Hi. Been a stock trader a long time, tried forex and scalping last weeks, and i realy like it.
I trade on naked bars, 1 min and 10 seconds, 1 min foor trend, 10 sec for entry/exits. My question is how many pips that most people aim for. I read 5-10 pips. Im ususly on 2-6 pips if its a weak trend and break if i dont like what i see, and let it run if i like it, and i mostly use 1 -2.5 pip as stoploss. This is going quite good, but maybe i should aim for more pips?,
Are you trading CFDs live? a 1-2.5 pip stop loss is tiny, the spread is almost that big on a lot of instruments.
I’m not sure there’s anybody on here scalping and making money that can give you advice. Actually, I’m not sure there’s many people scalping on CFDs, it doesn’t really make sense when the spread is so punitive.
The proportions sound right, but scalpers aren’t really using timed bars, because their ranges, volumes and volatility vary so hugely (often by a factor of tenfold or more) at different times of day.
They’re using volume charts, tick-charts (those are used as an approximation of volume charts), range bars or whatever, but not really conventional timed bars. Not the ones doing it profitably, long-term, anyway.
That’s not really scalping at all.
That’s closer to scalping.
Yes - makes complete and good sense.
That’s absolutely tiny! Professional scalpers in the trading industry world almost universally have a slightly wider stop-loss than their target. 6-pip SL for a 3-pip or 4-pip target would be typical for a pro-trader, in the industry. They have hugely high win-rates, of course.
Maybe so. That wouldn’t be scalping at all, of course, but as you’re doing it, won’t the spread kill you?
Are you trading CFDs or futures? (It’s terribly difficult - and unnecessarily so! - to do it with CFDs!). Bear in mind that if you try to do this with CFDs, it’s the broker’s money you’re winning.
So as soon as they decide you really know what you’re doing and are a hazard to them, it’ll understandably be “goodnight, Charlie,” one way or another.
Which is why scalping and spot forex are mutually exclusive, really, in the long run. You can do it with futures (and much more safely, too, of course, because you’ll be trading instead of betting, your broker will actually be a broker rather than a counterparty, and that way you can combine high leverage with proper regulation! ! ).
It would be a contradiction in terms. Nobody who can actually scalp successfully could possibly choose CFDs as their instrument: that would be very unwise indeed!
Thank you for feedback! So il forget scalping on cfd then. Bad, i realy like scalping, suits my personality best. I have been a value invester and are now semi retired, so i need something fun to do to spend my days:-).
I’m simply suggesting not to scalp CFDs but something (e.g. forex futures) almost identical but without any spread, so you can safely combine good leverage, good regulation and have your broker on your side rather than being against you (because he’s actually a broker, not a counterparty whose money you win!).
And whatever you do, don’t listen to anyone telling you that you need an ECN or STP or NDD forex “broker”. Sadly, there are many members here (and in other beginners’ forums) who wrongly imagine that these terms mean that their broker isn’t their counterparty! (Anyone who has ever actually worked in the industry will tell you the opposite.)
Which broker you use, for futures, is barely relevant, because they’re actually brokers, so unlike forex “brokers” they all have the same prices at the same times.
Commissions are also very similar (and slightly changeable from time to time, so that’s not much of a basis for selecting a broker either, really)
People generally choose a futures broker in accordance with such factors as location, platform-preference, and so on.
A futures forum may be more helpful to you, if you want to scalp, than a beginners’ forex forum.
! ).