…, however, the definition of true scalping seems to be this:
-Trades which are short in duration (Short=less than a minute, often times under 10 seconds)
-Gains of less than 10 pips
-Multiple trades over the course of a minute
So you did learn something from my post!!
Does the above mentioned traders (some of which are members of this forum, I have ran across others traders with similar experiences on others) sound like true blue scalpers?
Absolutely not.
Absolutely yes!! I am one of them - a scalper who fits the above criteria.
I trade the GFT platform - with no problem scalping!
…, it is the interpretation of the policy by individuals with authority that you should truly concern yourself with. The issue has nothing to do with a specific broker, but a perception of the individuals in the fraud protection department monitoring the trades.
Perception can be heavily influenced by emotion, bias, past experience, etc. as we all know.
Pointless arguement.
We are interested in [U]facts [/U]here. There are too many superstitions floating around amongst forex traders. Superstitions serve no-one.
There are plenty of brokers that will allow you to scalp.
I agree with Daydreamer65 who has been on this forum as long as I have…ie
Consult your broker for your requirements.
If you are a scalper and do not like the brokers scalping policy, [U]find another broker[/U].
Tymen, hardly is that a pointless argument. Working in the asset protection for a major corporation (Verizon Wireless, owned by Vodafone), I can flat out tell you that interpretation of a company’s policy (whilst the policy may seem in your favor) can actually backlash on you, the trader, when the individual behind the computer screen makes a decision based off of his/her perception and understanding of a corporate policy, and it can/does adversely affected traders (who were using Oanada, and were not actual scalpers. I am well aware of your trading strategy [great by the way, used it and grabbed +80 pips last night ], and I was not including you in that group). Point is this: can it happen? Yes. Does it? Yes…but the frequency depends on the company.
In the end, I was informing traders of one more concern that can arise in choosing your broker. In a nutshell: do you due diligence when researching a broker! Checking out the NFA’s website and calling a broker’s service, in regards to their policy, is just a few steps–you need to talk to fellow traders (who are experienced) with the broker, to find out about discrepancies.
We asset protection guys are far too over cautious–I’m just letting you know what can happen on the other end guys.
I am a manager of a company that currently employs 22 people. I guaruntee out of those 22, some of them hate me. Thats part of running a business. Do I care?
NO.
My point is… WHO CARES if forex brokers hate scalpers??
Business is about interests. I believe it is important to define your interests and be aware of all of the interests of the other stakeholders. This way your strategy is on solid ground. That was the whole point of the thread that I started. No emotions; just interests and strategy (Kind of similar to military ops.)
I started another thread in the Newbie section about the differences between live and demo trading. The reason is that I am testing my strategy in demo mode, but [B]I am unsure whether it will be acceptable in live trading.[/B] I started on 21 April 2008 and for the 5 days to 25 April (which incidently was my birthday:D ) I made 1013 trades of which 509 were short and 504 were long. 1000 of these trades were winners and 13 losers. Some of them lasted a few seconds, but they were in the minority.
The average winner was $321 and the average loser was $331.
Now my questions are, Will brokers allow such a strategy where I do so many trades per day on their live platforms?
and
Should I just abandon what I’m doing and try to trade more conventionally?
[B]Ofcourse your strategy will be acceptable on live…But the only difference you feel in live & on demo is your broker’s trading platform… I demo trade the fxcm’s platform for the long time & was testing my strategy on demo & when i feel myself the habitual of getting some consistant Pip’s with my successfull strategy on demo then i decided to come on real with fxcm then i find their platform worest …:mad: Oder execution was very slow, slippage, & incase if i close my short position for instance at 0.9970 then at the end in my profit box i find my same position closed at 0.9975/73:eek: …3/5 Pip’s loss… Mean’s they are worest & very slow on closing the position:mad: even if you are using high connection internet…
& about the answer of your question than yes you can do as many as trade’s you want in a same day… ofcousre your broker’s is getting spread’s in return from your trade’s…
PipHacker!!![/B]
It is exactly this aspect that concerns me about going live. It seems that there are quite a few backyard operators out there and the trick is to know who not to pick.
Have the normal retail banks not looked into this as a means of growing their income? Surely they will not use underhand tactics like that. Here in South Africa one bank even ventured into Internet Service Provision and it looks like they are doing well.
Banks already provide stockbroker services here, so it should be only a small step to also provide forex trading platforms. What do you think?
I wonder if anybody here scalp small time frame (with standard lot, not mini, money u make in mini means nothing because in this business psycology contribute to 90% succ. rate) and make a living as a full time job :rolleyes:
Yes they do and did. They told all their non US customers to exchange to USD last year. Their customers agreed and then the banks never made the exchanges but the customers thought they did. Cha Ching!!! Easy money!!!
No just kidding:D Just adding more to your conspiracy theories Lagger:D
Is there a monetary difference between mini and full compared to account size? Don’t reply back with the obvious answer either. I am talking value wise.
Anyways, big time traders like myself don’t trade any of that stuff. In our secret society of big time traders, our secret brokers not known to the rest of the world let us trade up to 1000 MEGA lots at a time. I won’t even tell you what it is worth. Our secret brokers also give us perks like systems that never lose.
Hey, I’m really concerned about this, because it stands in my way to a few million dollars a year. I think I cracked the code, but if the broker sabotage me, No Martinis on the Bahamas!:mad:
Yeah I am having the same problem. It is not with forex but does keep me away from a few million at the bank downtown. If it wasn’t for those damn police officers, brick walls, and a giant steel safe… I would have it by now. Oh well, I will keep trying.
Hotspot fx is the only very few real brokers. Majority of brokers out there are just like casinos, your money never leave the house, u trade against the brokers, if many people make money brokers will go bankrupt. Hotspot fx is the real broker, spread is very low, even 0 ideal for scalper, everytime I entered trades I got positive almost right away during London session. also most important if u want to trade news (I don’t) one click in or out, no delay.
I have been on this forum long enough to tell you the most common myths that float around. They eventually die out only for someone else to resurface them all over again later.
Some common ones are:
Brokers do not allow scalping.
Brokers are always running your stops.
The only good brokers are ECN brokers.
Forex is the hardest market to trade - you are a real man if you can trade it.
It is easy to make large sums of money on forex - you just have to know the best system.
All this rubbish perpetuates itself on this forum like some kind of a virus.
As for me, I don’t believe anyone - I do my own diligent homework and get the facts straight. I don’t give a hoot if people disagree with me - I have come to know what is correct because I spend much time doing research.
As for the above quote - here is the relevant hyperlink (sigh):
No, can’t make it this year because the Pigly Wigly is having a BBQ in the parking lot. They are going to raffle off some fishing supplies and I bought 10 tickets.
], and I was not including you in that group). Point is this: can it happen? Yes. Does it? Yes…but the frequency depends on the company.