Hey guys,
I am not trying to boast or brag or make myself look like a fool - I really would like some real experienced people to check out what I am doing and give me their input. I have experimented with the Forex scene for a few months and feel that I am onto something, but I have nobody to compare it with to know what or “how” I am doing. As far as I know, I’m doing well.
I’m relatively new to the Forex scene, learning how to use bollingerbands, MACD, etc… - I’ve played with the simulators for a few months and have had, what I would consider a substantial success with a particular currency pair and style.
From what I understand, what I am doing is technically considered, “Scalping” - however, from what I am doing, I am able to be successful at the majority of my trades. I win most - and I lose few - but so far, my gains outweigh the losses. I am realistic in that respect ( can’t win every time)
For example, I started a Micro or Mini account, had $175 in the account- fooled around and now have around $1000 from my trades in 30 days, applying my newfound approach. Most of my trades don’t last for more than 2 minutes - some last seconds or even in the 5-10 minute range, but it moves very fast. For example, out of 30 trades, 7 will be minor losses while the rest will be positive, or “in the green”
I end up doing anywhere from 1 trade to 12 trades a day ( only if the condition is right for me, otherwise I don’t get greedy and trade) and will clear anywhere from 10 to 200+ pips per day. It just depends - I am in no rush and stick to my method.
Since I am still learning and testing what seems to work for me, at this point I only trade small lot amounts - like .2, .4, .8 - sometimes, .15, 20 or 30 if I feel confident in its movement. I understand that I am not trading what you more experienced traders are doing.
On these small ammounts I will usually make anywhere from $8, $19, $28, $38 and so on… some of the trades that I do on the smaller lots will bring in under $5 - However, I am doing the small ammounts. I have figured that I am growing my money from 48% - 63% per week consistantly.
I fooled around with my approach and on a few “larger” trades and brought in $150 - $300 per trade which is encouraging and fun - however what I am doing is still considered scalping I think, since the trades are quick, 30 seconds to a couple of minutes at best.
[B]Here are my problems/ Questions:[/B]
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My broker/company that I am using doesn’t allow “scalping” - they say that if the trade is under 2-3 minutes, it is considered “scalping” - however I have been doing this successfully over a month now without any notice from them telling me to stop. Are they waiting for me to make alot of $$ and then not let me have it? I have heard of that happening before.
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I would like to continute my approach with larger ammount which will result in larger more consistant profits -I need to find a broker that has Tick chart for the exotic currency pairs [B]and[/B] will not penalize me for making a trade in under 3 minutes. Anyone know of a broker that will allow this??
I really appreciate someone that actually has experience to give me their input. I have read alot of posts on other forums where people say things like "oh scalping is bad - you make no money, blah blah " well, my concept is that if I apply my approach with a “regular” ammount, I will not be making the $20 here - $40 there, I will be clearing over $200 each trade - so I am not sure if this changes things or not.
I appreciate the input guys!!!
Thank you in advanced!!
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