system, as rigourously as possible until it becomes second nature. BTW, I am a newbie too I've only been trading for about 6Mo, but I took a really bad wipe-out...going on a demo account helped me get my confidence back..

[nzbryant]

Are you getting decent returns now Zardetto?

[autofx]

Originally posted by zardetto
Sorry to hear your plight. I have been there. I think the best way to get confidence back is to open a DEMO account (no capital at risk) and simply trade your system, as rigourously as possible until it becomes second nature. BTW, I am a newbie too I've only been trading for about 6Mo, but I took a really bad wipe-out...going on a demo account helped me get my confidence back..

So true.

Use the demo account trading as a chance to learn to sleep on
trades and develop real discipline.

This would be my advice to newbies.

[nzbryant]

Im losing faith in currencies - it is so random compared with equities. I am doing 10% a week in equities, partly because volume is available as another variable to examine, and companies often are evolving or destructing, making long/short picks easier.