Forex scalping in 1 min time frame

I have a scalping system with target profit 10 pips.

Is it possible to scalp for 10 pips profit considering both long and short spread from broker?.

If it is not possible/very hard to do than what is the shortest time frame that is tradeable, 5 mins?

Lastly, my broker is thinkorswim.com do you guys think TOS have competitive spread ?

Many thanks

I personally know ONE person that successfully scalps the 1 min charts, so I know it can be done. But it is, in my opinion, much harder to be a successful trader scalping short time frames than it is to trade short term off higher TF charts. I do borderline scalping (most trades last 10-15 minutes) off GBP/JPY 4H charts and make good returns doing it. Not really scalping in the true sense of the word, but close enough for me.

What pairs do you trade and what are the spreads at TOS? I checked their website but couldn’t find the spreads listed.

If you’re scalping EUR/USD I’d go with Oanda. Their .9 spread on that pair can’t be beat!

Thx. I only trade in demo account , still learning … their latest spread from EUR/USD is 3 pips … expensive or not?

What do you mean by .9 ? 9 pips ?

A 3 pip spread on EUR/USD is not expensive, but I would say it’s on the high side. Most major brokers are usually 2 or less.

By .9 I mean 1/10th less than 1. Some brokers, like Oanda, use a 5th decimal and the spreads can be fractions of a number. Oanda’s spread on EUR/USD is .9 pips most of the day, and almost always less than 1.5 during London and New York trading hours.

That’s amazing but how about the trading platform and do they charge commission plus hidden fees?. TOS don;t charge commision .

Thx

I use them and there are no hidden fees, the spread is all you pay. I think there may be a small fee if you withdraw funds more than once per month, but I never have so I’m not sure on that. Just remember reading it somewhere…

Oanda’s charts, as everyone will tell you, are absolutely awful. I do all my charting in MT4 on an IBFX demo account and then take my trades with Oanda.

As for the trading portion of the platform I love it!

No commision, no hidden fees with Oanda.

They’re the biggest US broker.

Only drawback is that their platform is java-based. Works well enough, but you can’t customize it that much.

I agree that their spreads are quite competitive. I also agree that 3 pips on eur/usd is definitely on the high side, unless it’s during the asian session.

edit: btw, check to make sure that Thinkorswim will pass the new NFA regulations on capitalisation before you go with them. I have a feeling they might not. Search for forex saviors thread on here on babypips for more info on those things

Thx Guys … :slight_smile:

I’m a major Newbie myself, however, one reason I didn’t go with TOS is because I had heard that they didn’t have any indicator alarms.

What broker are you using?

I know some traders prefer tight scalping for the action or whatever. But, probability wise if you are looking to be profitable scapling sets the odds against you heavily. You have to beat the spread AND go into profit on many trades, to make the same profit large time frame traders make in one or two trades.

For instance your target of 10 pips… If the spread is 4 pips, from your entry price has to go +14 for you to get your +10 to your account. To make 50 pips you have to be lucky and do that five times in a row. IME, five winning scalp trades in a row is hard to do. And if you have tight stops you will be taken out A LOT and find price went your way. So, you do a bigger stop and find you just lose more…

Right now I’m toying with somthing similar to nickB’s method. On one trade I have a target of +50, or +70 or +100. I only have to beat the spread once (and have the trade win) to equal five or more of your scalping trades. Far less headaches. Frankly it works better. Sure I could lose that much on one trade, but with a good win ratio (which I have) it ends up easily making back the losses as long as you don’t let losers run hoping they will come back.

IMO, the only good use of scalping is training to SEE price action and understand that price occiliates a lot before hitting larger time frame targets.

Most professional traders and profitable traders trade larger time frames.

If you are looking into scalping because you think it’s easier you are wrong. Scalping is harder. If you are looking at scalping because you think going for +10 and being conservative will save your account you are wrong. With scalping you will be trading far more often (and as a noob losing far more often), and be more prone to head gnomes like letting losers run.

Trading larger time frames is easier and lets you see support and resistance.

Most scalpers just try to jump in on price action AFTER it’s started. Which is getting behind a move AFTER it’s probably almost over. Which, will kill your account and frustrate you badly.

IMO, just scalp to get entry practice and see price action. Then move on to a larger time frame. IMO, scalping is for fools. Why do hundreds of trades trying to beat the spread over and over, when you can make more pips in just a few trades.

I’m using Gft, I really like there charting programs for back trading

I was about to write, which broker has 4 pip spread, ridiculous, and then realised that the post was from 2009. Things have changed a lot since then.