Pro Scalping, by Tommy Charles - page 10
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hey cyclesurfer wouldn't this system work well on EFX or mbtrading because the spread can go to 0?
No, their spread on EUR/USD may go to 0, but you will still need to pay them their commission for the trade (worth approx. 2 pips). EFX and the likes are pretty much as cost effective as the rest of the retail brokerage houses we are accustomed to. "Different dog with the same fleas" - Gordon Gecko
Ok day two, I guess the biggest problem I am having is "hole management" as it seems like price tends to trend off one direction while waiting for it to retrace, widening the hole and offsetting profits.
Just to be 100% clear, there is an amount of time after you take profit from one of the hedged trades when there is no opposing trade, correct? i.e. the time spent waiting for a small retrace to re-enter.
Ok day two, I guess the biggest problem I am having is "hole management" as it seems like price tends to trend off one direction while waiting for it to retrace, widening the hole and offsetting profits. Just to be 100% clear, there is an amount of time after you take profit from one of the hedged trades when there is no opposing trade, correct? i.e. the time spent waiting for a small retrace to re-enter.
you should always be in at least one trade, unless you have enough in the pocket to subtract it from the hole to make a profit. Then you close the hole trade.
You should only reenter the trade when it enters low enough to make it practical. if your patient it will usually do it. Especially if you are only going for 1 pip a trade.
...
no mr marketz, you are wrong it's $5 for every 100k traded and so that would be 1 pip. and you can now trade the gbp and chf and so forth and they are non-dealing desk
Sorry to ditract from the thread, but, criss, do you actually have an account with efx/mbt? I suspect not, because if you did, you would have noticed the commissions on your statement. It is 1 USD in and 1 USD out, this works out to be approx 2 pips on most pairs where the base pair is usd.
This is very high for compared to brokers like currenex, hotspotfxi, where the commissions range b/w $20 to $40 per 1M. This is 0.2 to 0.4 in and 0.2 to 0.4out (total 0.4 to 0.8 pips) in reality. I guess you are paying the higher commission at efx for the "privilage" of trading on an "ECN" platform. I have used it, have an account there, not anymore, because, it was eating away at my profits on scalps. I have watched Oanda prices with MBT pricing, and there is hardly any variation. Oanda on eur/usd is 1.2 pips most of the time. Both are good for their own purpose etc.
Cheers,
K.
I've made a change that allows ProfitTarget to be specified in pips. To implement that modification, replace the "Check for Pocket Profit" part of the code with the following:
// Check for Pocket Profit
//---------------------------------------------------------------------------------------------------------
double ProfitTargetIn$ = ProfitTarget * Lots * MarketInfo(Symbol(), MODE_TICKVALUE);
if (BuyProfit >= ProfitTargetIn$)
ClosePocketBuy();
if (SellProfit >= ProfitTargetIn$)
ClosePocketSell();i got a zero divide message after change the code
could you modify it to make exactly Cyclesurfer method?
Yep...I trade 5 PM to 2 AM Central Eastern Time.
what is "central eastern time"?
thanks
what is "central eastern time"? thanks
The time here in North Carolina, on the East Coast of the US. When it's 5 here it's 9 in London.
just to clear up my doubt, will you be in a 200 pip deficit from 29 june on the euro if you have a sell trade still opened waiting to minimize the hole in the 1.34xx area?
btw, thanks for sharing your method.
just to clear up my doubt, will you be in a 200 pip deficit from 29 june on the euro if you have a sell trade still opened waiting to minimize the hole in the 1.34xx area? btw, thanks for sharing your method.
It's certainly possible that you could have lost several pips on that trade, yepo.
200 is a bit much though. I wasn't trading EURO/USD on Thursday or Friday, but if I had been I would not have been using charts, and so I could have lost up to 40 pips on that. If I'd lost that many pips on it I would either go into it in the opposite direction, or look elsewhere. Using my stop loss, if I'd gone the other direction I could of rode the trend and made twice that much back. There's no reason to try to clear up doubt, all you have to do is practice with it.
It's not perfect, but it is a good alternative to waiting around for indicator signals that really only work 50% of the time. If you want to use indicators ( I don't because once you do this long enough to get a feel for the currency pair's personality and know generally how it will act on a given day) I strongly suggest it. You would have known to buy on the 29'th for sure.