Sorry for sounding like a complete noob, could you explain how can 0 commissions be bad? Isn’t it good if I am getting to trade for free?
I have been listening here and there to always avoid scalping when you know any big news is going to burst out. Does that count here too or have any effect on earning/losing margins?
I do look at the daily charts to detect the lows and highs as recommended.
That is indeed being a noob I can’t stop grinning - getting something for free what a joke.
I think rather than laughing off it is better to clear doubts of the concerned
Then why don’t you do so the wise one
In real sense there is nothing like 0 commissions, there are always hidden costs and all sorts of fees and conditions. Either there will be a big markup on spreads, or there will be a fixed volume that you would be required to trade, failing which there can be a certain fee to be paid.
Look for small price movements in the most active hours, preferably 2 hours after the market opens. You’ll find lots of small movements then that you can use to your advantage as a scalper. You would be looking at making a profit on the change in a currency’s bid and ask spread, so naturally smaller spreads will let you earn more. Make sure to keep your trade size small to keep the risk low. Also the commissions need to be lower, you can use fxview, xm or pepperstone for lower costs and trade size. Work well for scalping.
Slippage should also not be an issue with the broker you use, or else there can be consequences. I’m regular with xm, just sometimes there were delays, happened twice only during slippage, took around 5 mins. I’m using fxview for trading ticks and 1 minute charts and I would say I’ve found them decent. Can give you more deets on the broker if you wish to know
Interested!
Direct access trading is a must! MetaTraders should be used for that. And even level 2 quotes are helpful.
I first started scalping as an addition to my primary way of trading which is swing trading. Resorted to scalping when I couldn’t see any trends in the longer time frame. So basically while waiting for a new trend I set up smaller TFs in my main trade’s direction. Found this giving me good short term profits and have been doing this ever since. For those finding scalping too risky can try this approach.
Minimum deposit required to open an ECN account with Fxview is 5 euros. That’s the only account type they offer. Commission is $2 for $100k of trade. Spreads start from 0 pips for major pairs only and trade size is from 0.01 lots.
What’s the catch? Go to be something.
I know, no good for US maybe. Plus the account opening process can be a real pain.
Really? Didn’t take more than a couple of hours for me. In fact found their customer service to be helpful when I was confused a bit in documentation. And that’s where maybe you lost your head.
Nice! So fxview is all good and all when a new account has to be opened. What about after that? That’s when most of them suck!
Being a user I can tell you that it is not bad even after the whole verification process has been done and money deposited. I think 7 months is a good enough time to know something’s worth.
I agree, and I would say even avatrade is really good with its customer service. It’s been 4 months for me with them and I can already tell they are providing me quite alright trading conditions. Saying this after extensive research before finally opening an account with this one.
Adding my 2 bits on the method i have been using for scalping stocks. I put out a bid and an ask price for a stock at the same time on liquid stocks and wait for movements. Yet to enter the forex market but wondering if this style can work for currencies as well.
I have never used indicators in the past because it is hard to read them in such small time spans, think that should be the way in forex too.
That is surely not the case man! Even now I find them responsive to whatever doubts. Heard same stuff on fxview from friends to whom I had recommended trying this broker out. I think the only place where they lack is on having somewhat limited educational stuff for new traders, like first timers.
I don’t see that as a problem honestly. The interface is one of the simplest ones in the market. I know because I had a tough time getting around tda at a point in time.