Scalping the EUR/USD

Discussion in 'Forex' started by Trend Fader, Mar 31, 2004.

  1. solltrade


    sounds interesting will check it out. been "trading" on betonmarkets i know its not trading but well the trades i've done have been pretty good, haven't had a red day since i used a new system two months ago. but the fees at BoMarkets is getting a tad high and they're significantly eating into my profits.
    #11     Mar 31, 2004
  2. chaos


    The best way I can put it is that Oanda is the Apple Computer of the forex brokerage world. Their longtime clients are fanatical about them. That (the fanatical part) may be pushing it, but the company is very innovative in its business approach, and there is an unbelievably strong sense relationship between the firm and its clients.

    Check it out for yourself. Do a search of the Oanda message board or ask some questions there.

    The way I see it, you've got to figure that if knowledgeable traders have arrived at this kind of point of view about the firm, which is a rarity in business, they must be doing not just one or two but quite a number of things right. Leading the industry with 2 pip EURUSD spreads, weekend trading and variable lot sizes to name three.

    Myself, I've traded with them for about a year with no complaints, but I've never had another broker nor have I worked in the business, so I can't offer comparisons or much more in the way of insights.

    Take it for what it's worth.


    #12     Mar 31, 2004
  3. Chaos,

    Thanks for your reply- I'll definitely keep it into consideration in the future.

    Of the handful of traders watching this post, how many pips do you look for in a trade- both in profit and loss. Understandably, some will choose smaller numbers due to the spread given, but I wanted to hear what you pros out there look for.

    #13     Mar 31, 2004
  4. -I crashed after that and this morning when I came back I was sitting 100 points drawdown on those positions. Must have been the Greenspan heart attack rumor.-

    oh well ... you can always start another amazing winning streak

    good luck sam
    #14     Mar 31, 2004
  5. I guess you guys aren't large users of stop loss? I try not to use it either, but overnight last night I used one and actually screwed myself at a loss (long) at .18..... would have been a wild ride, but also could have been a horrible tank.

    #15     Mar 31, 2004
  6. Guys... I think u misunderstood the point of this thread..

    I didnt want to turn it into a broker endorsement or review. I am more interested in actual scalping techniques and methods that others use.

    I just want to keep things in focus.. and not get into a whole debate about brokers.. because at the end the name of the game is skill & technique.

    There is no point in even asking or debating regarding Oanda.. Simply use their demo.. if u like it.. then send them a check for $1k and play around and see for yourself..

    All I hear about from other forex traders is that its stupid to scalp.. thats not what it was ment for.. well I just wanna know if there are people that scalp and make a living??

    #16     Mar 31, 2004
  7. or their smaller size group
    they offer 14 pairs ... . I think Oanda only offers 17 pairs at this time ...

    I scalp FX futures sometimes ... don't do it as much as I used to as my broker raised their commissions from 4.80 - 6 USD a RT
    #17     Mar 31, 2004
  8. I have been taking out gains of 3-8 pips in most instances and usually stop my loss at 10- it depends on the cirmcumstance. Quantitatively, this may hurt me in the future because the odds are against me in numbers.

    What I do have working for me is that I don't work against the market trend/movement (2 hrs movement up or down, in general) and I buy on dips or peaks, based upon the movement.

    Comments, concerns?

    #18     Mar 31, 2004
  9. nycderivtrader: I was the same way when OANDA was recommended to me. In fact it took me around 3 months trying all the other brokers before I came back to OANDA.

    I thought their name sounded like Panda - dumb.

    But there is nothing dumb about their FXTrade platform.

    I have found OANDA to be the best online fx broker there is.

    I can only hope I can use their system for as long as I trade.

    Perhaps someday I may get rich enough to open an account at a big bank (UBS?) or something but for now OANDA is it.

    Training is important, but so is being able to snap reduce your trade size down to 1 unit on a trade you're not sure about. Makes scaling in and out if you need to a breeze.

    Using OANDA I can nail a 50 point spike from chart to trade execution in a second.

    Try that maneuver with other brokers.

    The trader who taught me the basics of forex is, I think, the smartest man in the world when it comes to forex.

    I was very concerned about forex brokers being rip offs. He has been trading with OANDA for years and he put it simply, "If they were crooks I would not use them."

    I have never had an honesty issue with them. I may have called them 2 to 3 times on trades I did not understand what happened to X amount of my money, after a brief explanation I was satisfied and continue to happily use them.

    Sorry to keep going on but let me add this: Using FXTrade is like second nature now. I'm never concerned about dishonesty. All the bad names out there and all the bad rep stuff doesn't apply to OANDA. They are a world apart.

    I was in a trade the other day where there was a set of violent sudden moves I closed a trade dead in profit yet some of my Balance actually got gobbled up!

    I busted up laughing because I knew it was a volatile series of moves (EUR/USD) - had I waited a second longer I would have gained 1/2 dozen more points!

    I talked to a trading buddy of mine and he said he had been having the same prob for a few days. He's been with OANDA for close to 2 years.

    None of this is a negative reflection on OANDA - it is just common market slippage. Another broker, those same trade moves could have wiped out 10% of their account capital - if they even could have gotten the trades executed/closed in the first place.

    Best regards,

    #19     Apr 1, 2004
  10. SethArb, I did NOT say I LOST i.e. by closing the trades or using a stop loss (that I do not do).

    I have not lost a cent. I have been trading the position all day and making lots of money.

    What makes you think I lost on that trade?


    The more it goes against me the more $ I make.


    I have short positions down at 1.2211 at this moment (market now 1.2264) and am in full expection of EUR/USD climbing perhaps 200 points up as soon as EU announces no rate cut.

    I'll make money all the way up. :D

    And make money all the way down - LMAO!

    #20     Apr 1, 2004