Giorrgi
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Hello guys,
This is my first post on this forum. I gotta say, this is a very nice place to "e-hang out" at! All my past experiences with trading forums have been a constant stream of negativity towards everything, the "you can't make it" attitude and basically not very friendly conversations. I glad I found this place!
Let's get down to business. I'm a newby: I've read couple of books on TA. I recently read this thread the "55000% in a month" trade (http://www.trade2win.com/boards/general-trading-chat/120412-55000-one-month-34.html) which was basically about scalping on forex.
This prompted me to get a demo trade account on oanda.com and the whole experience has been really exciting.
I have many a questions though!
1. "Cut your losses short and let your winners run" = in the scalping department this would mean to exit a long when it has lost you 1 pip. However I find this very hard to do on my forex account: whenever I buy or sell, the execution price is different from the price action on the chart. Correct me if I'm wrong, but from what I've seen so far, you could lose more than one pip by buying and selling instantaneously without the price even moving against you. Therefore, how can you cut your losses short at "1 pip" when the price has lowered against you ?
2. What timeframe should I use? I would like to go down to 10 sec, 15 sec charts but the candlesticks are not formed well at this timeframe on my charts. That is 50% of the candlesticks on the 15 sec chart are completely flat meaning. They start taking "normal" shape at 4-5 min charts.
3. What would be a good place to start reading about scalping TA techniques and risk management ?
Thank you!
This is my first post on this forum. I gotta say, this is a very nice place to "e-hang out" at! All my past experiences with trading forums have been a constant stream of negativity towards everything, the "you can't make it" attitude and basically not very friendly conversations. I glad I found this place!
Let's get down to business. I'm a newby: I've read couple of books on TA. I recently read this thread the "55000% in a month" trade (http://www.trade2win.com/boards/general-trading-chat/120412-55000-one-month-34.html) which was basically about scalping on forex.
This prompted me to get a demo trade account on oanda.com and the whole experience has been really exciting.
I have many a questions though!
1. "Cut your losses short and let your winners run" = in the scalping department this would mean to exit a long when it has lost you 1 pip. However I find this very hard to do on my forex account: whenever I buy or sell, the execution price is different from the price action on the chart. Correct me if I'm wrong, but from what I've seen so far, you could lose more than one pip by buying and selling instantaneously without the price even moving against you. Therefore, how can you cut your losses short at "1 pip" when the price has lowered against you ?
2. What timeframe should I use? I would like to go down to 10 sec, 15 sec charts but the candlesticks are not formed well at this timeframe on my charts. That is 50% of the candlesticks on the 15 sec chart are completely flat meaning. They start taking "normal" shape at 4-5 min charts.
3. What would be a good place to start reading about scalping TA techniques and risk management ?
Thank you!
