Thats so simple.... just follow economic calendar for news feeds and release and keep in touch with ths fourm. You can find all about trading here. Best place to hand around.

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Wish I could do that with the Micro Trading Station.

You're back old friend. How's it been?

Hey buddy, what's up? I took some time off after blowing up my account too many times. I tried again this week and ... you guessed it, blew it up again. I think I'm done trying to scalp... it's just too must work for too little reward for me. I don't have the right personality to deal with that kind of trading volume I guess.

I posted a couple messages over on the Elliott Wave forum about how I've felt this past week. I think I will try swing or longer term trading. I just need to stop watching the market every minute and obsessing over it. That's what gets me frustrated and ultimately sabotaging my account.

I do have a cool scalping method though, if you want to hear it. I can't do it myself because I'm just a bad trader, but maybe you could use it?

Bryan

Hi

Just thought I would reply to your message as it really struck a chord with me.
I am a complete novice and have managed to lose 200 dollars on micro trading. I enjoy minute trading as I enjoy the buzz of each individual trade. I agree about your comment about the psychology of this type of trading and I know I "blew up my account" twice because I was stupid or just greedy, stirred in with a lack of experience.

I use the standard indicators MACD, Bollinger, MVA, Stochastics, TSI and find they work well if you check out the charts from 60min working your way to one minute to judge the market trending pattern.

The hardest part I find, although I accept it, is when people suggest using the same fixed distinct profit and losses and exit points, stop losses, or limits on every trade. When you look at minute trading the market "breathes" differently for different currency pairs and changes on different days. I believe you have to concentrate on each trade as individual.

I am determined to try and get the psychology right as I know can make profitable trades and with more experience perhaps become consistent!

Thanks for letting me reply, as this is my first ever post in any forum!

Regards,

Good luck, -- another valuable ingredient in trading.

I'd love to here about it. What is it?

Hi BB. I've been doing that for three years. But before you feel like giving up read about the 10000 hour rule:

ApaCenter: The 10,000 Hour Rule

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Trade your own ideas. When you haven't got any, it's a sure sign you should not trade.

Melbgirl

OK, sorry it took so long to respond. You can always write email if you want -- bryan_cass @ yahoo . com.

Here's what I came up with, but didn't follow through testing it thoroughly.

1) Open a chart with 3 indicators: Parabolic SAR, RSI and MACD.
2) Set your chart to 60 and then 15 mins. to get the current daily or weekly trend. Then go to the 1 min. chart.
3) Wait for where RSI is trending in the same direction as the trend.
4) Then, wait for a MACD cross in the direction of the trend. The farther from the 0 line, the better.
5) Then, wait for the SAR to change direction to the direction of the trend and open a position when it first switches direction.
6) Place a stoploss where the SAR dot first appears after changing direction.
7) Close the position when the MACD or RSI hits the 0 line or if either one reverses direction, or if it looks like the trend is changing.

That was all I got to when I blew up my account because of overtrading and overleverage. I'm trying now just using Support and Resistance lines, along with simple patterns like Head and Shoulder, Double top/bottom, etc.

No blowups yet, but I've only been trying it for 4 days. Wish me luck.

Bryan

I think you are exactly right... thanks for the article and the cheers. :-)

Bryan

Try this: http://forexforums.dailyfx.com/295417-post8929.html

Its on gbpusd thread.

First,

Thanks for all your comments. Very nice and sound advices. I have read some very interesting threads. Also, people talk a lot about pips and money. I think, the most important thing is not focusing too much on winning trades. Winners take care of themselves. When trading, you can have a big winner, a small winner, a small loser, and that's fine. What you don't want to have is a big loser.

In life, the way we think things is very important. I believe that anybody who has a proven trading strategy will succeed, only if he forgets about the money, and focuses on the big loser....

i want to know if fxcm allows hedging? i;e placing a counter trade of the same pair in place of a stop loss.

You would have to open an accoant with FXCM UK @
Forex | currency trading | forex trading | forex broker

Hello to everyone, I have several months investigating, trading in a demo account and doing the first 2 courses (FXCM).

Trading in the demo account I noticed I liked the short term trading, and for several weeks I was pretty good at it, I don't remember very well, but I know I put a 4 hour chart, and a 60 minutes chart with MACD and Slow Stochastics, sometimes I traded on signals, but sometimes I just saw the direction they had and kinda "guessed", and it was great.

I reduce the 50.000 account (on purpose) to 7.000 $ and started trading from there and I made minimum 1000$ (1000-3000$) a day, in a few weeks I took the account from 7000 $ to 25.000 $.

But I traded without Stops, and as I said, I "guessed".

But that was for the Demo, for a Live account I don't want to do that, because 1 trade that goes wrong could be chaotic. I want to see if someone can give me or tell me where to find scalping strategies, how to use stops in scalping (because a 1:2 risk reward ratio is difficult to achieve when you are looking for 10 pips, you won't put a 5 pip stop, it won't work).

I would really appreciate it.
Thanks.

you can look these over. I have not tried any of them myself but maybe one will help you develop your own

Forex Scalping Systems | Forex strategies revealed

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