I'm currently demo trading FXCM's tradestation. I like the platform, and the spread plus commission structure.
edit: SWITCHED TO LIVE FXCM ACCT ON 11/12/14.
My main instrument is EURUSD, but sometimes I will trade USDJPY, bad habit.
My basic rules for scalping are:
Hard stops, up close, and try to go for a nice risk reward ratio of 1/3 or greater. After entering a trade, I monitor price action and sometimes adjust my stops tighter, never further away, and also adjust my TP which can sometimes affect the ratio.
I also try to avoid news as it first comes out, but I do like the high volatility setups that occur after the news, maybe like 7 minutes later I might enter.
My motto is, I don't have to get the whole move, I just have to keep making good trades. The market will continue to be there for trading, and if not, then that's not something I can do anything about.
I realize slippage affects a real account, but with FXCM, you get negative and positive slippage.
Unfortunately I can't hook up FXCM's tradestation to trade explorer, or I don't know how. So I will upload screenshots of my trades.
My 2 EURUSD trades today, starting off well. That second one I thought it would go lower but I didnt want to sit through a bounce.
My 1 USDJPY trade, second guessed myself, wanted to get out a little higher but didnt like the choppiness.
edit: SWITCHED TO LIVE FXCM ACCT ON 11/12/14.
My main instrument is EURUSD, but sometimes I will trade USDJPY, bad habit.
My basic rules for scalping are:
Hard stops, up close, and try to go for a nice risk reward ratio of 1/3 or greater. After entering a trade, I monitor price action and sometimes adjust my stops tighter, never further away, and also adjust my TP which can sometimes affect the ratio.
I also try to avoid news as it first comes out, but I do like the high volatility setups that occur after the news, maybe like 7 minutes later I might enter.
My motto is, I don't have to get the whole move, I just have to keep making good trades. The market will continue to be there for trading, and if not, then that's not something I can do anything about.
I realize slippage affects a real account, but with FXCM, you get negative and positive slippage.
Unfortunately I can't hook up FXCM's tradestation to trade explorer, or I don't know how. So I will upload screenshots of my trades.
My 2 EURUSD trades today, starting off well. That second one I thought it would go lower but I didnt want to sit through a bounce.
Attached Image
My 1 USDJPY trade, second guessed myself, wanted to get out a little higher but didnt like the choppiness.
Attached Image