If you want to do this for a living then get your ass out of bed:)
You can sleep long enough when you are dead.:eek:
Forex, it’s my only income I have.
Happy Trading and may the trading force be with you.
Really great thread, it just goes to show that the most profitable way of trading is scalping, and I think that this thread is living proof that stick two fingers up at those ones that say that scalping is not profitable.
In essence I trade something very similar by now to you guys, the crucial thing I think is to know the difference between when you get a setup/signal or whatever in a ‘tidy market’ and to pass when you’ve got spikey candles’
Only thing is, I don’t use Bollinger bands, I hate them, it’s a psychology thing more than anything I used to quite often put them on my chart because I can see how they can be used, and I can see how they work for you guys.
I actually sort of measure the deviation with a trendline from peak to trough across the MA, which probably gets me to draw to the same conclusion as I would with the Bolli.
But yes a simple strategy having done a lot of screen time or probably some good mentoring will get you scalping mega profitably.
How about scalping on a 15 minute chart? Wouldnt it be easier and less stressful to scalp on the 15minue compared to the 1 minute? Wouldnt you be able to catch afew good trades and a similar amount of pips?
Also purple-patch besides scalping do you do any other type of trading like end of day trading off the daily chart? Or longer time frame trading. If the market is constantly different, sometimes ranging sometimes trending, would you use different styles of trading to suit the market conditions?
No, No, No, when the market is ranging the candles are spikey, I don’t trade. I always trade a nice pretty market that has consistent movements.
Should I live another one hundred days I wil be 73 so I don’t have to get my ass in gear for anything or anybody (wink/wink). I’d do one of those smiley things but i don’t know how.
Sorry,
then the line
[B]“you can sleep long enough when you are dead”[/B] applies.
or applied to speed limit, speed limits should be always speed limit posted plus age = actual speed. Step on it, after all, yes, I agree after a certain age you don’t have that much time left to do what you still would like to do.
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Happy Trading
Hello all traders , can you recommend me a good free platform for scalping ? Thanks
Simple - Oanda
This one sucks
If you know best.
Not really, once you get used to it. Actually it has some nice features for quick trading, I miss in MT4.
It has everything I need for my little brain and trading style, plus the good spread.
MINUS WHEN THE PLATFORM GOES DOWN DURING NEWS-TIME, but this is more a server problem then there style of chart.
Maybe hopefully Oanda will fix it, if not I may dump them but not for there chart-style.
Happy Trading
Oskar, you are much more patient and constructive than me today, but I have noticed some down time more than usual from Oanda recently, not noticed when so much, because normally I’m far away from the news for my trades.
Have you contacted support, I’m not being patronising, but sometimes it’s like when the power goes off locally, and everyone assumes that someone else has reported the problem.
There is also the question that will you be better off with another broker, I’ve used 3 in total in my trading career and I don’t think I’ll bother changing again, but I don’t have an issue with the downtime thing, because my strategy works with a fixed SL and TP.
And just to qualify my comments, my website was performing really poorly recently except on my Linux machine, then that was fixed, then I had one customer that had problems and nobody else, the thing is my current hosting company, while being one of the cheapest around! is one of the best, they tackled the issue so efficiently I was quite amazed. I wouldn’t be surprised if it cost them more to sort the issue out than 5 years subscription, I’m pretty sure Oanda has that attitude to business, fix problems when they are small!
The other thing I think is worth noting, you then need to be in contact with the right person, my first support contact was a bit defensive, then my second thought I was being a little rude, I apologised and said I was frustrated, and he nailed it in no time.
Just like being a forex newbie? If at first you don’t succeed try and try again.
Bit of a rattle there, but there you go, brandy ( a bit of Remy Martin) is the tipple today in this beautiful weather we are getting in this beautiful country
Last Thu. morning’s news around 07:30 to 09:00 CST/US (16GMT) seem particularly heavy although only 2 red flags as I recall but O.'s spread for the E/$ only went from 0.9 to 1.2 and the server didn’t crash or slow down so maybe the problem(s) is fixed. Being able to set default TP & SL to me is one of the biggest reasons for using them, especially when only trading one or two pairs. Lots of other good things too but I admit that MT4 is great for analyzing if one needs more indicators.
oskar: first nice to see someone share his system. i actually trade very similar to you. a question about your explanation:
in the setup + screenshots you talk about that u trade break of bollinger 10,1 on m1 and within bollinger 20,2 on m5. then in the explanation you state within bollinger 20,1 on m5. you probably mean bollinger 20,2 on m5 right?
Morning,
Purplepatchforex: I did send them e-mail and as an answer just a standard BS answer came back, I will keep watching.
dobro: Right now even the news volumes are relative low, I guess because holidays are around. They (Oanda) only jack up the spread if they have a lot of people on there server because they know people want to trade this particular news.
Therefore the server does not crash right now because low volume.
Watch, if they go just to spread 1.2~2 around news time the server is ok
Whenever you see they jack up the spread to 10 pips, that’s also the time the server gets unstable and goes intermittend.
I agree, MT4 is good to try all kinds of different systems and “exotics” xxxxxx.mq4 somebody posted.
Yet in the end… I stick with what works for me, after all it is not a hobby anymore, at least for me, but I a enjoy it:)
fyer: correct, just a typo. If I can I will correct it.
Happy Trading to all and may the trading-force be with you.
Thanks for the info Oskar. I am trading pennies (micro) with this strategy right now, just trying to see if I can make it work for me. I am currently testing/trading the 5M for the time being so I assume I can delete the 1M BBs as that is a separate entry strat. and not a confirming action. Pls let me know if I have made an incorrect assumption. d.
I would strongly advise anyone trying to trade that strategy to do it like oskar said with entries on M1 with confirmation of M5 direction. While it does work on higher tfs you need a lot more than just those simple breaks there especially on whipsaw days. So be really careful. This is scalping and while on the charts it looks just as pretty on higher tfs most of the time its really really different there!
PS: If you are serious about scalping the only marketmaker i would ever go near is oanda and yes i have tested them all live. However i would recommend to register through an introducing broker with dukascopy. Its not worth it though if you dont have high volume + a good introducing broker which gives u back about 40-45% of the commissions. Volume should be at least 20-50mio upwards a month to be worth it. That way you are around 0.5-1.2 pip spread + 0.2-0.3 commision but with pretty much up to 3 digit lotsize instant execution + no stop hunting whatever. Oskar especially you should be very interested to go with a decent ecn.
“I would strongly advise anyone trying to trade that strategy to do it like oskar said with entries on M1 with confirmation of M5 direction. While it does work on higher tfs you need a lot more than just those simple breaks there especially on whipsaw days. So be really careful. This is scalping and while on the charts it looks just as pretty on higher tfs most of the time its really really different there!” per fyer in post #37.
Now I’m confused and need clarification - do we use both TFs for trade entry or is each TF a stand alone entity? I have been looking at only the 5M but this now seems wrong. d.
If you want to do real scalping you will use M1 as your entry timeframe and use M5 for confirmation. Read carefully what oskar wrote again: You watch for the breach of the sloping M1 10,1 outer band within the correct direction (and other things he mentioned) in the M5 20,2 bands. So yes you dont use one timeframe but both timeframes for your trade. M1 for finding your entry and M5 for confirmation that you are not trading against your next highest timeframe. If you trade on M5 you should do the same thing but with M15. Looking for entries on M5 which are confirmed by the corresponding M15 bands. But as i said be very careful with this. Although a lot of people state it as “scalping” and on paper it looks nice its much more difficult than this. So only use scalping techniques on higher timeframes than M1 if you really know what you are doing. (which is also the case on M1) You can make way more than with any higher tf strategy on M1 but you really need some experience with it. Don’t listen to all the self proclaimed pros with their laughable 5-10% a month. Scalping is where the real money is IF YOU KNOW WHAT YOU ARE DOING. I would also be careful trading it just like this. Get something else to keep you out of whipsaws / narrow ranges / resistances. That work is up to you though. Everyone does it different. Combined it makes a damn powerful system though.
Trading successfully on the 1M & 5M TFs is very doable. You’ll first need to be able to trade higher timeframes like the daily for a few months then start working your way down when you feel you’ve aquired more experience. Trust me… diving in to the 5M charts and trading price patterns is asking to fail.
Don’t use any indicators, only your knowledge of support/resistance and how exactly the market moves.