- No Scalping!!!

[traderdave72]

Originally Posted by rnp

hi,

has anyone traded using COESfx platform? could you provide some feedbacks about it like, is it better than those other forex brokers fxcm, o an da, etc.?

thanks
richy

Hello,
Check out www.hotspotfx.com or www.currenex.com They are institutional platforms but you can trade them. They have complete depth of market. Check them out.
Traderdave72

[traderdave72]

Originally Posted by h22gordo

I know FXCM doesn't allow scalping, but are there a few choices of brokers who do accept scalping?

I was going to open up an account at FXCM and asked them specifically about scalping and they now have a seperate platform just for scalpers where you can buy on bid and sell on offer or inbetween. They call the platform Propfx. If you go to www.propfx.com. Hope this helps.
Traderdave72

[traderdave72]

[quote=ajhardesty]This thread peaked my curiosity because I always thought of myself as a scalper in many trades, but not in the very short time frames indicated here. So what is the consensus definition of scalping?

I did a google on "forex scalping" and found 3 very different definitions:

Scalp
To trade for small gains. Scalping normally involves establishing and liquidating a position quickly, usually within the same day, hour or even just a few minutes.

Scalping
The basic definition of scalping is a trading style in which a trader takes a profit on the first leg of a movement, not allowing the stock any meaningful retreat.

Just to clarify this. Back in the late 90's, there what they called "SOES Bandits". Back in that time the stocks were quoted in fractions 1/8, 3/4, etc. So buying on the bid side (buy side) and immediately selling on the offer (sell side)could offer some nice gains if the right stock was played. Some stocks had spreads up to 7/8 or more. You take 1000 shares and scalp it for 1 point,that is $1000 minus commissions in a matter of seconds. This is why in my opinion they went to decimals. I myself used to daytrade stocks and I would always try to buy on the bid and sell on the offer to make a few extra dollars. You will not always get filled like this, especially if stock is moving quickly. I use FXDD and I buy and sell within 20 secs-5 min depending on how long it takes to gain pips and I have never had any problems. I of course do not trade 100 lots per trade either. I do agree that if people were to do just that, trade 100 lots all day long for 1-3 pips that it wouldn't take long to put a broker out of business. It takes a lot of guts to be able to execute 100 lots of real money and very few have the iron stomach it takes to do that. So the true definition of scalping as it was originally thought doesn't exist at many brokers due to the fact that you can't buy on bid and sell on offer at most brokers. This is my 2 cents worth.
Traderdave72