Why are Scalpers hated?

[Mike Kshemaraja]

Yes you can - not a lot, but rather a fortune beyond what most people are even capable of dreaming of. But you will not do that scalping with an SB company or a retail bucketshop. That is the point I am making - you need to be taking money from other traders, not your broker. And successful scalpers take money from their broker if they are using a bucketshop or SB company, which is why they will get shut down as soon as they become problematic.

Leopold

Your point is taken.

 

[VielGeld]

So any good list of DMA FX brokers for us retail people?

There's got to be some out there...

 

[Liquid validity]

ECN like brokers, they have no vested interest in outcome of your trades,
just forward them to interbank market.
About the only ones of that type I would trust:
http://individuals.interactivebrokers.com/en/trading/pdfhighlights/PDF-Forex.php?ib_entity=llc
MB Trading - Forex
MB Trading UK - Stocks Options Futures Forex Online Discount Trading (non U.S. residents)
Forex Trading - Best Online Broker | TradeStation

Other than that its currency futures which are full exchange traded products:
Interactive Brokers
MB Trading - Stocks Options Futures Forex Online Discount Trading
Futures Broker | AMP Futures Trading
Infinity Futures
Futures Trading Broker | NinjaTrader with Zen-Fire | Online Futures Trading | Mirus Futures
Online Trading, Brokerage and Trading Software | TradeStation
Velocity Futures | Derivative Trading Services

You only get Time and sales (T&S, tape) and depth of market (DOM) with futures BTW.

 

[ph_trader]

good scalpers are the people that can make big money in the shortest time like crazy! and at time I think they can cause problems to brokers who are not that honest when it comes to their liquidity hehehe thats why they are hated! not all brokers allow scalping i guess and there are scalping ea's that are like banned in tons of brokers hehehe making money aint easy i guess

 

[VielGeld]

^^ Ok, checked out some of those brokers.

I'd love to be with IB for their low costs. I found them when I was still doing options last year, and their commissions are a steal compared to what I was paying. And now they advertise .5 pip spread on Eur/Usd. Wtf? Oanda is 1.2pips at the lowest as far as I've seen. Unfortunately, they want a $10k deposit so that automatically boots me out.

MB appears to be a great option as well. Now that I'm looking up the benefits of using an ECN, it seems it just keeps costs low all around. Looking them up though, it seems MB is only available to residents of Ontario, and not the rest of Canada. Shucks.

The same curse has struck Tradestation: they closed out their Canadian accounts some time ago now.

In fact, it seems Canada somehow restricts brokers or places very stringent demands that make it so business is difficult or unprofitable. Or something.

I blame Harper. **** that guy.

-----

However, I am now enlightened and will seek out an ECN broker asap if at all possible. The lure of half the current spreads I get on Oanda is just too good to ignore!

 

[neil324]

I've seen the hate. It generally comes from people who can't do it themselves so they translate that to it's not possible for anyone to do.

Peter

True, jealousy and envy.

 

[jon1971]

Hated by who exactly? A bunch of Muppet retailers who talk out of their arses and who haven't got even the faintest clue about trading or about how exchanges work? Seriously who gives a monkey's flying f*ck what they think anyway?

 

[Mike Kshemaraja]

I am trying cmc at the moment.

To me at the moment is important to have a tight spread (0.7) and orders executed properly at the price the moment I press the button, in and out, which I am checking all the time.

I think a spread above 1 pip, makes it more difficult.

 

[Mike Kshemaraja]

Hated by who exactly? A bunch of Muppet retailers who talk out of their arses and who haven't got even the faintest clue about trading or about how exchanges work? Seriously who gives a monkey's flying f*ck what they think anyway?

LOL

This made me laugh, mate:

Follow the professional money, "The story is told that after he had been deported to Italy, Infamous New York City gangster Lucky Luciano granted an interview in which he described a visit to the floor of the New York Stock Exchange. When the operations of floor specialists had been explained to him, he said, 'A terrible thing happened. I realized I'd joined the wrong mob"

 

[DionysusToast]

I remember when I was young, finding a 'sure fire' way to beat the bookies. I can barely remember now but it was to do with betting on horses that had been marked down because they were handicapped when the actual handicap was barely the difference between the jockey having had a dump before the race or not.

Anyway - I got 5 winners in a row at the bookies in Alton, Hants. Not on the same day and it was coincidence as opposed to my winning strategy.

The last horse romped in at 7-1. Like I say - pure luck. I remember collecting my winnings on a Thursday afternoon and the bookie smiled as he handed them over, looked me in the eye and said "Don't come back".

What is so hard to understand about the role of a bookmaker? They do not exist to give you money.

If you are a position day trader and you get good, they will be more than happy to deal with you as they can either lay off your bets or go in with you.

If you are a scalper and you get good, they cannot do either. Your relationship with them will no longer fit their business model. It makes no sense for them to continue and it is frankly quite naive to think they would let you take their money day in, day out.

Anyway - why would anyone WANT to be a scalper? What is the appeal? Everything else failed? Do people think it's like playing Space Invaders, being in the market all day in and out, all exciting?

I don't get why so many people want to scalp SB. It's like saying you want to ride a Shetland Pony in the Grand National... It's not the tool for the job.

 

[jthetrader]

God knows why anyone would hate a trading method; be jealous of a profitable strategy the workings of which you are not privy to, yes, or hold in contempt a strategy inferior to your own, yes, but don't hate one or its practitioners.

I think arbitrage of any kind is to be respected, it's at the heart of good trading isn't it? Being able to time things so well that you guarantee a profit, to have no risk? Brilliant. And I respect anyone who has found a way of doing that. I haven't, but then I haven't directed all my energy toward doing so so it's no mystery that I can't.

 

[jthetrader]

I remember when I was young, finding a 'sure fire' way to beat the bookies. I can barely remember now but it was to do with betting on horses that had been marked down because they were handicapped when the actual handicap was barely the difference between the jockey having had a dump before the race or not.

Anyway - I got 5 winners in a row at the bookies in Alton, Hants. Not on the same day and it was coincidence as opposed to my winning strategy.

The last horse romped in at 7-1. Like I say - pure luck. I remember collecting my winnings on a Thursday afternoon and the bookie smiled as he handed them over, looked me in the eye and said "Don't come back".

What is so hard to understand about the role of a bookmaker? They do not exist to give you money.

Well I agree mate, but a professional gambler rather than a recreational one doesn't, or doesn't want, to exist to give them money either. That said, bookies tend to be better disciplined than gamblers, when a bookie, or a casino owner, sees that someone has a winning strategy he accepts that fact and tries to prevent that person from placing any more bets- whereas gamblers who lose keep going back and back to the bookies/casino with the same losing strategy, hoping for a win.

If you are a position day trader and you get good, they will be more than happy to deal with you as they can either lay off your bets or go in with you.

If they are executing your trades, not acting as a bucket shop, then they shouldn't care whether you win or lose. They make money from the bid-ask spread and because you're winning you keep coming back, probably placing bigger orders and earning them money. The fact that they set themselves up as counterparties means that they deserved to be called bookies, not brokers.

If you are a scalper and you get good, they cannot do either. Your relationship with them will no longer fit their business model. It makes no sense for them to continue and it is frankly quite naive to think they would let you take their money day in, day out.

Anyway - why would anyone WANT to be a scalper? What is the appeal? Everything else failed? Do people think it's like playing Space Invaders, being in the market all day in and out, all exciting?

I don't get why so many people want to scalp SB. It's like saying you want to ride a Shetland Pony in the Grand National... It's not the tool for the job.

Maybe, but if someone has found a way of making money he'll use it for as long as he's allowed to.

 

[Mike Kshemaraja]

A smart scalper does not have to be in the market all the time, but only when he feels the pain (of others that needs to cover for their mistakes).

He might wait hours for an entry and then make consecutive entries in a matter of short time, he is not anxious to get in a position, he know that to stay aside is his best position, he is always active even without a position, he does not hold concepts and does not look at scalping as a way to get a thrill, he does not want to be right, he deal with is losses the same way he deal with his profits, he also works towards for an objective and relax state of mind, he know that his ego is around the corner trying to trick him, he is aware. A smart scalper is first of all a business man.

 

[jthetrader]

A smart scalper does not have to be in the market all the time, but only when he feels the pain (of others that needs to cover for their mistakes).

He might wait hours for an entry and then make consecutive entries in a matter of short time, he is not anxious to get in a position, he know that to stay aside is his best position, he is always active even without a position, he does not hold concepts and does not look at scalping as a way to get a thrill, he does not want to be right, he deal with is losses the same way he deal with his profits, he also works towards for an objective and relax state of mind, he know that his ego is around the corner trying to trick him, he is aware. A smart scalper is first of all a business man.

Very poetic. :clap:

 

[Mike Kshemaraja]

Very poetic. :clap:

Thank you sir.

I am only trying to help. Most of the time the truth hurts (not always, as in your case), but necessary to face.

In my view there is not way forward if that big ego is not kept at bay, specially in trading.