What if the market trending? What indi best to use for scalping?

yup.

FerruFx_Multi_info THV is the bottom

piji_signal_bar is the top showing pips n spread

thanks for the reply..

just testing with demo account after reading some forex info..

need to learn more..

actually start with 5k...

lost so much..

but learn so much also..

yup. it is like this, u transfer the money to instaforex malaysia account, then he will convert it for u into usd and transfer it into ur forex account. btw, the broker fixed rate is rm3.80 per usd1. after that claim 30% bonus, u get about more than u deposit. however, upon withdrawal, instaforex will deduct the bonus amount from ur account.


dont worry. dont start with big capital, trade with 100 usd 1st in demo. learn to appreciate low trade size. if u master that, with huge capital, u can always profiting from forex.

This post has been edited by Invince_Z: Mar 9 2010, 09:00 PM

need to know on margin level above 1000% meaning wad?

the profit level above 1000% or wad??

Sifu,

I need a confirmation on IBFX account.. just want to make sure things goes right before make a funding. Hope it goes well. IBFX use this account right?

Bank Wire Details
Beneficiary:
Interbank FX, LLC - Customer Funds
Beneficiary Address:
3165 Millrock Drive STE 200 - Salt Lake City, UT 84121-4732
Bank:
Bank of The West
Bank Address:
Wire Department - Monterey Park, CA USA
Bank Account Number:
762-055-614
ABA #:
121100782
Swift #:
BWSTUS66
REF:
Client's Name & Trading Account Number*

any recomendation on broker guys? IBFX still reliable right?

Thanks for the info. May I which local trader that you are used? (You could pm for the info). May I know what do you mean by floating here? Wanna share your experience trading in instaforex after about 1 month?
Thanks.

When market is trending sideways with no clear direction..the scalpers will make more money.. I like to use bollinger bands as a visual guide.. Indicators are just tools of the trade, do not rely on them for entry signal.. Learn to read price action.

Anything lower than H1 timeframe is risky imho.. U can scalp on the H4.. use tight stop loss near the SNR around the upper and lower bollinger bands.

Can u spot my entry points? Trade with the trend.. short position only.



Once u see price moves harmonically like this, its a no brainer. You can also use it in trending market..but require some experience..

This post has been edited by myvi5949: Mar 10 2010, 09:25 AM

Scalping on a 4hr TF??
I thot for scalping u shd use 1M or 5M right. Scalping means go in and out within few minutes right?
In few minutes a 4hr TF doesn't really change much.

I does intraday and uses 15M, but still use 4hr to see trend

If you are beginner, the worst thing u can do is start trading the 5M and 1M.. Those lower timeframes are high volatility areas. Only the gamblers and great traders are able to cope with this risky timeframes. I am not saying u cannot make money on these timeframe..You can. But it is highly unlikely that u can make a living out of scalping M5 and M1.

I do not scalp. What i meant by scalping on H4 is taking "touch trades" of the Support and Resistance areas. Put a tight stop loss above and below the bbands..By using this method your risk to reward ratio would be very big. It may not work every time. But once u got in a good trade.. the winning trades will overcome the losing trades.

This is just the way I trade. It may not be as exciting as basket trading or trading with colorful indicators, but it makes sense to me in the long run.

I'm a beginner adn do such mistake.. but thank you for the reminder..

I'm always comparing for the M30 and M15 as to see the trend..

but still can't spot the correct trend nor scalp any profit..

already use for 0.10 for the lot..

before this use for 1.0 and start to be more patient...

true enough forex need not a greedy man..

There are plenty of traders out there making a living out of scalping. Everybody knows that the longer you leave the trade open, the more riskier your trade becomes as it is expose to more uncertainty. Trading on H4 as you mentioned is not scalping. Scalpers do not use buy-stop and sell-stops. We open at market price.

One part of scalping is when I buy on dips as the trend goes up. If a trend move 50 pips, I can make 70-80 pips out of that as I keep opening trades on every dip as the trend goes up and moving the other trades to BE. So even when the market moves 50 pips, I make more than 50 pips out of that move.

I realised that the more I trade, the shorter my time frame and the more scapling I do as I can see the price action better with experience. I don't have to open a position and wait for it to move anymore. I know when it is going to move and open accordingly. After a while it is a very simple guessing game of when peaks and valleys will form. I can do as much as 20 trades in 2-3 hours during scalping periods. Scalpers make money irrespective of whether it is trending or ranging. I remember the days of doing day trading and not opening any positions when it is ranging. Such a waste to watch the market go up and down but not opening any positions. Now I can sell at every peak and buy at every valley.

The best part of scalping is the education you get from it. Of course you have to spend more time at the markets when you scalp but consider that as tuition fees. The more time you spend at the market, the more you learn.

It's odd that some people are not willing to spend 2-3 hours per night on forex. Here is something for the people to ponder. It took most of you guys 6 years of primary school, 5-7 years of high school, 3-4 years of university before you can come out to work and make a living. Some people think that they can master forex by spending 30 mins every night for a few months. Oh.. they are so so wrong.

I got your point. Its not that I condemn scalping perse. Its just that many beginners jump straight into the shorter timeframes with the promise of making huge profits in a short amount of time.

In order to make money on the lower timeframes u have to be very nimble with your trades. You wont have much time to analyze price movement and this will go against the inexperienced trader.. Its also a very stressful way to make money. The longer timeframes are more predictable.. There are alot of information in every pivot point. Trading is all about managing risks, and it is easier to manage risk on H4 and D1. You are trading with the majority.. big money will eat small fish for lunch.

The main difficulty in trying to successfully scalp Forex market is to exercise the discipline needed to quickly cut off losing trades. It is the reason why a lot of Forex traders will fail with a scalping Forex trading strategy. Unless you have lay out a detail mechanical system OR you have a good profitable EA that is profitable day in and day out in any market condition (highly unlikely) it is very unlikely for the newbie to make money using this method.

Another thing that I do not like about scalping is that some of the method used is more towards "gambling" and not trading. These methods includes news trading, London open trading, martingale etc etc.. which is very risky. Newbies are not interested to read price action.. We are more attracted to the colorful and complicated indicators.

Screen time is important to attune yourself to the markets movements.. but it can be counterproductive because we will have this illusion that more screen time equals more profits. I know this from experience, you will open a position just because you can. Any bad setup can be a good setup if u want it to be.

Excuse me.. and how is long term trading not gambling too? After all you are buying and selling nothing? Irrespective of how long the trade stays open, a trade is a trade. There is no difference between a 1 min trade and a 1 week trade. Both trades are done against the broker since most of us are retail traders. There is no pairing or matching with any opposite trades. So scalping is not gambling and don't like the broker fool you.

scalping will make you lost your pant one day, just my 2pips LOL

Some methods of scalping are gambling imho. Those using EA robot are gambling too.. putting money on the table without knowledge and control of the circumstances IS gambling. If you are scalping using MA or PASR methods thats a different story. But only the best traders are able to control their emotion taking 20 trades everyday making quick decision off 5M and 1M timeframe without fear and greed. Trading psychology is not natural..u have to be train to be "emotionless" to get to that point.

bulkbiz: lol..haha. new words today --> my 2 pips


i think what myvi5949 saying is the less chance/time we got to analyze market n price trend, the higher the chance we got into forex gambling. hence shorter time frame vs longer time frame is the example.

i kinda agree with him. there are times we just place an order in M1 or M5 bcoz we see n think that the market is going that way, but instead, its going the other way around. aint it gambling?

This post has been edited by Invince_Z: Mar 10 2010, 04:55 PM

This is where you got scalpers wrong. We do our analysis for long term the same way you do and we apply our scalping strategy along with it. We all know, even in a trending market, the price will go up and down as it climbs. Long term traders will only trade in one direction whereas scalpers will trade in both directions, even in a trend.

From your tone, you seem to think that scalpers open and close trades by flipping a coin. "If you are scalping using MA or PASR methods that's a different story..." Does that mean you think that most scalpers have no methods? We just open and close for fun and hope to win? Then you got the wrong impression of scalpers.. so so wrong.

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Added on March 10, 2010, 5:19 pmThen you have the wrong impression of scalpers, just like myvi5949. We don't open our orders because we think so. We open because our indicators say so, the same way any other trader would do. They open because their analysis says so. Scalpers do our analysis in minutes, not hours. Just like school where we have tops students who can remember in minutes and some slightly slower ones that need to go home to digest. The same applies here.

Scalpers follow the most important rule in forex. Trade what you see and not what you think.

This post has been edited by sleepwalker: Mar 10 2010, 05:20 PM

I used to be a scalper, very stressful leh

but you have to admit that it's more exciting than any other form of trading...