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[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

[Skorpion]

How would scalpers take up liqudity? Tend to believe that scalpers ADD liquidity - not decrease it.

[Skorpion]

Everyone talks about this topic but it makes little sense. The broker still makes his money off the spread. So what do they care if you scalp? How does this differ from NASDAQ scalping. What brokers will shut you down or turn you over to manual exectuion?

[Skorpion]

Yes - i also called around to MGForex - FXCM - and they both said that they had no policy against scalping. Maybe someone could enlighten me as to why there is such discrepancies on the topic.

Thanks.

[autofx]

Skorpion,

Trust your first-hand experience. If you scalp on a live account
with, say, FXCM, and never experience any problem (other
than the expected order-fill delays during heavy trading hours),
then believe your eyes. You may not have been reading reliable
information at MoneyTec.

[efex.co.uk]

autofx is right, despite what anyone else has to say your own first-hand experience is the only thing that matters.

Marketmakers have no need to close anyone's account for the way they trade and the idea of the sales desk phoning a client telling him not to scalp or they'll 'shut him down' is a bit farfetched. Competition is fierce for clients, marketmakers are cutting spreads, offering free training courses, better charts, free news feeds, flasher platforms, it won't be long before you'll get Air Miles and a cuddly toy with every lot traded! The last thing they're likely to do is close accounts when they have no reason to.

Having said that, you do run the risk of experiencing delays while all your market orders go through a dealer rather than automatic instant electronic execution. They'll do this when, for example, a trader opens a large trade on a spike and closes it milliseconds later for a few pips and a lot of profit. The problem for the broker in trades like this is he has nowhere to offset your position, the instant automatic order execution will put him on the other side of your trade, in effect he loses what you win in a trade like that. A good example was the recent controversy over filled market orders around NFP data which were later revoked, the broker simply lost too much money and explained later that the price did not exist and the market never really traded there. Slightly unfair perhaps but that was their prerogative, after all they dictate the terms of business and either we tow the line or close our accounts and go elsewhere, but in more or less any event the broker has no valid reason to close your account, whatever your style of trading happens to be, they have other ways to discourage trader practices which affect their profit line.


efexuk

[newfx04]

Well Said,......... very well said

[efex.co.uk]

Originally posted by newfx04
Well Said,......... very well said

Me? If it was then thanks, autofx started the ball rolling though so he deserves the credit.

While I'm on a roll let me dispel another fallacy, time. The timing of trades makes absolutely no difference to your broker whatsoever, whether you open a trade and close it 10 seconds later he really doesn't care as long as he has the opportunity to offset your trade if he needs to, there is no ominious radar scanning for traders who open/close within any specific time period. They do watch out for traders taking advantage of spikes though, as mentioned in my previous literary masterpiece! Play fair and treat your broker with respect and he'll return the courtesy.

Brokers want you, they need you, without your volume they can't make any money. We need them, without them we can't trade.


efexuk

[newfx04]

EFX (sorry didn't get the whole login).
I actually talked to my dealer about this today. Apperrently what some of the bad apples do is open accounts at 3 or 4 brokers. have all the platforms open , then because some dealers lag others, they pull the trigger on the dealer that is lagging. I guess a couple of dealers got hit pretty hard on a couple NFPS which is why alot of them now do not guarentee fills. Food for thought

[trader2004]

THERE IS A SAYING THAT GOES:


"MANY ARE CALLED BUT FEW ARE CHOSEN"

BUT REMEBER THAT YOU DO NOT HAVE TO GIVE UP IF YOU ARE NOT A CHOSEN WINNING FOREX TRADER THE FIRST TIME REMEMBER THAT THERE WAS A REASON WHY MAYBE YOU WHERE NOT PREPARED ENOUGH WHEN YOU CAME INTO THIS GAME OR YOU DIDI NOT DO ENOUGH RESEARCH ON YOUR PART THATS WHY MABY YOU FAILED THE FIRST TIME, ALSO UNDERSTAND THAT NO SYSTEM IS ONE HUNDRED PERCENT THE HOLY GRAIL FOR TRADING, DEVELOP YOUR OWN AND THIRST IT OVER AND OVER TO MAKE SURE IT WORKS.

REMEMBER THAT FAILURE IS NOT AN OPTION FOR A TRUE TRADER AND THAT WHAT GOES UP MUST COME DOWN AND NEVER TRY TO CATCH A FALLENING KNIFE.

[Baruch]

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.

Try news trading. See the threads here about that.

[Argonaut]

Hello,

I'm sorry to learn about you predicament.
Please contact me at rhub7@yahoo.com
I may be able to help.

Argonaut