Forex Scalping Strategy

read lefevres book about jesse livermore. these small broker/bucket shops run the same game as the new england bucket shops did a hundred years ago. they are happy to let you trade, but if you make money it usually comes out of their pockets. they dont actually put most of the orders in on the exchanges. they just keep track, and if they start losing money because of you the will fuck with your account by blowing up your spread/giving you bad data and stopping you out.

a lot metatrader brokers are like this, little blackhat boiler room shiesters hiding behind a facade of legitimacy. be careful.

i know more about stocks than currency, but dbfx looks legit, and gileakh sounds like he knows his stuff. CME futures are probably the safest and most secure way to trade currency though. why fuck around when you can trade with the chicago mercantile exchange? the only problem is, as much as gileakh emphasises money management, it is even more important when dealing with derivatives, if you dont give them respect, they wont just wipe your account, you can lose everything and go bankrupt if you are greedy and allow for the possibility.

cme.com/trading/prd/fx/index.html there is a list of brokers on there as well as a lot more info
 
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One more thing guys :) for SRDC (I love this strategy!), all of credits and thanks is not for me but should go to OrangeRoshan the author of SRDC who is very kind to share, .... All I did is only pass this info to you all, only simple copy and paste :) nothing special, anybody can do it :)
 
qqbot said:
read lefevres book about jesse livermore. these small broker/bucket shops run the same game as the new england bucket shops did a hundred years ago. they are happy to let you trade, but if you make money it usually comes out of their pockets. they dont actually put most of the orders in on the exchanges. they just keep track, and if they start losing money because of you the will fuck with your account by blowing up your spread/giving you bad data and stopping you out.

a lot metatrader brokers are like this, little blackhat boiler room shiesters hiding behind a facade of legitimacy. be careful.

i know more about stocks than currency, but dbfx looks legit, and gileakh sounds like he knows his stuff. CME futures are probably the safest and most secure way to trade currency though. why fuck around when you can trade with the chicago mercantile exchange? the only problem is, as much as gileakh emphasises money management, it is even more important when dealing with derivatives, if you dont give them respect, they wont just wipe your account, you can lose everything and go bankrupt if you are greedy and allow for the possibility.

cme.com/trading/prd/fx/index.html there is a list of brokers on there as well as a lot more info
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Yes QQBOT, eventhough I've never been ''F..cked up" by metetrader's brooker (all my losses were caused by my careless trade) , I've heard and read good news and bad news about them.

And Guys, to trade forex, metatrader is not mandatory, there are dBFx with traditional dashboard platform, GFT with their own dealbook platform, also VT Trader, and Interactive brokers etc2 and CME. So being careful is always good

Pick any broker that you trust and have good reputation credibility, study their platform throughly ... and you can apply SRDC or Pivot strategy on them (Pivot and SRDC can be calculated manually, it's easy).

If you feel that metatrader brokers is not for you then, don't pick them, as I said above, there are plenty of option, and you have all the right to choose.

It's important, because when you trade, you have to be focus and yet relax, you have to put aside all other things that not directly related to the trade (like broker reputation etc.)

BTW, FYI for option and stock trading, I use Optionsxpress and ThinkOrSwim
 
hi gileakh, mind giving me some details on the indicator list u using?what i mean is, how to use it?as i know, is indicator, but what signal to look for..how to understand the indicator. thanks :)
 
acidevil said:
hi gileakh, mind giving me some details on the indicator list u using?what i mean is, how to use it?as i know, is indicator, but what signal to look for..how to understand the indicator. thanks :)
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The indicators (I only posted pivot and pivot midlines indicators) are for metatrader platform. If you use non metatrader platform, you can find pivot indicators on the internet or you can calculate daily pivot indicators (or even weekly and monthly) manually.

How to use it? I have discuss on my first post of this thread, and also I attached 3 ebooks about pivot and pivot trading strategy on my latest upload to rapidshare (posted previously in this thread).

If you use metatrader platform, after you install the platform on your PC, just copy those indicators and paste it to the indicators folder (for example, I use interbankfx, it is located at C:/Program Files/Interbank FX Trader 4/experts/indicators )

After that step done, run the metatrader pltform, then you can find them under indicators button, customs indicators, just click them and then the pivot lines will automatically drawn on your chart

That's all about indicators, same procedure for other indicators you might have
 
blackmark said:
What time do you usually trade?
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Since I only trade EURUSD, I rarely trade on asian session (the price movement mostly not much during this session), I mostly trade during London Session, and New York Session
 
hi, can u also share the experience of option trading ?


gileakh said:
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
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Awesome thread. I've been trading Forex for about a year and a half. Never really liked Scalping but I had a lot of fun doing it in the past. It was like "Gambling" back then, because I placed trades according to my gut feelings instead of analyzing the S/R levels, trendlines, etc etc. It was really exciting to see trades hitting T/P and heart pumping like crazy when pips are moving back and forth, almost hitting T/P or S/L. :)
 
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