Thread: Newbie - I'm doing freaking great ( I think )- HELP

Hey guys,

I am not trying to boast or brag or make myself look like a fool - I really would like some real experienced people to check out what I am doing and give me their input. I have experimented with the Forex scene for a few months and feel that I am onto something, but I have nobody to compare it with to know what or "how" I am doing. As far as I know, I'm doing well.

I'm relatively new to the Forex scene, learning how to use bollingerbands, MACD, etc... - I've played with the simulators for a few months and have had, what I would consider a substantial success with a particular currency pair and style.

From what I understand, what I am doing is technically considered, "Scalping" - however, from what I am doing, I am able to be successful at he majority of my trades.


For example, I started a Micro or Mini account, had $175 in the account- fooled around and now have around $1000 from my trades in 30 days, applying my newfound approach. Most of my trades don't last for more than 2 minutes - some last seconds or even in the 5-10 minute range, but it moves very fast. For example, out of 30 trades, 7 will be minor losses while the rest will be positive, or "in the green"

Since I am still learning and testing what seems to work for me, at this point I only trade small lot amounts - like .2, .4, .8 - sometimes, .15, 20 or 30 if I feel confident in its movement. I understand that I am not trading what you more experienced traders are doing.

On these small ammounts I will usually make anywhere from $8, $19, $28, $38 and so on... some of the trades that I do on the smaller lots will bring in under $5 - However, I am doing the small ammounts. I have figured that I am growing my money from 48% - 63% per week consistantly.

I fooled around with my approach and on a few "larger" trades and brought in $150 - $300 per trade which is encouraging and fun - however what I am doing is still considered scalping I think, since the trades are quick, 30 seconds to a couple of minutes at best.


Here are my problems/ Questions:

1. My broker/company that I am using doesn't allow "scalping" - they say that if the trade is under 2-3 minutes, it is considered "scalping" - however I have been doing this successfully over a month now without any notice from them telling me to stop. Are they waiting for me to make alot of $$ and then not let me have it? I have heard of that happening before.

2. I would like to continute my approach with larger ammount which will result in larger more consistant profits -I need to find a broker that has Tick chart for the exotic currency pairs and will not penalize me for making a trade in under 3 minutes. Anyone know of a broker that will allow this??



I really appreciate someone that actually has experience to give me their input. I have read alot of posts on other forums where people say things like "oh scalping is bad - you make no money, blah blah " well, my concept is that if I apply my approach with a "regular" ammount, I will not be making the $20 here - $40 there, I will be clearing over $200 each trade - so I am not sure if this changes things or not.


I appreciate the input guys!!!

Thank you in advanced!!

7

Would you or anyone be able to suggest a ECN/broker that has ALOT of currency pairs???

I see that I-Trade FX has a CAD/MEX pair - but they have a 700 pip spread!! ( I happen to like that pair )

Anyone know of another broker/ecn that offers a wide range of currency pairs??

Originally Posted by se7en

Hey guys,

I am not trying to boast or brag or make myself look like a fool - I really would like some real experienced people to check out what I am doing and give me their input. I have experimented with the Forex scene for a few months and feel that I am onto something, but I have nobody to compare it with to know what or "how" I am doing. As far as I know, I'm doing well.

I'm relatively new to the Forex scene, learning how to use bollingerbands, MACD, etc... - I've played with the simulators for a few months and have had, what I would consider a substantial success with a particular currency pair and style.

From what I understand, what I am doing is technically considered, "Scalping" - however, from what I am doing, I am able to be successful at he majority of my trades.


For example, I started a Micro or Mini account, had $175 in the account- fooled around and now have around $1000 from my trades in 30 days, applying my newfound approach. Most of my trades don't last for more than 2 minutes - some last seconds or even in the 5-10 minute range, but it moves very fast. For example, out of 30 trades, 7 will be minor losses while the rest will be positive, or "in the green"

Since I am still learning and testing what seems to work for me, at this point I only trade small lot amounts - like .2, .4, .8 - sometimes, .15, 20 or 30 if I feel confident in its movement. I understand that I am not trading what you more experienced traders are doing.

On these small ammounts I will usually make anywhere from $8, $19, $28, $38 and so on... some of the trades that I do on the smaller lots will bring in under $5 - However, I am doing the small ammounts. I have figured that I am growing my money from 48% - 63% per week consistantly.

I fooled around with my approach and on a few "larger" trades and brought in $150 - $300 per trade which is encouraging and fun - however what I am doing is still considered scalping I think, since the trades are quick, 30 seconds to a couple of minutes at best.


Here are my problems/ Questions:

1. My broker/company that I am using doesn't allow "scalping" - they say that if the trade is under 2-3 minutes, it is considered "scalping" - however I have been doing this successfully over a month now without any notice from them telling me to stop. Are they waiting for me to make alot of $$ and then not let me have it? I have heard of that happening before.

2. I would like to continute my approach with larger ammount which will result in larger more consistant profits -I need to find a broker that has Tick chart for the exotic currency pairs and will not penalize me for making a trade in under 3 minutes. Anyone know of a broker that will allow this??



I really appreciate someone that actually has experience to give me their input. I have read alot of posts on other forums where people say things like "oh scalping is bad - you make no money, blah blah " well, my concept is that if I apply my approach with a "regular" ammount, I will not be making the $20 here - $40 there, I will be clearing over $200 each trade - so I am not sure if this changes things or not.


I appreciate the input guys!!!

Thank you in advanced!!

7

Forex brokers don't like scalpers, sooner or later they will restrict or close your account.

you can scalp at ibfx

Originally Posted by fxtrendline

you can scalp at ibfx

So you can bleed them to death? Forex brokers will do anything to protect their profits, they hate scalpers and will not hesitate to close your account for that reason.

Remember, a forex broker (like a bank) has no legal obligation to accept your trade or keep your account open. They can close it anytime they want, after liquidating all your open positions.

Scalping is a trading strategy where trader attempt to make small profits with small price fluctuations, the Scalper will place ten to hundreds trades in a single day because they believed that small moves are easier to trace than larger moves.

if you are interested in scalping try some different broker who allows scalping.

Originally Posted by se7en

Hey guys,

I am not trying to boast or brag or make myself look like a fool - I really would like some real experienced people to check out what I am doing and give me their input. I have experimented with the Forex scene for a few months and feel that I am onto something, but I have nobody to compare it with to know what or "how" I am doing. As far as I know, I'm doing well.

I'm relatively new to the Forex scene, learning how to use bollingerbands, MACD, etc... - I've played with the simulators for a few months and have had, what I would consider a substantial success with a particular currency pair and style.

From what I understand, what I am doing is technically considered, "Scalping" - however, from what I am doing, I am able to be successful at he majority of my trades.


For example, I started a Micro or Mini account, had $175 in the account- fooled around and now have around $1000 from my trades in 30 days, applying my newfound approach. Most of my trades don't last for more than 2 minutes - some last seconds or even in the 5-10 minute range, but it moves very fast. For example, out of 30 trades, 7 will be minor losses while the rest will be positive, or "in the green"

Since I am still learning and testing what seems to work for me, at this point I only trade small lot amounts - like .2, .4, .8 - sometimes, .15, 20 or 30 if I feel confident in its movement. I understand that I am not trading what you more experienced traders are doing.

On these small ammounts I will usually make anywhere from $8, $19, $28, $38 and so on... some of the trades that I do on the smaller lots will bring in under $5 - However, I am doing the small ammounts. I have figured that I am growing my money from 48% - 63% per week consistantly.

I fooled around with my approach and on a few "larger" trades and brought in $150 - $300 per trade which is encouraging and fun - however what I am doing is still considered scalping I think, since the trades are quick, 30 seconds to a couple of minutes at best.


Here are my problems/ Questions:

1. My broker/company that I am using doesn't allow "scalping" - they say that if the trade is under 2-3 minutes, it is considered "scalping" - however I have been doing this successfully over a month now without any notice from them telling me to stop. Are they waiting for me to make alot of $$ and then not let me have it? I have heard of that happening before.

2. I would like to continute my approach with larger ammount which will result in larger more consistant profits -I need to find a broker that has Tick chart for the exotic currency pairs and will not penalize me for making a trade in under 3 minutes. Anyone know of a broker that will allow this??



I really appreciate someone that actually has experience to give me their input. I have read alot of posts on other forums where people say things like "oh scalping is bad - you make no money, blah blah " well, my concept is that if I apply my approach with a "regular" ammount, I will not be making the $20 here - $40 there, I will be clearing over $200 each trade - so I am not sure if this changes things or not.


I appreciate the input guys!!!

Thank you in advanced!!

7

Hello, I'm a beginner here, I need some help, so if somebody can talk to me and give some suggestions, It will be great for me. Thanks. Oh, I introduce MYself, I'm Aylenn. bye

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