Hi all im wondering if anyone could reccomend the best broker for scalping, by scalping im not talking about holding a trade for a short amount of time, im talking about 7 pip take profit so i need low spreads and low commision and a broker who allows hedging
many thanks
We better scalp only if we knew trading techniques otherwise if you are new and trying to scalp then chances are that you can loose your money during this.
So I read this thread and think OMG. There are some seriously misguided folks here.
To the OP, man you need to seriously redefine your strategy. This is by no means scalping and even to gain 7 pips you might need to hold a trade open for hours. You have a intra-day trading strategy which will chew your account up in weeks if not managed correctly. Indeed I would and have not responded to now but if it was not for this crap posted.
Scalping is only for the most serious and experienced trader and will bring you no profit in the short term. You have to build and build and build return with the cost of trading eating away feveriously at any profit you do make.
As for brokers, if your broker applies these sort of restrictions on your trading account you’re trading with a bucket shop. Certainly not a larger, reputable broker. Don’t post this rubbish as it poisons the minds of new traders.
Dumb, dumb, you bring me gum,gum, it’s yum yum in my tum tum.
I have just read the thread for the first time, was thinking exactly this, all the way through, and then reached your post and found that you’d just said it!
I sometimes trade with a 7-8 pip/tick take-profit as my [I][U]first[/U][/I] target. This [B][U]isn’t[/U][/B] “scalping” (and neither is what’s described above).
Exactly so.
(Edited just to mention that a couple of the posts above about which Bob and I were casting aspersions, here, have now kindly been removed by a moderator.)
I don’t think i can match to what people above me said, as they are better in all terms in explaining things. However, one thing i found them missing pointing out was about brokers don’t allow trading concept as such. I mean HOW in the world that comes near sensible saying? IF the broker is ACTUALLY a BROKER, it MUST allow all techniques. I don’t think broker is the picker, it’s us.
[B][U]Very, very[/U][/B] few members of this forum are using brokers who are “ACTUALLY” brokers: they’re nearly all using counterparty market-makers who are [I]pretending[/I] to be brokers.
When you do that, [U]and you’re scalping[/U], it [B]isn’t[/B] “the market” that you’re scalping: it’s your own “broker” (and clearly they won’t tolerate that for long, if you’re a net winner).
That’s why this is a huge issue.
If you look at terms and conditions of a bucket shop broker they actually say that there is “conflict of interest” between the broker and the trader. This means that they want you to lose! Not the best conditions to start making money
Exactly so.
In great contrast, [I][U]genuine[/U][/I] brokers [I][U]like and welcome[/U][/I] scalpers, because scalpers pay more commissions than other traders, and “the house” isn’t involved at all in the outcomes of the trades.
Are you going to use some EA for that? After some time of successful trading even a fair broker will probably start to slippage your orders because with “tight” spreads you require they will generate less commission for them than the costs of execution (server load that your orders create, etc.). Considering slippage with 1-2 widened spreads scalping becomes very tough style of trading which has low chances for long-term success.