Anyone who has been scalping, can you sugest the trading account you use or one i should look into? I am currently using FXCM and find it hard to scalp when there pip spread is upwards of 3 pips. If i make 15 trades a day with a company that only has a 2 or even a 1 pip spread that makes me an extra 15 or 30 pips per day!! Its hard to capitalize on a 6 or 7 pip move when half my profits each time are spent on the spread.
Feel free to chime in, any and all help is welcomed. Thanks
oanda’s the way to go. If you’d like to follow some scalpers and some strategies I’ve posted three links here which might interest you.
http://forums.babypips.com/newbie-island/33787-soul-scalping-minute-chart-scalp-talk-only.html
http://forums.babypips.com/free-forex-trading-systems/30927-mad-scalper.html
Fxpro is good regarding spread (1.5 on eur/usd most of the time).
MB Trading is amazing for scalpers. E/U less than 1 pip. G/U less than 2. G/J less than 3. Quick execution. Most of my trading is scalping the three aforementioned pairs. Commission is $2.95 per standard lot.
Is oanda strictly a java trading platform or is it available in executable software, I’ve used their java software and found very hard to navigate and use efficiently.
Also if I am not mistaken mad scalper is geared towards metatrader, can oanda be traded on MT4?
Yeah unfortunately it’s only a java platform. They modify it a bit where you can get the executable java file instead of going through the browser but thats about it. Strictly java so far as I know.
Yes Mad Scalper uses MT4 for charting and setups. I assume you’re asking if Mad Scalper can be traded on Oanda. I’m not sure the composition of the indicator so it would be best to talk to the creator of the thread (name slips my mind right now) to find out more.
Yes, it can, although it’ll require a tiny bit more manual effort. The actual system is a very simple MA crossover strategy at heart. It uses a 3 period LWMA to check against a 14 period LWMA.
Thanks for allt he replies!
Can someone explain to me MT4, and when you say, Oanda can be traded on it? I thought Oanda is a trading platform and you trade on Oanda, what am i missing?
Yep Oanda has a platform on it’s own. You can’t trade Oanda through MT4.
MT4 is MetaTrader4. Many brokers offer this charting/trading program as their platform. Many like it because it’s modifiable for different indicators and custom scripts/codes etc.
I agree with MB Trading as a choice.
Also, Dukascopy, and PFG Best.
All three are MT4 friendly, and all 3 have great spreads, as well as being ECN NDD brokers so you get lightning fast fills. I use PFG Best for my live account. The euro has a .5 spread. Hard to beat that.
Cheers!
oanda is terrible!
FX Open MT4 ECN is also a decent broker.
Oanda sucks? please elaborate if could…
Master Tang-
I have never heard of PFG Best, i will look into it, have you been trading live on it using a scalppers type trading method? If so, any problems you’ve encountered?.
I don’t know whether your referring to their services or their platform but both are quite acceptable for the spreads they offer as a retail broker. Service is excellent and though I am not live yet, I haven’t heard anything bad about them.