Forex Scalping Strategy

Guys what I know about metatrader is that it is used by bucket shops only. If you constantly make good money with such dealers you will be screwed finally until you lost or go away. Some time ago I tried to find a metatrader broker with good reviews but could not. Slippage, requotes and spikes to hit your stop is normal practice in bucket shops using MT software. There is even a plugin for metatrader called virtual dealer which makes trader's life harder. You can find info about it on trader forums. And from what I learned before I think trading futures like Emini S&Ps and when you can see the depth/volume of trading is better for newbies than trading in forex market.
 
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In forex trading, once again I said this , the most important thing is MONEY MANAGEMENT! I also trade stock and stock option, the same rules apply, although stock option moves differently (it's a different ball game), Do Not Overtrade!! and it's common that in front of the screen we feel "itchy" if we don't place a trade .... when no signals, don't trade

Why I repeat this so many times? because in the past I've watched my account doubled from in less than 3 months (that's too aggresive), the bad news is, I've also watched my account vanish just like that in less than 2 months !!!

What were the cause of those dramatic changes??? OVERTRADE AND UNPROPER MONEYMANAGEMENT!! I was started with sound stategy and money management but ... "Greed and Fear" easily slipped in, so I got carried away and trade not based on my technical strategy but by "hope and feeling".

Yes I've doubled my account once, but blew it up in no time!, When you Overtrade and do not apply prudent money management (2% max risk at most per trade, and only 1 position at a time!!) , then all of those friends warn us in this thread, 99% will happen, I can Guarantee it.

Regarding broker account, for metatrader, I use Interbankfx (US) and crownforex, (switzerland), and for non metatrader, I've used dBFX (Deutsche Bank Forex in US) and GFT

On my experience, they are OK, I've never had any problem in trading and also when I want to draw my money from my account.

CrownForex do not alow scalping (their definition is take profit/loss 0 to 6 pips and do the trade very frequent, is scalping), Interbank allow scalping but I think they are not good for news trader (who place straddle order).

There are also some other good metatrader broker like FXDD or Alpari, but I never use them so, I cannot comment.

As for E-minis, I do not have any experience, I only trade stock, stock option and forex
 
Scalpings ok, but be warned when your broker starts messing with your spreads & your platform hangs for a while!

*ALOT* of brokers do it, quite regularly. and it can cost you dearly in the long run.
 
Jamie, I noticed your signature... don't keep us in suspense, is your CPA device anything like the Secret Submit Method or CPAXtream?
 
I reupload the files in rapidshare, somehow i cannot uipload it to mediafire, if anyone can upload this file to mediafire, thank's

btw, on this zip file, there are 4 ebooks (1 SRDC strategy and 3 ebooks about pivot) and 2 pivot indicators.

The pivot ebooks was made by paid srvices membership, I used to be members of this services. If you want to learn you can subscribe, but on my experience, there are lots of free good resources on the internet (just like SRDC and babypips or forex tsd) and they are good

Code: 
http://rapidshare.com/files/202319591/for_bhw.rar.html
 
BTW, I'm not related to those services at all,

In the past, I subscribed to several courses and services, but not anymore, currently i'm not using any paid services, and i'm OK, the key : MONEY MANAGEMENT and DISCIPLINE, DO NOT OVERTRADE
 
I just had a couple small questions on forex... now I've been playing in the stock market recently and been doing well, but is the forex market almost the same thing? $1 = 0.00086IQD buy low... 1USD = 1IQD = $$$$!? sell high?

Is there any automated programs in MT4 or bots or whatever to help in assisting you with these trades 24/7 while you're at work or asleep or doing other things? I think I saw one or two on here before but seem outdated and might not be good enough to use now? I know that there's no such thing as "easy money" but it would be helpful to get some automated programs to handle that while doing other business trades in stock or otherwise.
 
There are a ton of EAs (expert advisors) software that will trade for you. I don't trust most of them. They work for a time, then all hell breaks loose and you lose all that you've gained, plus some more. Not that I'm an expert, but to me it's better to manually trade.

You can of course place a "pending order," which is semi-automatic, I guess. But in a case like that, you really should know what you're doing.

And you're right, there's no such thing as "easy money..." :)
 
hellboy78 said:
Hi guys

I'm a full time trader, no forex but CFD on Ger30 (DAX)

it's not clear which strategy you are promoting, but all are good,
just
your biggest enemy is yourself with any strategy.

I personally use "cycles", an old theory of Gann, Fibonacci, Dow, Taylor,
the method is good, but I'm still learning how to be NO GREEDY.

I'm developing a cycle software to work with interactivebrokers datas, that are very cheap.
if someone interested............

good trading
HB
Click to expand...

Yes HellBoy, 1000 % agree that's the point!!! our worst enemy is "Greed and Fear", some of the symptoms that this enemy already entered our mind is :

1. Keep adding lots (bigger than we should), so we ruin our money management plan
2. Keep removing the stop loss (or put it farther and farther away), because one cannot accept that he/she is wrong at that trade
3. When sit in front of trading screen, almost always open new position eventhough technically it's not the right time
4. start trying to pick top and bottom (therefore usually end up trading against the trend)
5. When hit by a loosing trade, try to make a quick "Revenge" so, after a loss happened, rush in a new position

AVOID THEM with all your might!!

I've made those mistakes above in the past, and still once in a while those mistakes slip in ..... so trade prudently and take care guys

I've used EA but not anymore, yes they can trade automatically with rigid mechanical rules, but if you want to use EA, please take full control of it, by setting very small risk and keep watching them, because some of them are good in stong trending market but can be disastrous on wide ranging market and vice versa.

And also I don't recommend EA (or manual strategy) with martingale system (On stocks it's called cost dollar averaging), this system will add more position when the first opening position turned to be on the wrong side, in hoping that when the price bounce back, the lost of the first position can easily eliminated, but when the price continuously goes against us, this system can wiped out your account in no time (margin call happen)
 
Thanks for starting this tread, gileakh. There's a lot of good info here. I was not familiar with SRDC, thanks for turning me on to this great system of trading the Forex.

Continued success...;)
 
One more thing important thing (at least for myself), I always avoid "hedging" a position (may be the terms hedging in here is not the right word, because there's hedge fund etc. and it's different from this "Positional hedging"),

what I mean is, when a trader open a position (for example 1 lot buy EURUSD), without stop loss. Then the price goes against him (fall down) heavily, instead of take loss, he keep that position open and then open a new opposite position (1 lot sell EURUSD), in order to stop further losses ... (by doing this the amount of losses become fix not fluctuated) and then hoping to close the sell position in profit and if price bounce back the loss due to initial buy position can be lower. Seems like a good plan right? ...... It's not!!!! Because right after you "hedge" you are in deep "S...t" , the initial position is already containing huge losses (have not realized though) and you'll end up confuse, when will the perfect time to let go of them!!!

So, I always open 1 position/1 direction at a time ...... win loose or draw :) if it's a good trade I take the profit, if it's not, accept the loss ..... and prepare for the next trade with peace of mind
 
blythe2005 said:
Thanks for starting this tread, gileakh. There's a lot of good info here. I was not familiar with SRDC, thanks for turning me on to this great system of trading the Forex.

Continued success...;)
Click to expand...

You're Very Welcome .... and succes to you too
 
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