Giving up on Forex. Any last chance advise?

[daentay]

Thanks Pittsburgh FX for your replies, its enlightening .

If the strategy I adopt does not catch pips in a fast moving market all the time, but throughout the day.

I am hoping to get more insights from you before I run it live with automation.

In the senario given in the picture posted,
I would have generated 1254 pips spread with 418 trades (yes, 3 pips) for EUR/USD pair for the strategy for 5 days of trades.

and the net profit (profit - spread and interest) for me is about 560 pips.

The shortest timeframe from opening to close is 1 min.

please comment more , thanks and regards.

P.S. If anyone knows of the whereabouts of any order routing software for wealth-lab that has limit and stop orders for FXCM, please post it, I am sure a lot of people would order

[daentay]

for the above results, I am pyramiding 3 lots for 560 pips, not 1 lot only.

Regards

[foroz]

PittsburghFx

the picture you paint is of a MM who changes the rules to weight things even more in their favour if you decide to scalp. How can such actions possibly attract new customers?

From what you have said the MM's make money on the spread but don't want to give a client the opportunity to trade the market and win, so they'll run the stops and/or put you on manual trades so they win and scare you away.

What a totally uneven playing field.

It is making me appreciate the regulators we have here in this country who it seems are trying to protect us from the "big sharks" out there in the forex world.


Regards

[PittsburghFX]

Originally posted by foroz
PittsburghFx

the picture you paint is of a MM who changes the rules to weight things even more in their favour if you decide to scalp. How can such actions possibly attract new customers?

From what you have said the MM's make money on the spread but don't want to give a client the opportunity to trade the market and win, so they'll run the stops and/or put you on manual trades so they win and scare you away.

What a totally uneven playing field.

It is making me appreciate the regulators we have here in this country who it seems are trying to protect us from the "big sharks" out there in the forex world.


Regards

Sir,

I totally understand your frustrations and expectations. The Forex market does have many advantages over everyother market, but I feel that the key is not scalping and picking.

No MM likes pickers because basically what they do is steal the spread out from underneath the market maker.

As long as you pay the spread there is never any doubt or question of what the problem is.

You will be totally satisfied in a few years when the market makers are pip for pip with the interbank, and then everyone will trade off of instant execution and dealer intervention will not be needed.

Pickers take advantage of the delay and technology in prices.

[PittsburghFX]

Originally posted by daentay
Thanks Pittsburgh FX for your replies, its enlightening .

If the strategy I adopt does not catch pips in a fast moving market all the time, but throughout the day.

I am hoping to get more insights from you before I run it live with automation.

In the senario given in the picture posted,
I would have generated 1254 pips spread with 418 trades (yes, 3 pips) for EUR/USD pair for the strategy for 5 days of trades.

and the net profit (profit - spread and interest) for me is about 560 pips.

The shortest timeframe from opening to close is 1 min.

please comment more , thanks and regards.

P.S. If anyone knows of the whereabouts of any order routing software for wealth-lab that has limit and stop orders for FXCM, please post it, I am sure a lot of people would order

Hey,

that looks excellent, but would you pm me more details of how that works. I have generated similar results on programs, but indeed there seemed to be a catch for it all. Email me Brian@ Pittsburghfx .com

[rayeni]

Originally posted by fxtrader01
I have been trading forex for more than 6 months now. My capital was borrowed money. As a novice, I didn't want to make mistakes. So I spent money on 4x Made easy software, Alert services, Charts, datafeed etc. Nothing really worked. Then started trading based on my own instints. That was a disaster. Now I am left with the last 1K.

I promised my wife to at least recover the initital capital and repay the loan. I am holding on to the last 1K left with me. If I loose this remaining capital, that is the end of my trading career. I don't think I can trade my own anymore. I need a simple system that would make a few pips gain every week/month. Can anyone suggest any system/platform/indicator/software that would help to achieve my goal?. I am not greedy, just want to recover the money lost.

Awaiting for the last chance advises from the experienced.

Six months? In my opinion, six months was WAY too early to open a real account and start trading. I would dare to say that some of the best traders in the world weren't very good six months after exposure to Forex.

My only advice to you is a cliche: "You learn something new everyday."

[Goldfinch]

The market will always be there - there are also success stories from users of this forum - I take encourahgement from that, and will just plod on till I get things to click.

[newfx04]

My question is this in regards to MM putting those on manual fill. Are you not talking about news traders who open 2-3 accounts and wait for the platform that lags and then hit the button for instant fills. I asked 3 differrent firms about scalping. One of which is FXCM and they all stated that you can open and close a position as quckliy as you like as many times as you like during a day.
All are now limiting opening orders right before data releases for the exact reason as stated above. All of them also suggested longer time frames to trade off of for safety reasons but all denied that they move the spreads to wipe people out.
This type of practice also makes no sense to me. for the following reasons

1) they make money everytime trade the more times I trade the more they make.
2) iF theyt are manually moving thier spreads then they risk me not having another platform open and catching them in the act.
3) If they were ever discoivered they would be out of business in a minute since no one would ever go there.
4) compittion for clients is fierce why screw them