Scalping forex

crazy_trader · Oct 1, 2003

Not bad. $500 per month, waived after 400 tickets.
It is better than trading futures if you can get 1-2 pips
on EURUSD.

Quote from Franz:

Yes, Reuters3000.

BTW, have you ever found a spread of one pip in EUR/US on this platform ?

http://www.propfx.com/spreads_executions.html

headcutter · Oct 1, 2003

"http://www.propfx.com/spreads_executions.html"

Is this the same as RefcoFX Trading Station? I once downloaded the demo and it had a spread of 5 pips

Franz · Oct 1, 2003

So did I.

After asking what went wrong, this is they told me:

"There will be many time where the soread is 2 to 3 for a brief moment, you can trade on them when this occurs. keep watching the demo and you will see what i mean."

Question is, how long should I keep watching ???

SUPat · Oct 2, 2003

So lets say for sake of the arguement instead of 5 pips which is the standard, you are getting a 3 pip spread on the majors. Does that make it worth scalping even? It's still 6 pips round trip to breakeven.

everytick · Oct 2, 2003

To successfully scalp you have to take the spread in most trades not pay it.
Find where you can do this and it's possible.

robroy69 · Oct 2, 2003

Thanks Everytick,can you elaborate please?

marketsurfer · Oct 2, 2003

Quote from everytick:

To successfully scalp you have to take the spread in most trades not pay it.
Find where you can do this and it's possible.

yes. however, impossible in retail forex at this time.

best,

surfer

Remiraz · Oct 2, 2003

Quote from everytick:

To successfully scalp you have to take the spread in most trades not pay it.
Find where you can do this and it's possible.

Take the spread in most trades, not pay it?
Does that simply mean "earn more PIPs than the spread costs you" ?

marketsurfer · Oct 2, 2003

Quote from Remiraz:

Take the spread in most trades, not pay it?
Does that simply mean "earn more PIPs than the spread costs you" ?

no. it means buying the bid and selling the ask. impossible to do with a retail forex dealer.

best,

surfer

dv8 · Oct 2, 2003

Robroy69,

You can scalp forex, but it takes practice. I do it every day. The key is to develop a strategy that works for you.

On the other forum (that Wallace mentioned), a trader outlined his scalping strategy. I do not use this strategy, but we have a one minute chart in common.

Perhaps it is best in this thread to redefine scalping by not thinking about it in terms of stocks. I view it has trading the normal ebb and flow of market fluctuations cycles if you will.

But to each his own, longer term strategies are not my cup of tea. They are great for some traders, but I like the action of the minute chart. I also like the fact that while my longer term counterparts are getting, say forty pips from a move, by trading the fluctuations or cycles, I can get double, sometimes triple the pips.

I will share this by way of strategy, elliot wave techniques are valid on shorter term charts and I use them with other indicators.

BTW, you can get between the spread if you are using a platform like HotSpot.

dv8

just a thought: love the spell check!