No matter how much technology you throw at the market and,
believe me, on the retail side, I’ve done it all…
IT TAKES TIME FOR PRICES TO MOVE significantly.
No matter how much of a control freak you may be, just
like me, you should resist the temptation for short term
trading, and allow time for price to move, as in the Swing
Trading example I posted above.
Regardless of broker, if you have a Predictor of future
price, then you can be independently wealthy. That’s a
big IF and every trader is searching for that holy grail.
Strange advice from a man named Hyperscalper! But, probably very sage advice. I keep trying to write a consistently profitable scalping program, but so far have not managed it long term even with some great spreads. Been very close, but never seems to stand the test of time. Just my personal experience… others may have different
Take note, my advice in FOREX is that the key to success is
Currency Strength Trend Prediction over medium term
timeframes.
Yes, I am always working on BOTs for shorter term scalping,
but it always comes back to one single fact, that Price takes Time to move a significant amount
[EDIT] Let me reinforce my argument, one more time:
Just curious, are you running your bots across multiple trading sessions? As a scalper, sticking to a specific session has been an important factor for me. In the case of cryptocurrency, it is not as noticeable, though.
Way too complex a question, and off-topic for this thread, of course.
We can start another discussion thread on how BOTs should
be designed and whether they are tolerant of the wide swings
in activity levels through the 24 hour period…?
[EDIT] Major issues in the way I design BOTS include:
Multiple same-directional entries, which improves Cost Basis.
Partial profit-taking with replacement of original entry offer.
Trend indicators other than Price itself to predict trend.
Ability to deal with multiple Symbols simultaneously.
Some indication of a “misbehaving market” such as wide
spreads, Currency perturbations and, yes, to your point,
“no trade periods” which inhibit activity.
Ability to "slave’ or "copy trade’ to other accounts efficiently.
The timescale of the BOT, whether a micro scalper, a
swing BOT, or a medium term BOT, all of which are
very different in the strategy or tactics which are employed.
…and just so many other considerations…
I do pay attention to what time losses often occur and try to block those hours (plus appreciate the advice). Many of the brokers in this thread make scalping very tempting as spreads are often quite good. Main point was agreement with Hyperscalper that, in my experience, swing trading has been easier. Automated scalping is tempting, since each trade could have low risk and with many trades you know quickly if conditions have changed. In practice, it has been elusive. Evolve’s market depth on EURUSD in session overlap had me close, but could not beat the commission.
Trading the higher time frames will generally, always be easier. As Hyperscalper pointed out, there are many variables to consider when scalping. And I was sure that you had considered those things, but was only curious about what your experience has been.
THE DIFFICULTY AND FEASIBILITY OF A MICRO-SCALPING BOT
I’ll try to keep this brief, but just to illustrate how much harder it is to
attempt retail scalping with a BOT that is scalable and uses what I
call micro incremental order entry as well as micro-trend
following.
IN SHORT, IT IS POSSIBLE, BUT DON’T TRY THIS AT HOME, KIDZ
The micro trend can be determined, but only by a ridiculously complex
statistical extraction algorithm, based on the Market Depth in real time.
I’ve done this. Also, you want the BOT to scale and be involved in
trades from the 28 major pairs, at about the 30% to %60% so that
you are engaging about a dozen symbols at any given time.
Each symbol must use a micro-incremental approach where
a handful of individual positions form an aggregate cost basis,
and some profit-taking and replacement is also important while
managing this single symbol trade cluster.
A predatory approach is REQUIRED, where involvement in a
dozen symbols in actual trade positiions, means OFFERING to
enter maybe 2 DOZEN symbols, only 50% of which will actually
be filled with an adequate price deflection. And we NEVER
CHASE, but enter only on a micro counter trend pullback in
the presence of a positive (forward) micro trend.
In this case, a good broker with Coinexx quality commissions and
spreads is almost essential, and then the BOT can either 1) take
fixed profits, such as 3.5 - 5 PIPs per trade; or use micro trend
following to extend targets, or cut losses.
And, finally, it’s good if that BOT’s results can drive a number of
"copy slaved" accounts as well for further scalability.
This is what I could call “scalable micro-nibbling” and it can be a very
successful positive equity curve.
THIS IS SO OFF-TOPIC BUT, since it came up, I thought I would
discourage any of you from even trying to do this, in favor of a
Predictive method which involves you in longer term trades.
That method involves Currency Trend Analysis, which does not
require anything but Price Factoring Analysis to obtain Currency
Relative Strength Estimates over time. FOREX is full of
opportunity, if you can just see it, and predict it.
(SO, I SHOULD REALLY NOT BE HYPER-SCALPING, BUT I CAN
SAY “BEEN THERE, DONE THAT”, AND THERE ARE BETTER
APPROACHES TO TRADING WHICH ARE MORE PRACTICAL)
I withdrawal from Trader’s Way with USDC exclusively. Works perfectly to Coinbase to bank account. Obvious pro is no fluctuate, it is pinned to the USD
Stable coins are pegged 1:1 to USD (GUSD/TUSD/USDC/USDT)… there are still subtle exchange rate fluctuations between the 2, but it’s minimal. For example… if the transfer took 3-5 days to complete like a wire transfer you would still be whole when it eventually completed, by comparison BTC could be 10% lower within 30 min.
The stable coins with the highest market caps mentioned above all operate on the ethereum network…
XRP (<15 second transfers) & Stable coins (no USD exchange risk) should be the primary methods of transferring offshore to avoid exchange rate risk.
My position on the use of stable coins has been pretty evident. I highly recommend using them to avoid unfavorable valuation fluctuations, especially in cases where transfer times are unacceptable.
Does anyone have any recommendations on withdrawing from FxChoice to a US bank account with the least risk of losing money/fees involved? Still seems as though you can’t do direct USD transfers.
So I use TW almost exclusively for forex, FXChoice for indicies (TW does not offer). However, FXChoice doesn’t offer stable coin withdrawal, which concerns me at this point in time. Who are you currently using for the indicies?
Are people still using coinbase? I was reading posts describing how money was essentially being directly stolen/taken by coinbase from users out of their accounts being deemed “a violation” of coinbases’s terms? Last time I did anything involved crypto it was using Gemini.
