Sorry i did not get round to replying to you earlier on
I use 2 ECN brokers - Dukascopy and FXPro - i like the FXPro platform the best and find Dukas can give me better fills and are quicker but dont us them everyday
I have been told I should move to Lmax and will probably move one account there within the next 2 months
I use my own bespoke linear regression settings on a tick and one minute chart and incorporate 9 min time windows either side the 30 and 60 min frame changes
I live in the Midlands approx 20 mins from Birmingham
With regards to the other question - don't think so - I know it might take half a day to read through my 2 main blogs - but thats nothing if you are into short term intraday trading and are serious.
My method is not simple - quite complex and so far its taken me 8 months to train one trader who already had over 18 months of experience to get to a decent scalp level.
I personally think you need over 3000 hrs of watching live small frame charts to understand PA at the coalface. Depending on the time you have that could take anything from 18 months to 4 years etc
To become an expert you need over the 10k hrs on live charts and ideally over 5000 live trades
Regards
F
FxPro - Thanks. Not familiar with them. Had a look on their website, which mentioned Cyprus, so I checked FSA register on FSA website and they do indeed have a valid Financial Conduct Authority license, which is good as it means UK traders are covered under the £85k limit or whatever it is these days.
LMAX. Is very fast. I tried their demo account a few days ago. And LMAX is also FastTrack top 100 company. So yes, very very fast.
Minimum $10k account.
Try Demo account, it's very impressive!!
10 times faster than IG INDEX / IG Markets!
Short term intraday trading.
Not sure if it suits my personality.
(I do have a full time job (which I may reduce to part time)
and I think the bulk of fx trading is done in London trading session)
(One reason, why I am exploring backtesting on forextester and Metatrader)
I also have videos of J16 FX trading group and Chris Lori FX training videos.
I am not sure whether to bother with them or not or focus on Equities.
I do understand Equities better.
Time:
I have 5 hours per weekday evening: 25 hours.
5-8 hours per weekend = 10 / 16 hours.
If I change my full time job to part time,
I will have an additional 15 hours per week.
So my time allowance:
35 / 41 hours per week for trading (+ learning trading).
Full time / part time day job: 22.5 / 37.5 hours
TOTAL brain usage time: 57 / 78.5 which is OK.
Past experience of working in London a few years ago,
I know that brain usage time of anywhere 80-120 hours per 7 days
eventually just results in burn out.
My real dilemma is:
I am not sure if scalping suits my personality.
I do enjoy my free time to focus on competitive sports.
I recently studied
http://www.instutrade.com trading course.
I passed. It's a great course though emphasis on Equities due to bus. cycle.
So I am leaning more towards long/short Equity trading
rather than FX trading.
That said, I do realise that getting even 20-60 pips a day is extra income.
It's definitely an interesting area.
In a nutshell, their are many ways of trading and gaining money from the markets, scalping is one of them.
Your FX day trading style reminds me of
Timothy Sykes who is a penny stock Equities day trader. He takes advantage of the inefficiencies of micro small cap stocks (many of which are pump and dump) and break top and break down approach. His is a very simple approach and clearly works very well for him.
I live in Oxford by the way. So kind of Midlands.
Oxonfx
