Is scalping ok in Australia?

As I am an Australian resident and, therefore, using an Australian broker.
I am going to phone them tomorrow and ask them 2 questions :

  1. Is scalping ok? I take it they know what scalping is.

  2. What are the mininum no of pips with standard lot (100,000) and major currency pairs they will allow me to make before they protest?

Let you know the answer in my next post tomorrow. (Americans will be sleeping as they are in a different time zone).

Regards, Tymen Wortel, Perth, Western Australia.

Scalping doesnt goes by a country or such. That whether a certain country accepts or no
Scalping should be asked by a broker, if they accept or no… Most brokers do accept… Mostly they dont… If you scalp a little, keep long trades and do such kind of trades, they wont have much problem i assume… If you just focus only on Scalping, it arises problem…

Scalping isn’t illegal and at worst case is just prohibited by the broker.

Most likely your broker will find a way to stop you if you are profitable.

[B]Ha, so much for the presumptuous answers[/B]!! :rolleyes: :cool: :stuck_out_tongue: :smiley:

Why did you people not wait till I made the phone call and then see what the answer was?!

I told my broker about the scalping issue here on this forum and that brokers do not like it.

Their answer :
“tough ****”
“make 1 pip it you want - we don’t care”

The answer in general was that I could scalp all I wanted to and it would not worry them. The amount of profit I make is my business only.
They told me that sometimes you even have to make only a few pips because you can see the trade suddenly going against you. So there is nothing wrong with that.

So please, people, do not jump to conclusions.

This response from my broker is very different from what I read about the brokers on this forum.

So again, I will say that my broker is one of integrity.
But they are in Australia.

I have also been given permission to recommend them on this forum. The only problem for overseas customers is that your deposited money would have to go through the exchange rate.

The broker is :
Best Forex Trading - Broker Forex - Chart Forex - Contact Us

Regards, Tymen Wortel, Perth, Western Australia.

The other broker who accepts scalping is STIFX, there site is forex trading, forex trading education, forex brokerage, forex mini account, online forex trading, managed forex trading, best forex broker the one i am trading with live and do the following trading styles
Scalping, Long trades, and other styles, which is ease for the broker. With Quick Execution i can grab instant profit, and to minimize my risks i hedge by OIL and use micro lots. cheers.

I too reside in Australia, so I will NOT use an Australian broker. Due to data sharing rules and excessive intrusive details required I will also NOT use a US broker. Kinda limits me, but I would rather deal with a broker who treats my personal details with respect and privacy.

I currently use mig in switzerland, but although they do not have a policy of no scalping, they actively work against you if you do and make it difficult at best to extract sufficient pips (it really is frustrating to watch it happen). I will be changing brokers shortly.

Had a look at the website, with the poor quality, broken links and mathematical errors that took me about 30 seconds to find, I personally will NOT be considering STIFX. Looks and smells like a scam to me. (could be wrong, but not worth my risk) The post also looks a lot like spam.

Spamming for a scam, who’da thunk :rolleyes:

Very true a scamming is spam very definite. thanks for letting us know
But i wouldnt consider STIFX a scam, there site is poor for sure, you will find many place site being poor, but if the service quality, and if the execution service is best, i wouldnt care about a site.

Cause if you start chosing brokers by looking at there site, hehe i would just say that would be a good way a broker could cheat there clients, i have tried all the brokers who show off as to be something good with nice site, but what do you get, bad service, bad execution.
So thats why try out demo, try with little money, you get to know the service, execution.

Thanks though for sharing, but i am happy with STIFx :slight_smile:

To Bugeye :

In an attempt to solve your broker selection problems, may I suggest an ECN broker, that is one which deals directly with the market, therefore, no middlemen. (called a NND broker - non dealing desk).

Such a broker is EFX.
I am told they will trade down to 1 pip commission and you can trade inside the spread.

Firstly some [B]mandatory [/B]reading before choosing your broker…

Dealing Desk Brokers - The NDD Forum - Savvy Traders Want to Know

Here is the start of the EFX website to look at :

Kind regards, Tymen Wortel, Perth, Western Australia.