Change of strategy...

[mike.]

Many thanks Jason, Things are becoming more clear now, I didn't realise you could spread bet through ndd execution. So there would be no problem or conflict of interest taking 10 + scalping trades per day on this model ?

 

[Jason Rogers]

Many thanks Jason, Things are becoming more clear now, I didn't realise you could spread bet through ndd execution. So there would be no problem or conflict of interest taking 10 + scalping trades per day on this model ?

Since FXCM makes money off the trading volume, scalpers are our best customers on the NDD model. In fact, for our highest volume scalpers (10M per month), we offer a discount on the NDD spread through our Active Trader program.

 

[rsh01]

My method is to try to identify the top or bottom of a re-tracement for entry and exit using PA and short term S/R levels.

My question's fellow traders are... Had i been scalping each pullback i feel as though i could of at least trebled my pip count, Plus I wouldn't of been bored out of my mind.

hi mike,

sorry to ignore your actual q about costs, but do you have a strategy for scalping? in a ranging market?

or just the one strategy for jumping on a pullback (of a trend) - which was the reason you entered yes? just cos it didnt quite work out how you wanted ie reach TP then you should have a plan for that, no? dont want an overnight then a guaranteed stop at b/e for a decent nights sleep perhaps? trades are gonna bounce around & do all sorts before moving in one direction - esp if your entering in r/s areas......there may be a tussle between supply & demand......if your looking for a sharp reaction straight away then jeez you are a fussy trader! how many of your trades go straight to TP?

in other words if you didnt predict each (or any) pull back & bounce in that range then stick to what you know. if you did, then yep get an ecn platform.

trading is boring. watching & reacting to 'should have could have would haves' is dangerous!

my 2 (4 soon with inflation) cents.

 

[mike.]

Ha ha, cheers rsh01, I admire you as a poster, always put up something quality and worth reading.
to put things in perspective, I enjoy trading but with work commitments do not get enough free time to trade.

when i do, my strat involves ( without going into to much detail ) identifying a pair and trend, strength of said currencies, and entering on the pullback. Now, i have been reasonably successful doing this, i.e, hitting my limit but, it is often taking most of the day. Furthermore, had i not had such a high pip target (intraday) 40 pip's, and gone for a 10 -15 pip scalp target using the same strat then 70% of my losses would of been profitable, Hope that makes sense..

 

[rsh01]

you forgot the /[sarc] after your compliment!

wld be interesting to know what time of day you are trading when you enter/exit/stop out. whats the daily ATR of the ccy? is 40 pips move viable? taking c30% from a trending move intraday is a possibility? are you trading with the trend on the intraday but against the trend on the daily/weekly/monthly? (ie trading against resistance). where do you enter the intraday trend move - cld entry be better (whats your DD before it goes onside)?

general mkt conditions can also play a part........in the traditional quiet summer mths some swing traders will rein in TPs, as well as SLs, & frequency of trades. and may do the same in choppy volatile periods....without knowing much about how you trade its quite hard to comment.

but what is great is you are recording your trades, great habit to get into for analysis & tweaking.

 

[mike.]

you forgot the /[sarc] after your compliment!

Sorry if it came across as sarcastic, That was not my intentions. There are quite a few regulars on here that i have a lot of admiration for.