My journey towards consistency

[gftrader32]

and again

 

[gftrader32]

and again

-5.7

 

[gftrader32]

8 16

 

[gftrader32]

8 16

-5.6

 

[gftrader32]

ok enough with looking for setups and entries...time to slow down and get some context...

 

[options-george]

ok enough with looking for setups and entries...time to slow down and get some context...

Thanks for all the sharing.

What's your spread/commission on the EURUSD? Presumably it's very tight given the size of your targets and stops?

 

[gftrader32]

Thanks for all the sharing.

What's your spread/commission on the EURUSD? Presumably it's very tight given the size of your targets and stops?

spread currently is 0.8/9....comission 0.66 per 10k round trip

 

[options-george]

spread currently is 0.8/9....comission 0.66 per 10k round trip

Oh! I would suggest to take a good look at that.

Is the commission £0.66 per 10k? If so then the commission converts to 1 pip (divide 0.66 by 1/1.495 where 1.495 is the GBPUSD rate) - meaning that your total transaction cost is 0.8 spread + 1.0 commission = 1.8 pips total.

If your spread is 1.8 pips then I think it might be quite difficult to become profitable scalping because you are down 1.8 pips from the word 'go' every time. Even if the 0.66 is in dollars rather than pounds, your cost is still 1.5-1.6 pips.

For comparison, my spread is 0.3 with commission of £0.6 - thus equating to 1.1 pips. I generally don't have targets/stops of less than 15-20 pips in eurusd - though I am not a scalper.

Perhaps other some scalping T2W members will chip in and give you their comparative transaction costs.

 

[gftrader32]

Oh! I would suggest to take a good look at that.

Is the commission £0.66 per 10k? If so then the commission converts to 1 pip (divide 0.66 by 1/1.495 where 1.495 is the GBPUSD rate) - meaning that your total transaction cost is 0.8 spread + 1.0 commission = 1.8 pips total.

If your spread is 1.8 pips then I think it might be quite difficult to become profitable scalping because you are down 1.8 pips from the word 'go' every time. Even if the 0.66 is in dollars rather than pounds, your cost is still 1.5-1.6 pips.

For comparison, my spread is 0.3 with commission of £0.6 - thus equating to 1.1 pips. I generally don't have targets/stops of less than 15-20 pips in eurusd - though I am not a scalper.

Perhaps other some scalping T2W members will chip in and give you their comparative transaction costs.

Who's your broker if I may ask?

 

[gftrader32]

Another short

 

[gftrader32]

Another short

Stuck in a range...

 

[gftrader32]

stuck in a range...

-5.2

 

[gftrader32]

Shorting 9 42

 

[gftrader32]

shorting 9 42

-5.1

 

[options-george]

Mostly I trade with FXCM.

 

[gftrader32]

9 54

 

[gftrader32]

9 54

-5.4

 

[gftrader32]

long 10 03

 

[gftrader32]

long 10 03

-5.3

 

[gftrader32]

short 10 05