Forex Fanatic

As we move forward we discover a strategy that fits only chosen currency pairs.
Take a look at the next Forex trading system:

Currency pair: EUR/USD.

Time frame: 30 min.
Indicators: MACD (12, 26, 9), Parabolic SAR default settings (0.02, 0.2)

Entry rules: When Parabolic SAR gives buy signal and MACD lines crossed upwards – buy.

When Parabolic SAR gives sell signal and MACD lines crossed downwards – sell.
Exit rules: exit at the next MACD lines crossover or if the market starts trading sideways for some time.

The only way to make small account big in a short period of time is through the use of really high leverage. But wait… do not jump of the cliff right away. Start with reasonable leverage for scalping, for example 20:1 or at most 50:1, then move on as you see scalping skills improve. But even before that do not be lazy to demo trade your scalping system – make sure it will not disappoint you later…

The only way to trade with high leverage without risking blowing up an entire account in only 10-15 trades is by trading with a tight stop loss. Trading without stop loss will “kill” your investment in no time.

It is wise to decide on the size of the trading lot and exposed risk in advance.
Do a simple math: calculate the worst possible situation, e.g. 10 consecutive losses in a row; then see if your account will survive and if there be something left to move on. And, although 10 losses in a row is a very unlikely scenario, you cannot deny it…

Although Forex is active 24/7, not every hour is suitable for scalping.
No scalper wants to sit in front of the monitor for numerous hours bored and disappointed with the “sleeping” price as it literally moves nowhere.
Scalpers hunt for volatile, liquid market. There are 4 major market sessions: London, New York, Sydney and Tokyo session. To trade effectively scalper needs to learn behavior of a chosen currency pair and define most active sessions, even particular hours for this pair to be able to catch good price moves.

Another thing to keep in mind is spread which brokers charge for different currencies.
The higher the spread the harder it will be to collect desired pips(because once trading position is opened, trader must cover spread cost – earn pips for broker first – and only then collect own pips).
And, of course, the lower the spread the easier/faster it is to accumulate pips.

Another factor to consider is an average daily range of the price for chosen currency.
The wider it is the more realistic is an opportunity to profit from price moves.
One of the scalpers’ favorite currency pair is EUR/USD with its low spread and good daily price range.

While using high leverage combined with high frequency trading, scalpers should be very cautious about the cost of actual trading, as each pip here makes a dramatic difference after a large number of trades.
This means being very careful with entries and exits, stops and limit orders, and also be very realistic about profit targets.

Once in the trade, scalpers should manage trading risks by:
1) moving stops to break-even as soon as situation permits;
2) taking profits at a logical levels: at round market price numbers: 00, 10, 20, 50 etc., at previous support/resistance levels, at Fibonacci levels etc.
3) getting out of the trade if the price freezes for longer time than expected.

Scalp-trading is very demanding and requires a lot of concentration, constant monitoring of the price and very quick decision making. Also, short time frames used in scalping strategies, require a good grasp of trading complemented with sound technical analysis skills. It is not a place where beginners feel very comfortable as it demands from traders a good chunk of experience.

Scalping involves substantial risks

A lot of beginners have common problem when trading highly leveraged accounts – they tend to maximize profits by trading with full capital at once. Do not do that! Maximizing chances for higher profits goes hand in hand with maximizing risks! The size of positions opened must be calculated very accurately so that your entire account will not be wiped out with just one(!) very unfortunate trade.

Another factor that increases risks for scalpers is the spread traders pay when open a trade.
Each time a new trade is open, the spread cost is paid to the broker, thus opening 10 small trades instead of 1 long term trade increases the cost of trading in 10 times.
If to measure risk/reward ratio of such scalping activity it may show very risky and potentially losing trading.

Example:

With GBP/USD currency pair a scalper sets profit target of 10 pips and stop loss of 10 pips. So far it is 1:1 risk/reward ratio.
In the next step, when the spread is added, the picture changes. For example, the spread his broker charges for GBP/USD is 4 pips.
When scalper opens a position he is -4 pips (the spread has been charged). Now in order for him to reach the target of 10 pips profit, the price has to move +4 and +10 pips = 14 pips.
On the other hand, in order to trigger his stop loss the price should move… -4 is already in place… so, only -6 pips and he will be stopped at total of -10 pips… the risk-reward ratio has changed in over 2:1, not very promising situation indeed…

To understand the full challenge of scalping as a trading style, consider this: hard work and small gains accumulated over a decent period of time could easily be wiped out with one large loss. Finding a balance between profit levels and size of acceptable losses presents the most difficult challenge to scalper’s strategy.

Best of luck in achieving your goals!

Now, let me introduce you to another trading technique of making it big in the Forex market and walk away with mega profits within the shortest trading time. Believe me that I have tested this technique and also want to let you know that 75% traders in Nigeria are scalpers. I really celebrated the New Year thanking God for giving me the courage to develop more on scalping as a trading strategy.

What is Scalping? Many traders don’t really understand that simple word. Some even pronounced it wrongly, and if you don’t understand the meaning now, you can not benefit from the mega returns that the strategy is generating in the world’s largest financial market.

Scalping is a focused technique that involves making a minuscule trade to generate profit within a short period of time. This method of trading the FX market is of high probability trades with extremely small risk stops and predefined profit objectives, it is also a means of taking a million trades to make a million dollars.

There are different types of traders; “Position Traders” “Intraday Traders” and “Scalpers” A position trader could engage in trades that are intended to last for multiple days or months with huge pips target of hundreds to thousands. An Intraday trade could typically engages in trades that might last for less than a day aiming for targets of 20 to 100pips while A Scalper engages in trades that might last for few minutes and the minimum target could be 5+ pips. Pick your calculator now and calculate 5pips on a 2.00 standard lots of 5 trades per day for 20 trading days (5pips x 5 trades x 20 dollars x 20 trading days = $10,000 monthly) If all the scalping techniques are adhered to. Are you saying it’s not possible! Just demo trade this for a month and see what I am saying.

A scalper normally trade higher lots size or volume depending on your account size and risk acceptance. For the fact that this technique requires a maximum Stop Loss of 20pips, you must also maintain a good equity management principle. If you could just sincerely follow the rules that I will be teaching you on this technique, you could rake in more profits to your bank account without stress compared to day or position traders.

Let me sound this warning that if your account can not accommodate the risk involved scalping with higher lots or contract value, please don’t trade higher lots. Simple! Because scalping is more emotional and advanced in nature in the aspect of making a very quick decision and trade execution. Don’t trade without setting your stop loss when scalping. Trading without stop loss could wipe off your account with this strategy. P-L-E-A-S-E, just follow the simple trading rules that I will be sharing with you.

Scalpers often engage in multiple trades per day. Some traders execute several trades and make profits with ease. Don’t worry, I will teach you the technical know-how of scalping the market. Scalps are executed in the direction of the current trend of the Forex market. You can’t run away from the fact that the “trend is your friend” if you don’t know the trend of the market, don’t place any order.

You could also take larger profits as this lesson is getting more technical by applying trailing stop. What is Trailing Stop? Stop Loss is intended for reducing losses where the symbol or currency pair price moves in an unprofitable direction. If the position becomes profitable, stop loss can be manually shifted to a break-even level. To automate this process, Trailing Stop was created. This tool is especially useful when price changes strongly in the same direction or when it is impossible to watch the market continuously for some reason.

The beauty of scalping is that, it allows traders to trade even when other techniques would make you sit with your PC for long without trading. Scalping is best used in conjunction with or as a supplement to other trading techniques – so keep trading your normal strategy that you are used to and add scalping to your trading toolbox.

TYPES OF SCALPING

There are three methods of scalping the Forex market which I will be teaching in this article: You could apply the EMA 4/12/63 to 15 minutes chart of your trading platform and scalp with the strategy. Alternatively, apply the one I will be sharing basically for this technique.

1. Time-sensitive trades: This comes in 2 forms: Firstly, in opening range breakouts, where a quick scalp is taken minutes before the open, in the direction of any market thrust. I revealed an important secret in the previous edition of SDE on the best trading time for the EMA 4/12/63. Meanwhile, if care is not taken, the bull back preceding the breakout of the 7:45am Nigeria time might strike your stop loss. But you can perfectly study the market; and scalp to make profits before the main breakout. And I will advise you always use your Bollinger Bands, preferably on a separate 15mins chart.

Secondly, trading to capitalize on the regular market turnaround time of the New York opening session. Infact, scalping is the best strategy to apply because something must happen. Keep your eyes also on 15 to 30 minutes to the FA release. I bet you that you would have made your target before the news. Then if the news is worth trading, trade and make more profits. Always tie this law on your neck and do not let it depart from you “make 20 or 30pips per day and every other pips shall be added unto thee”

2. Countertrend trades: Scalping when the market is silent or consolidating during the trading day. It could be the Asia session too.

3. Trend continuation trades: These methods focus on entering the market in the direction of a trend AFTER the trend has gone underway. They are also classified as retracement trades.

One of the most liquid, active and electronically accessible market is Online Forex Trading and I feel the scalping method represents the best known chances for picking consistent profits as a trader/scalper.

Oh! Getting interesting? Then I expect you to contribute, so that I can show you more ways of scalping the market soon.

Scalping is a very good trading strategy but I will like to encourage you that this strategy is not for all traders because of the emotion and risk involved. It is an advanced trading method that needs to be mastered before committing your live account. The scalping trading strategy that I will be sharing involves simple indicators; MACD and MOVING AVARAGE(s).

The MACD is an acronym for Moving Average Convergence/Divergence. It is a trend following momentum indicator that shows the relationship between two moving averages of prices. The MACD default is the difference between a 26-day and 12-day exponential moving average. A 9-day exponential moving average, called the signal or trigger line is plotted on top of the MACD to show buy/sell opportunities.

MACD’s can be used as an oscillator, does that sound too technical? No! Oscillators indicates that the asset will revert back to its mean valuation OR a Momentum indicator; indicates that the trend is strong and will continue. Parameters: The MACD line is the difference between the 12 and 26 day EMA. The signal line is the 9 day EMA of the MACD. Visually, the MACD consists of three elements, like the MACD, it is a line plotted on the bottom of the chart. The MACD line. This is simply the difference between the 12 and 26 day EMA. It is a line plotted on the chart. The Histogram. The MACD histogram is simply a bar chart located at the bottom/top of the chart, where the MACD and signal lines are plotted. The histogram is simply a visual representation of the difference between the MACD and the signal line. The “zero” point of the histogram – meaning the point where the bars cross above and below – is referred to as the centerline.

A Trade Signal is received when the MACD crosses the signal line. Traders can enter positions following the direction of the MACD Overbought/Oversold. No specific numbers indicate whether it is overbought or oversold, but if it is relatively far from its mean compared to its recent history, this may suggest that it is due for a decline. Divergence occurs when the pair makes new highs/lows but the MACD does not, this suggests divergence, and that the trend may in fact be weakening with a reversal in store. The MACD crossover is a straight-forward indicator that provides precise timing for entry points. The one drawback of this indicator is that it is sometimes too slow to provide a signal. Sometimes it signals an entry several candles after the ideal entry point. The price has already moved far enough that the trade no longer has a favorable risk: reward ratio. Always consider support/resistance when entering a trade regardless of the crossovers.

MACD is truly a trend following indicator – sacrificing early signals in exchange for keeping you on the right side of the market. When a significant trend developed, the MACD would alert you on how to capture majority of the move. Moreover, MACD proves most effective in wide-swinging trading markets and there are three popular ways to use the MACD: Crossovers, Overbought/Oversold Conditions, and Divergences.

CROSSOVERS: The basic MACD trading rule is to sell when the MACD falls below its signal line. While a buy signal occurs when the MACD rises above its signal line. It is also popular to buy or sell when the MACD goes above or below zero line.

OVERBOUGHT OR OVERSOLD CONDITIONS: The MACD is also useful as an overbought or oversold indicator. When the shorter moving average pulls away dramatically from the longer moving average (i.e., the MACD rises), it is likely that the security price is overextending and will soon return to more realistic levels. MACD overbought and oversold conditions exist vary from security to security.

DIVERGENCES: This is an indication that an end to the current trend may soon change when the MACD diverges from the security. A bearish divergence occurs when the MACD is making new lows while prices fail to reach new lows. A bullish divergence occurs when the MACD is making new highs while prices fail to reach new highs. Both of these divergences are most significant when they occur at relatively overbought or oversold areas.

Now, for the Scalping Trading Strategy, you will modify the MACD default by 2 deviations. And you must follow the trading rule strictly, work on your trading plan and target per trade. Preferably, 5 to 10pips is attainable with this system but once you make your target, PLEASE close your trading platform to avoid over trading, agreed and losses. Does it sound funny? You can not exempt yourself from the fact that emotions can’t rule your trading strategy and plan when you over trade.

To set up MACD for scalping, subtract 2 from the default parameters i.e. Fast EMA = 12 to 10, Slow EMA = 26 to 24, MACD SMA = 9 to 7, Apply to Close. Select the Color Tab and change the color to your favorite, you could also increase the line style. Click the Levels Tab – Add the Zero line and also change the color. You could also double-click the Description space opposite the zero value and type “Center Signal” and increase the line style too. Under the Visualization Tab, deselect the “All Timeframes” and select M15 only because this trading strategy work best on 15 minutes chart and you could also try it on 5 minutes. But I recommend 15 minutes because of how emotional and noisy the 5 minutes chart is.

Add EMA 4 (yellow), LMA 10 (DarkTurquoise), LMA 120 (white), LMA 40 – 90 (red) to your trading chart.

HOW TO INTERPRET THE MOVING AVERAGES: Exponential Moving Average (EMA) 4 is the fast EMA, Linear Weighted Moving Average (LMA) 10 is the slow LMA, LMA 120 is the Trend line while LMA 40 to 90 signifies how stronger or weaker the trend of the market is. Let me quickly state here that; do not trade when the market is trendless/sideways or consolidating because the opportunity of trading is always indecisive. I believe you know that there are three types of market trend; and you should not trade against the trend because the probability of trading along the trend is more than trading against it.

BASIC SYSTEM RULES:

Buy Signal

Notice the confirming indicators: EMA 4 crossed LMA 10 upward on up trend is advisable and realistic of achieving your target daily i.e. both moving averages crossed LMA 120, then set your Stop Loss 10pips below the LMA 120 or look for the swing low. Also confirm you signal when the MACD histogram is above the 0 line; signaling upward momentum.

Sell Signal

The chart is an example of SELL signal. Notice how MACD Histogram went from positive to negative, and how the moving averages confirmed the sell signal. The EMA 4 crossed LMA 10 down. Set your Stop Loss 10pips above the LMA 120.

When LMA 40 – 90 are above the LMA 120, it implies that the market is in up trend while below LMA 120 signifies down trend. You should also watch for overbought and over sold. Do not join the traders with mentality of “it will soon reverse” at losses. Get the trend as early as possible and follow the trend to maximize your profits.

Using 15 minutes chart, 10 to 20 pips is a realistic initial profit target, especially if you are trading EUR/USD, GBP/USD, USD/JPY. Even the other major currency pairs should yield this much on a properly measured signal.

TRADING PERIOD FOR THIS STRATEGY: Always watch out for good trading opportunity between 7:45 am NG time to 11:45 am for morning trading session, while 1.00 pm NG time to 3.45 pm is advisable for afternoon session.

TARGET: The purpose of scalping is making small profits while exposing a trading account to a very limited risk, which is due to a quick open/close trading method. I will advise you go for 10 pips plus spread per trade and demo trade this strategy for a month before going live with it. You could even go for 5 pips if you notice that the market is almost at it peak.

HIDDEN SECRETS: An additional advantage for traders technically is when there is no major news affecting the market. You will always see a clear trend for the day. When trading using technical indicators, make sure you know when the news is going to be released so that you can position yourself. i.e. close your trade 10 to 15 minutes before the (FA) news. Then 15 minutes after the (FA) news, you could trade.

Today, I’d like to share with you what my research has revealed.
So, brokers allowing or not allowing scalping…
I’ve got the answers the same day from the next Forex brokers:

#1 MG Financial Group
Thank you for contacting MG Financial Group. In regards to your
question, you may keep your position open for as long or short a duration of time as desired.

#2 InterbankFx
We do allow Scalping but it might become a problem with our liquidity
providers and filling orders etc… We recommend that you stay in a trade
for at least 93 seconds. If a customer engages in scalping and it
somehow becomes a problem we will notify that person.

#3 MIG Investments
MIG Investments does not require a minimum number of trades per month
as neither we require a minimum pip value or open time for positions
before allowed to close.

We do accept scalpers but since it is difficult to cover such
positions in the market, we would need to increase the spreads for
clients with permanent scalping strategies.

We consider an scalpers somebody who systematically pip hunts below 5 pips as average.
All the cases are studied based on general performance and we do get in
contact with our clients prior to take any related decisions.

Update 13.08.2008: The new M I G Investments General Terms and
Conditions are effective immediately (13.08.2008) and have been updated
with reference to M I G’s current position on Scalpers: Due to the difficulties associated with covering such trades, M I G Investments does not accept scalpers.

#4 OANDA
The term scalping here primarily refers to latency trading, where
clients unfairly exploit, to their advantage, delays that may occur due
to the fact that FXTrade is Internet-based.
OANDA does not have any restriction on the length of time a trade is held.

#5 MB trading
Got two short replies:
Yes, scalping is allowed.
Yes you can scalp with us.

#6 Forex.com
Yes, you can do that. As long as you have enough margin to open a
position, you can close it at any time during our normal trading hours
which is between Sunday 5 pm ET and Friday 5 pm ET.

#7 Global Forex Trading
Yes we do not have any restrictions to the length of time on holding positions.

#8 West Capital Forex
In answer to your question, Scalping is not recommended by our dealers and they actively discourage it.

The next day I’ve targeted remaining on my list Forex brokers and got next replies:

#9 CMC Markets
You are able to hold a position for less than a minute, however, we do not encourage scalping.

#10 United Global Markets
Scalping is not an issue so long as you are not taking advantage of our
price feed lag. We do allow scalping, news trading, grid traders and
other in and out traders.

#11 CROWN FOREX SA
Thank you for your interests with CFSA, we are so glad to reply your query regarding allowing scalping.
kindly note scalpers can trade with CFSA under the following conditions:
a. 3 pips spread
b. Max leverage at 1:100 (fixed margin requirements of $1000 per standard lot)
C. Depending on how aggressive the scalper is; a commission per standard lot or an increase in the spread may apply.

#12 IFX Markets
Your question is very easy to answer. We allow scalping, we don’t care
if we hold your position for 1 second if you can make money that
quickly.

#13 FX Solutions
Yes, we do.

#14 Interactive Brokers
Dear Trader,
IB does allow scalping.

#15 Saxo Bank
The answer to your question is yes. You can hold a position for less than 1 minute.
But we don´t allow that you take advantage of the system.

#16 NorthFinance Forex Broker
Please note that we do not allow scalping. We actively discourage the
trading method. The minimum required time difference from opening to
closing a position is about 10 minutes.

#17 Forex Club Financial Company
Yes we allow scalping. Only thing if you going to request a lot of
quotes and not act on them the system will put you on the bottom of the
list and you will receive lesser priority.

#18 CMS Forex
We have no age requirement for positions. Be they open for 1 year or 1
minute, you can mange your positions as you wish within our market.

#19 EFX Group
We allow any trading strategy, including the one you mentioned!

#20 Then from the FAQ of Global ForexNow
I’ve copied next: “Do you allow scalping?
We don’t condone any one particular type of trading style.”

So far seems like almost nothing should bring clouds to your sunny sky… Is it really so..?
Opening accounts with each and every of mentioned here Forex brokers
and scalping for at least about a month to get a result would be a very
difficult task… So, hopefully, we are going to hear from other
traders about their experience. Please drop us a line in a form of
comment below. Thank you!

There were also two brokers that did not gave a straight forward
answer on my question, but to complete my check list report I’m going
to cite their replies anyway:

#21 ACM
I would like to take this opportunity to introduce myself as your
Account Executive at ACM. In the next few days I will contact you in
order to discuss how to use our services to your best advantage.

#22 ODL Securities

I would be happy to answer any questions you have regarding opening an
account with ODL. What is the best telephone number to contact you?

Please note, that my research is based not on a real account with
each broker and actual scalping with no problems. It is rather a
journalist report on some sort of “interview” with brokers’ customer
support. So, there is no way I can guarantee that you can go out and
scalp freely with any of these brokers.

Ask (Offer) – price of the offer, the price you buy for.

Bank Rate – the percentage rate at which central bank of a country lends money to the country’s commercial banks.

Bid – price of the demand, the price you sell for.

Broker – the market participating body which serves as the middleman between retail traders and larger commercial institutions.

Cable – a Forex traders slang word GBP/USD currency pair.

Carry Trade – in Forex, holding a position with a positive overnight interest return in hope of gaining profits, without closing the position, just for the central banks interest rates difference.

CFD – a Contract for Difference – special trading instrument that allows financial speculation on stocks, commodities and other instruments without actually buying.

Commission – broker commissions for operation handling.

CPI – consumer price index the statistical measure of inflation based upon changes of prices of a specified set of goods.

EA (Expert Advisor) – an automated script which is used by the trading platform software to manage positions and orders automatically without (or with little) manual control.

ECN Broker – a type of Forex brokerage firm that provide its clients direct access to other Forex market participants. ECN brokers don’t discourage scalping, don’t trade against the client, don’t charge spread (low spread is defined by current market prices) but charge commissions for every order.

ECB (European Central Bank) – the main regulatory body of the European Union financial system.

Fed (Federal Reserve) – the main regulatory body of the United States of America financial system, which division – FOMC (Federal Open Market Committee) – regulates, among other things, federal interest rates.

Fibonacci Retracements – the levels with a high probability of trend break or bounce, calculated as the 23.6%, 32.8%, 50% and 61.8% of the trend range.

Flat (Square) – neutral state when all your positions are closed.

Fundamental Analysis – the analysis based only on news, economic indicators and global events.

GTC (Good Till Cancelled) – order to buy or sell of a currency with a fixed price or worse. The order is alive (good) until execution or cancellation.

Hedging – maintaining a market position which secures the existing open positions in the opposite direction.

Jobber – a slang word for a trader which is aimed toward fast but small and short-term profit from an intra-day trading. Jobber rarely leaves open positions overnight.

Kiwi – a Forex slang name for the New Zealand currency – New Zealand dollar.

Limit Order – order for a broker to buy the lot for fixed or lesser price or sell the lot for fixed or better price. Such price is called limit price.

Liquidity – the measure of markets which describes relationship between the trading volume and the price change.

Long – the position which is in a Buy direction. In Forex, the primary currency when bought is long and another is short.

Loss – the loss from closing long position at lower rate than opening or short position with higher rate than opening, or if the profit from a position closing was lower than broker commission on it.

Lot – definite amount of units or amount of money accepted for operations handling (usually it is a multiple of 100).

Margin – money, the investor needs to keep at broker account to execute trades. It supplies the possible losses which may occur in margin trading.

Margin Account – account which is used to hold investor’s deposited money for FOREX trading.

Margin Call – demand of a broker to deposit more margin money to the margin account when the amount in it falls below certain minimum.

Market Order – order to buy or sell a lot for a current market price.

Market Price – the current price for which the currency is traded for on the market.

Offer (Ask) – price of the offer, the price you buy for.

Open Position (Trade) – position on buying (long) or selling (short) for a currency pair.

Order – order for a broker to buy or sell the currency with a certain rate.

Pivot Point – the primary support/resistance point calculated basing on the previous trend’s High, Low and Close prices.

Pip (Point) – the last digit in the rate (e.g. for EUR/USD 1 point = 0.0001).

Profit (Gain) – positive amount of money gained for closing the position.

Principal Value – the initial amount of money of the invested.

Realized Profit/Loss – gain/loss for already closed positions.

Resistance – price level for which the intensive selling can lead to price increasing (up-trend)

Settled (Closed) Position – closed positions for which all needed transactions has been made.

Slippage – execution of order for a price different than expected (ordered), main reasons for slippage are – “fast” market, low liquidity and low broker’s ability to execute orders.

Spread – difference between ask and bid prices for a currency pair.

Stop-Limit Order – order to sell or buy a lot when the market reaches certain price. Usually is a combination of stop-order and limit-order.

Stop-Loss Order – order to sell or buy a lot for a certain price or worse. It is used to avoid extra losses when market moves in the opposite direction.

Support – price level for which intensive buying can lead to the price decreasing (down-trend).

Technical Analysis – the analysis based only on the technical market data (quotes) with the help of various technical indicators.

Trend – direction of market which has been established with influence of different factors.

Unrealized (Floating) Profit/Loss – a profit/loss for your non-closed positions.

Useable Margin – amount of money in the account that can be used for trading.

Used Margin – amount of money in the account already used to hold open positions open.

Volatility – a statistical measure of the number of price changes for a given currency pair in a given period of time.

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