Oh ok! I think a blend of auto and manual trading is best!
Me too canât rely on EAs completely, however I make sure broker I am using (which is fxview and xtb right now) is EA-compliant. I do keep trying them out but the ultimate control is in my hands.
It all depends on luck, as far as I have been told this is the exchange run by Lady Luck, in addition to the work of a trader.
Hope you guys know that it doesnât really take a high IQ to actually create these algorithms. They are made using only M command so thereâs really not much to it.
I am a noob when it comes to technology but still I have been able to create pretty cool workable EAs that I have been using on MT4 on XTB and Fxview. I am even ready to sell them soon.
Scalpers like to try and scalp between five and 10 pips from each trade they make and to repeat this process over and over throughout the day. Pip is short for âpercentage in pointâ and is the smallest exchange price movement a currency pair can take. Using high leverage and making trades with just a few pips profit at a time can add up. Scalpers get the best results if their trades are profitable and can be repeated many times over the course of the day. Remember, with one standard lot, the average value of a pip is about $10. So, for every five pips of profit made, the trader can make $50 at a time. Ten times a day, this would equal $500 for example.
Scalpers like to try and scalp between five and 10 pips from each trade they make and repeat this process over and over throughout the day. Pip is short for âpercentage in pointâ and is the smallest exchange price movement a currency pair can take.
Time frame is the most important aspect for scalpers, from 1 min to 5 min, it depends. I see overall pips traded throughout the day , separately for long and short positions.
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For scalping, I agree with you on that. It is best way to make a quick profit in short term.
Scalping is a different story when it comes to developing a strategy, so my advice is to take into demo trading and see which strategy can work out for you in your trading. That is how you will be able to find the perfect one that goes for your trading. Especially in Scalping.
That is quite an individual thing.
Unfortunately, there is no such a trading strategy which will be suitable for all traders. Everyine should adjust this or that trading idea for themselves. I strongly recommend you to test different take profits and stop losses on demo account in order to find the most approprite way of trading for your personality. Some people make 10-15 pips, others 20 pips, some scalpers make 30 pips and so on. You are absolutely free to set up those parameters which will be suitable for you mentally and psychologically. Youâve got to feel calm and emotionally stable, but motivated by good profits at the same time. As it usually happens, you need to find the golden mean and it is only practice which will make find the best way.
As for risk/reward ratio, I feel that the best ratio is 1:2, however, again I have met lots of traders who trade with 1:3 risk/reward ratio and feel fine with it. So, youâve got lots of room for the experiment.
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I00% agreed. Scalping requires a good strategy, quick decisions, and expertise in reading charts. Demo trading is a good step to become a scalper.
Before you decide to scalp, you should practise it on demo trading and have a good understanding of charts. You also need to be patient while scalping because you need to be quick with your actions.
That depends on the currency pair you are trading. Also it varies for every trader. But you can expect anything from 5-10 pips on an average per trade.
Thank you. I will try this.
Scalpers aim at catching 5-10 pips in a trade. You should also have a good exit strategy if you want to gain profits from scalping.