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Hi, it's an another silly question but i couldn't find in a faq section.
am i scalp with my fxcm micro account? any skill? for example closing position after 30 seconds later with 3 pips profit? am i do this everytime?
Hello kermens, and thank you for your post!
What is scalping?
Scalping is a short term trading strategy that attempts to make many profits on small price changes.
Can I scalp with FXCM?
Yes absolutely! That's because here at FXCM there are no trading restrictions whatsoever; you can utilize any strategy you'd like. You can even trade during any type of market conditions, including news events, without the fear of ever being re-quoted.
What type execution does FXCM utilize? What kind of broker is FXCM? Why should I trade with FXCM as opposed to with another broker?
FXCM utilizes Straight Through Processing (STP) No Dealing Desk execution. We pride ourselves in our business model because we are one of very few No Dealing Desk brokers in the industry. Please click here to learn more about the advantages of trading with FXCM.
FXCM's No Dealing Desk is always taking the best bid price and the best offer price from over ten of the world's largest liquidity providers, and adds a mark-up to the price (typically about 1 pip on major currency pairs). These are the prices that you see on the Trading Station platform. Each time you place a trade you pay the spread, which is the difference between the best bid and offer price on the platform. The spread is the only transaction cost (Cost of Trading Station and Strategy Trader?) to you when trading here at FXCM. You pay about ten cents per 1K lot per pip on the spread. FXCM makes money from that small markup on the spread and it is the only way FXCM is compensated.
What this means to you:
We make the same amount of money when you place a trade regardless of whether or not you are profitable on that trade. But in reality we want you to be a profitable trader, because if you are profitable that will increase the chances of you continuing to trade with us long-term, and if the account size grows you may even begin to trade in larger sizes. So as you can see, this eliminates any potential conflict of interest between the broker and the client. That is why we dedicate time and money to provide an abundance of educational resources with hopes that it will improve client profitability. We don't ever benefit from customer losses.
Each time you place a trade the order is sent to one of our liquidity providers for confirmation. What this means is that an order cannot be executed unless it is confirmed and filled by one of our liquidity providers. FXCM keeps your entry orders, stops, and limits hidden from our liquidity providers. Once the market touches your entry, stop or limit order prices, that is when it is sent to our liquidity providers for confirmation. So you can rest assured that your orders are being triggered by legitimate market movements, and not because of price manipulation by your broker.
FXCM's prices depend entirely on what our liquidity providers are doing. FXCM's forex prices are unaffected by the positions our clients have or their pending entry orders, stop orders or limit orders.
Please click here (Stop Loss Liquidity) to see a thread where I go over stop and limit execution in detail with one of our forum members.
Where can I learn more about scalping?
Our valued Currency Strategist Michael Boutros conducts live webinars that cover scalping strategies in The DailyFX Live Trading Room. During these live webinars he speaks for about fifteen minutes and then answers any questions you may have in real time. It's very interactive and an excellent opportunity to have your questions about scalping answered in real time. From the The DailyFX Live Trading Room click on "Upcoming Events" on the right to see when his next webinar is. I hope you find that helpful kermens!
What other resources does FXCM offer that can help me to hone my strategy, or develop a strategy of my own?
Here at FXCM we always have our clients best interest in mind. That is why we have an abundance of educational resources in hopes that it can eventually help clients become a profitable traders. Here are some more resources that we have to offer from DailyFX PLUS:
DailyFX PLUS Trading Course:
Live clients are entitled to unlimited access to our DailyFX PLUS trading course which comes complete with:
- 60 video lessons for you to choose from with information on technical indicators and different strategies.
- Over 15 hours of live instructor help webinars each week. During these live webinars our instructors will go over a topic for about fifteen minutes and then answer any questions you may have in real time.
- Community forums to get feedback, ask questions, and share what you're learning.
- Optional homework assignments to test your understanding and to see how well you are retaining the knowledge.
I encourage you to go through all of the video lessons if you haven't done so already, and to attend the live webinars whenever possible. You can access the trading course from DailyFX PLUS by clicking here and logging in with the same information that you use to log in to your live account. Please click here for access to the LIVE Trading Room with the course instructors.
For those who don't have a live account with us yet that's ok!
Please feel free to send me an email at email@example.com and I will be more than happy to set you up with a trial version of DailyFX PLUS.
Coupled with DailyFX PLUS, clients also have access to our mentorship program. In the program, you can communicate with the team of Trading Coaches 24 hrs per day 5 days per week. Our instructors can help you build a strategy if you need one or fine tune a current strategy you may be using. I highly encourage you to contact the instructors directly and tell them about the strategy you are currently using, what has been working, and what hasn't been working. This will put them in a good position to share their thoughts, and provide you with information/resources that will be beneficial to you.
You can contact the instructors directly at firstname.lastname@example.org
Please click here for more information regarding our DailyFX PLUS Trading Course and Live Webinars.
Thank you again for your post kermens! Please feel free to post with more questions or send me an email directly at email@example.com
Originally Posted by kermens
Last edited by Julius at FXCM; 06-04-2012 at 06:59 PM.
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Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.