Hi all. Just wondering if anyone’s actively and successfully scalping, and if so, which broker are you using - dealing desk or non-dealing desk? I’m guessing it’s hard/dangerous trying to scalp using a dealing desk broker with fixed spreads. Or am I wrong (wouldn’t be the first time:D )?
To Mr Average :
Although I am very busy with the sharemarket, I must reply to this post because :
[B]I too am from Perth, Western Australia [/B] Great to see you here !!!
Hello, I have a buddy. Your post has made my day !
Yes it is sunny here, but right now they forcast rain for tomorrow - and we need it desperately.
Now I trade with candlesticks and have posts everywhere on this forum. My method does use scalping but this is optional.
I use a forex broker in Sydney - FXS forex thro Hallifax bank. You may have heard of them. They were quite happy with the idea of scalping when I brought it up with them and they are just your average deal desk broker. This broker does 4 pips on the majors.
But from what I read on this forum, the brokers in America have a bad reputation. No easy scalping there, I believe.
The ECN brokers allow easy scalping, in fact, it is most welcome. I have contacted both Efx and Hotspot with a number of questions. They have given me exclusive access to their charting software for free - it is not bad but the dealbook program that Hallifax uses is far superior.
The advantage of the ECN brokers is the low commission - USD $5 for one standard lot and 0 pip spread.
That is much better than 4/5 pip spread with no commission.
However, for me right now, I am happy to stay with Hallifax as long as they don’t complain about my scalping.
I feel better having my money in Bankwest (a Western Australian bank) because this is the bank they use. Your money is then kept locally and withdrawals are then easy.
With the ECN brokers, your money goes overseas (bye-bye) and withdrawals cost about $35 AUD.
Or they will mail a cheque to you from overseas (rediculous!). Unless it is a Western Union money order it would never get here.
To finish with, I encourage you to explore the many other past posts on this forum about scalping, indeed there are whole threads on the subject. I have posted on many of them.
Good to see another sandgroper on Babypips, although I must confess I’m a Pom by birth (came over about two and half years ago). Anyhow, thanks for your reply.
I’ve just (yesterday) opened up an account with EFX, mainly to see what (if any) real difference or advantage there is in an ECN. I’m intrigued by the chart access you mentioned - I’ve been weighing up what to do, chart-wise, and had decided to opt for the discounted Intelichart option through EFX (but that’s still U$20 a month I believe). How did you get them to give you free access?
To Mr Average :
Hello again. I think that you will find your time at Efx rewarding. With a zero pips spread you can scalp to your hearts content.
I got the free charting by twisting their arms a bit - but then, I am only doing a demo with them for now.
They have a new [B]free [/B]charting program coming out :
Here is what Justin from Efx wrote to me in an email :
Q1 A) Charting is not free at this moment, but with the release of our new platform in Omega, charting will be built-in and free to all users.
This program will have the bid/ask spreads together with the charts. I am looking forward to it. So I will wait till then.
By the way, do you live in Rockingham or its surrounds? (My old hometown).
I have opened a thread especially to pay tribute to the 3 of us from Western Australia…
NEWBIE ISLAND.....3 Members from from Perth, Western Australia.
You, me and Tonymand.
Do join us there !!