I would like to hear from someone who trades forex. I am thinking of placing buy and sell order at the same time in Forex such that both are inside the 3-5 point spread. I would like to know how fast both orders could get filled. Has anyone tried this and did it work? I am looking to scalp 1-2 pips and do it a lot of times.
how will you do that? If you are talking about the forex dealers spot market or what ever it is where you get commission free dealing and do not trade the future at the CME or so, you can't buy at the bid and sell at the ask. I have this problem with my system when I want to sell for example the USD/CHF at the last high I put in a sell limit at 1.3665. So I do not get filled at 13665 until the BID is 13665. Makes backtesting very hard. Somebody said if you don't know the sucker in the game, then maybe it's you. So far I do not know the suckers in forex markets...... maybe its me. Everyone is offering commission free forex trading giving you free client support software and have money to pay elitetrader for advertisement. Where is this money come from? ????? Anyway as far as I know - I use refcoforex - you can not sell the ask and by the bid as you do in a fair market. good luck
That is what I wanted to know. I thought I dont get fills untill the bid hits ask only because I have demo account. So what if I want to place a higher bid then current one. How can the price move if no one is allowed to offer a better price?
try it, open a mini account for just 300 bugs and sell the ask. If you can do it I will change to what ever dealer you are using but i doubt that you will find one.
I have a mini account with refco and I cant sell the ask. I don't know how this thing - what ever it is - is working. An other topic is that if you are using 3 different dealers you will have 3 different high low prices on the last 20, 60 minute bars. Mystery thing overall, for me, so far.
EURUSD 4 USDCHF 5 EURCHF 7 EURGBP 5 EURJPY 5 right now and good numbers for the average, spread is ok IMHO