GBP/JPY scalpers UNITE!
We can see above that the TP was hit! Now we are awaiting a new scalp! Come on guys join in on the fun and post your recommendations!
- Simple Ichimoku Scalping
- PriceChannel Parabolic system - 811 dollars for 3 trading days and final statement for scalpings
Forum on trading, automated trading systems and testing trading strategies
Sergey Golubev, 2014.03.07 09:08
Who Can Trade a Scalping Strategy? (based on dailyfx article)
- Scalpers look to trade session momentum
- Scalpers do not have to be high frequency traders
- Anyone can scalp with an appropriate trading plan
The term scalping elicits different preconceived connotations to
different traders. Despite what you may already think, scalping can be a
viable short term trading methodology for anyone. So today we will look
at what exactly is scalping, and who can be successful with a scalping
based strategy.
What is a Scalper?
So you’re interested in scalping? A Forex scalper is considered anyone
that takes one or more positions throughout a trading day. Normally
these positions are based around short term market fluctuations as price
gathers momentum during a particular trading session. Scalpers look to
enter the market, and preferably exit positions prior to the market
close.
Normally scalpers employ technical trading strategies utilizing short
term support and resistance levels for entries. While normally
fundamentals don’t factor into a scalpers trading plan, it is important
to keep an eye on the economic calendar to see when news may increase
the market’s volatility.
High Frequency Trading
There is a strong misconception that all scalpers are high frequency
traders. So how many trades a day does it take to be considered a
scalper? Even though high frequency traders ARE scalpers, in order for
you to qualify as a scalper you only need to take 1 position a day! That
is one of the benefits of scalping. You can trade as much or as little
as you like within a giving trading period.
This also falls in line with one of the benefits of the Forex market. Due to the 24Hr trading structure of Forex, you can scalp the market at your convenience. Take advantage of the quiet Asia trading session, or the volatile New York – London overlap. Trade as much or as little as you like. As a scalper the choice is ultimately yours to make!
Risks
There are always risks associated with trading. Whether you are a short
term, long term, or any kind of trader in between any time you open a
position you should work on managing your risk. This is especially true
for scalpers. If the market moves against you suddenly due to news or
another factor, you need to have a plan of action for limiting your
losses.
There are other misconceptions that scalpers are very aggressive traders
prone to large losses. One way to help combat this is to make scalping a
mechanical process. This means that all of your decisions regarding
entries, exits, trade size, leverage and other factors should be written
down and finalized before approaching the charts. Most scalpers look to
risk 1% or even less of their account balance on any one position
taken!
Who can Scalp?
So this brings us to the final question. Who can be a scalper? The answer is anyone with the dedication to develop a trading strategy and the time to implement that strategy on any given trading day.
=================
Trading examples
Metaquotes demo
- MT5 statement is here
- Updated statement is here
- More trading updates
- Updated MT5 statement
- More updates
- 811 dollars for 3 trading days and final statement for scalping
GoMarkets broker, initial deposit is 1,000
- statement (77 dollars in less than 1 hour)
Alpari UK broker initial deposit is 1,000
- statement (517 dollars for one day)
RoboForex broker initial deposit is 1,000
- first statement
- updated statement (257 dollars in 2 days)
Stop loss is a close at or above 140.310 on the 1m
Take profit 140.535
If stop loss is hit I will reverse to a .3 buy in which I will come back and give you the stop loss and take profit!
You can see the last recommended position (sell of .22) was closed out at the aforementioned sl, and then I reversed to a long, and not only hit the take profit, but recovered the loss in less than 1 min. It turns out, that was the start of the + 30 pip run up which it would have!
I stood strong even though my sl came on 2.3 pips from being hit and look how well it turned out! I should had held to the take profit, but i was risking a lot on that increase!
Very little input from this community. Clearly most of the people here are looking for a system to copy!
Very little input from this community. Clearly most of the people here are looking for a system to copy!
MQL5 is a programming language.
This is a programming forum.
There is not a single line of code in this topic.
I'm not sure what you are looking for ?
There are some active topics about strategies maybe you will have more luck there.
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
You agree to website policy and terms of use
Hello,
Would anyone be willing to add their "scalping" recommendations to this thread? I'd really like to see the best traders of the hardest pair (the dragon) to come together and put up a good fight! Anyone willing to get involved?
For SELL number I The take profit is 140.605 and the stop loss is a close at or above 141.718 on the 1m
------------------------------------------------------------------------------------------------------------------------------------
Should those conditions of the stop loss be met, I would then reverse to a .04 buy with a recalculated sl for that order.
Let us see how this works out!