A Little lost, but on the right track...I hope!

[make_hay]

Lost Trader

Hi! If you've got some advice you could give and any answers, it would be much appreciated...

I've been a spread better on and off for over a year now and have won and lost small amounts. Consequently, I have taken time out and have substantially increased my understanding of profitable trading.

This has been through following lots of price action on charts, identifying potential break outs, patterns, pivots etc and reading some useful books (Lefevre for example).

I was however struggling to find a set of rules to abide by. The thread by Mr Charts was very useful in setting some basic rules; I successfully implemented it this morning on GBPJPY taking 60 points.

By nature I am fairly impatient and like a fast pace...(this is something I am working on)...and after a little research think scalping on forex perhaps would suit me.

However, I have no understanding of which brokers to use, how much money I would need to have (I have £5000 for this), what '1car' is, a good software package and how to link this to the broker? I only have experience of a SB platform.

If you have any advice for me, can guide me in anyway, or can comment on my overall direction it would be much appreciated.

Thanks.

 

[bansir]

Hi! If you've got some advice you could give and any answers, it would be much appreciated...

I've been a spread better on and off for over a year now and have won and lost small amounts. Consequently, I have taken time out and have substantially increased my understanding of profitable trading.

This has been through following lots of price action on charts, identifying potential break outs, patterns, pivots etc and reading some useful books (Lefevre for example).

I was however struggling to find a set of rules to abide by. The thread by Mr Charts was very useful in setting some basic rules; I successfully implemented it this morning on GBPJPY taking 60 points.

By nature I am fairly impatient and like a fast pace...(this is something I am working on)...and after a little research think scalping on forex perhaps would suit me.

However, I have no understanding of which brokers to use, how much money I would need to have (I have £5000 for this), what '1car' is, a good software package and how to link this to the broker? I only have experience of a SB platform.

If you have any advice for me, can guide me in anyway, or can comment on my overall direction it would be much appreciated.

Thanks.

Hi Make Hay,
Why not demo trade in order to evaluate different brokers / platforms and charting capabilities?
You could try out the demo accounts on 'North Finance' or 'Alpari' of 'FxPro'.
They all use MT4 platform.
'Oanda' are worth a look too, nice demo program and good for scalping.

If you want to stick with SB then maybe 'Capital Spreads' or 'Finspreads' demo would do the job.

Cheers,
Neil

 

[make_hay]

Neil, thanks for the reply.

You have listed Retail Brokers who are Market Makers, not ECN brokers like Interactive Brokers or MB Trading...do you have experience of any of the ones you listed or IB?

Thanks.

Hi Make Hay,
Why not demo trade in order to evaluate different brokers / platforms and charting capabilities?
You could try out the demo accounts on 'North Finance' or 'Alpari' of 'FxPro'.
They all use MT4 platform.
'Oanda' are worth a look too, nice demo program and good for scalping.

If you want to stick with SB then maybe 'Capital Spreads' or 'Finspreads' demo would do the job.

Cheers,
Neil

 

[bansir]

Neil, thanks for the reply.

You have listed Retail Brokers who are Market Makers, not ECN brokers like Interactive Brokers or MB Trading...do you have experience of any of the ones you listed or IB?

Thanks.

Hi MH,

I'm afraid I have no experience of ECN brokers, maybe you will find some answers here:

Brokerages - T2W Day Trading & Forex Forums

Best Regards,
Neil