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  • #14,281
  • Mar 4, 2023 2:43pm Mar 4, 2023 2:43pm
Good post. But this last part... I'm a cfd scalper lol
MT will never give even 10% power to counter professional algorithms, but we don't need it. Trading cfds or even forex with MT has nothing to do with "real" market conditions. So we can call it what we want, even a video gambling game. The main thing is that it is a source of money.

I think people lose money because of greed and unwillingness to admit the fact that they do not trade 100k account, but the amount of allowable drawdown, that mean 10k, I would even say 5k that mean daily dd. Well, it will pass with time. Works only if you have a trading system, if not you need to start with the basics.
  • #14,282
  • Mar 4, 2023 4:44pm Mar 4, 2023 4:44pm
Quoting Takisd
I did a recent study as part of my consulting gig for a prime regarding CFD's. Almost all retail offerings are 6x market volumes and on all trades over 20 lots on us30 there is 4 ticks less slippage than there should be. One of the datasets was a broker that caters to prop firms that I dislike. People complain about slippage, but if they truly knew what it was like on the real market, they would probably stop. The study itself concluded that retail traders are more likely to lose money trading CFD's than FX and the speed in which they lose money...
Nice post, thank you. My old broker once explained why indices was b book in a very candid discussion. To cut a long story short it was toxic and LPs wouldn’t take it so they faked it… as for scalping, mine work out great after a few hours going the wrong way and marinated by the market makers so they become an investment opportunity instead

A question if I may? What is in it for meta quotes with the vast number of demo accounts constantly churning over and over in the prop space, is the provision for this unlimited? I guess they and the brokers didn’t originally plan for this displacement?
  • #14,283
  • Mar 4, 2023 6:08pm Mar 4, 2023 6:08pm
Quoting forexbali
Am I the scalper?
-I consider myself to be a scalper. I guess it depends on how you define it. I can also trade the higher time-frames.

Anyway, I thought that you traded using an EA? Maybe I am thinking of someone else...
  • #14,284
  • Mar 4, 2023 6:25pm Mar 4, 2023 6:25pm
Quoting Takisd
I did a recent study as part of my consulting gig for a prime regarding CFD's. Almost all retail offerings are 6x market volumes and on all trades over 20 lots on us30 there is 4 ticks less slippage than there should be. One of the datasets was a broker that caters to prop firms that I dislike. People complain about slippage, but if they truly knew what it was like on the real market, they would probably stop. The study itself concluded that retail traders are more likely to lose money trading CFD's than FX and the speed in which they lose money...
Sounds about right. I had been chasing index CFD’s for awhile with mixed results. Only after looking into how experienced futures traders dealt with them, then was watershed moment. Haven’t looked back since.

Now it’s a mix of CFD’s and Futures via AMP.
Trade with confidence, trade without fear.
  • #14,285
  • Mar 5, 2023 1:07am Mar 5, 2023 1:07am
Quoting forexbali
Am I the scalper?
Hi Man,

I am also a scalper. I trade DAX and Dow. On M1. Most of my trades are less than 1 min (max 3 to 5 minutes).
I trade on MT5. After using a lot of panels, EA, trying, tweaking, I finally found out that as a scalper, the only useful tool is Magic Keys. It's the fastest way to enter trades, place Stop Loss, move SL to BE... My trading improved a lot since I got my Magic Keys.

Speaking about making it as a scalper. I am profitable trader with consistent profits for 24 months. But, recently, since October, I had some personal issues and lost my mojo (and my s***). It doesn't help that I lost someone dear in my family, went through divorce (still going through), lost my job... We have a saying in French: "Sh*t always flies in squadrons"...
Now, talking about funded accounts, I am with FTMO. It's really a pity: I passed my first challenge just few days before all the issues started last October. Since then, I've blown 5 accounts.

Now, I am on my challenge and taking it easy. I stopped trading news as it was the primary cause of 2 blown accounts. I spent hours and hours studying the impact of NFP on DOW, NQ, FTSE and DAX. I had a good run on December with a big fat win on a trade !!!! And in January's NFP, big loss, and account blown.
So my advice: AVOID TRADING NEWS !!!! Of course, there are ways to trade news. Buy at the extreme low of the first M1 candle if the effect of the major news is negative (or sell if the effect is positive). But to do tht, you must have a live account with a tick per tick view. Another way to trade news is to track which indices are moving "less" or with lower gaps and thus better fills. For instance, for NFP, NQ and Dow will move like crazy. That will be less an issue for other indices such as FTSE or DAX... But still, be prepared, the slippage can kill you if you don't adapt your risk. If you go with full usual size for a 1% risk which is 50 to 100 pts in DOW for instance, you can be sur that a slippage of 100 to 150+ is ''normal". Soon, you could be on the edge of breaching the 5% max DD rule.

There was someone talking about evaluation phase. I have blown one. Experience yeah ! So my advice: DO NOT TRADE WITH SAME SIZES ! Let's take for the sake of an example sizes such as 10 to 20 lots on one index during the challenge phase. Then, my advice is use 5 to 10 during the other phase. And be EXTRA careful during the first 5 to 10 days. The euphoria and dopamine release after passing the challenge can be a killer.

Anyway, I hope this can be helpful to anyone who is reading.
  • #14,286
  • Mar 5, 2023 2:42am Mar 5, 2023 2:42am
People seem to have not quite grasped my point about the "I am a scalper comment". The reason you may be able to say "I'm a scalper" on cfd's is purely because the conditions are lala land conditions. If you get switched to a-book, DMA stp or w/e you will fail. The ticket size and slippage will kill you. And no, its not the brokers doing its simply that you start actually competing with the market and the low levels of liquidity available to some really massive participants makes you a piece of plankton being swallowed by whales.
  • #14,287
  • Mar 5, 2023 2:56am Mar 5, 2023 2:56am
Quoting Vitore
"We are proudly presenting a new $800k challenge account. You can now merge accounts up to $2.5M and scale up to $5M. Use the Code " BPF800K" to avail 15% OFF + 125% REFUND" Their ambitions are apparently through the roof... {image}
That's ridiculous, 800K challenges. Even before they had an absurd max capital.

We see established companies capping initial max capital to 600K (MFF or TFT) or 400K (TFF), which means they don't want to go over a certain risk, and then new guys in the arena coming for that... Sounds like TPT that didn't have a max capital limit.
  • #14,288
  • Mar 5, 2023 2:57am Mar 5, 2023 2:57am
Quoting Nehemah
{quote} Did you try to talk with the guy (admin) of the " Propfirms Telegram " ? He always do a lot of noise with Bigpip there.... I checked their discord and it is not very active with only 3-4 proofs of payment. A lot of noise in the silence.
Big Pips is owned by some of the guys running that Propfirm Telegram group. This was said there several times.
  • #14,289
  • Mar 5, 2023 3:06am Mar 5, 2023 3:06am
Quoting Takisd
People seem to have not quite grasped my point about the "I am a scalper comment". The reason you may be able to say "I'm a scalper" on cfd's is purely because the conditions are lala land conditions. If you get switched to a-book, DMA stp or w/e you will fail. The ticket size and slippage will kill you. And no, its not the brokers doing its simply that you start actually competing with the market and the low levels of liquidity available to some really massive participants makes you a piece of plankton being swallowed by whales.
When I say scalping, I don't mean HFT or anything like that. Just a quick intraday trading. Fast entry fast exit, short stop short target. I don't care where the market goes, I don't think about where the price will be tomorrow or next week. My goal is to take profit every day.

I think many "scalpers" think the same way. To be honest, I don't even care about fundamental things about cfd broker/execution type. I know this is a fake market, another rule of the game. I just choose the best conditions for me. The profit is still real in my bank account. It's all I need.
Yes I get better results trading fake cfds with prop firms than trading real futures, but I'm ready to go back to real world if I have to.

And what I'm really worried about is the noise around 8cap props, I think most of them are crap and the reason why regulators will come and make life difficult for me and everyone. But let's see.
  • #14,290
  • Mar 5, 2023 4:05am Mar 5, 2023 4:05am
Quoting Nihi
{quote} When I say scalping, I don't mean HFT or anything like that. Just a quick intraday trading. Fast entry fast exit, short stop short target. I don't care where the market goes, I don't think about where the price will be tomorrow or next week. My goal is to take profit every day. I think many "scalpers" think the same way. To be honest, I don't even care about fundamental things about cfd broker/execution type. I know this is a fake market, another rule of the game. I just choose the best conditions for me. The profit is still real in my bank...
Agreed. But at the same time, when things become crazily stupid, regulation will be a good thing. It would help get rid of the scams. Of course, there will always be scammers in permissive jurisdictions. But to me, if there are regulations and that someone falls for a scam, then it means he didn't do his due diligence... So he has to bear the consequences.
  • #14,291
  • Mar 5, 2023 8:41am Mar 5, 2023 8:41am
Quoting Nsak3y
{quote}-I consider myself to be a scalper. I guess it depends on how you define it. I can also trade the higher time-frames. Anyway, I thought that you traded using an EA? Maybe I am thinking of someone else...
I'm a scalper! and you know many people is against the scalping because they think is a waste of time. But only a scalpers know how difficult scalping is as money management and psychology so happy to see other scalpers here!
Actually I reached very good levels on EURUSD GBPUSD AUDUSD NZDUSD while on USDJPY USDCAD USDCHF that move less if "group" like the other 4 I will promise to focus later on that because my main target now is to understand the entries. As each scalper, I'm so spread and commission focused, so at the moment I'm testing myself on fusion markets and tickmilll, also on fpmarkets, but when I trade with 3/3.5$ per lot I already suffer the commission that put me limits to cut losses sometime or to do more trades for less exiting at any time I wish if I see a minimum risk.

I made mistake to try scalping on trials on MT4 and now I lost the training on FTMO/E8 trials just for that. Next weeks I will try to make my last try on MT5.
I still don't do challenged or funded account... still testing myself to get used to forex.

I do forex because less volatile and I can train myself at the best but I traded in my life everything so it is not a problem any other instrument especially nasdaq, dow, sp500, ger40, uk 100, etc... oil also, gold I traded less in my life but any instrument is the same.

I'm training myself in price action, learning that the best trades on fx are London session till 1-2 hours after New York session and news, after that better avoid because statistically I make mistakes till the close.

I can filted and be less active as scalper in FTMO trials, and I will try it, but, the problem is that spreads are terrible and you can have good spreads only on EURUSD sometime on AUDUSD and GBPUSD. I can't scalp starting with 7-8 pips or even more on other pairs.. round torun is like 1.5 pips only to close flat + other 3 points of commissions.... a disaster for a scalper, so I'm training now for 1H set ups for a risk reward trade of 1:3 1:4 1:5 up to 1:10 and see how it works, I'm preparing a sheet in google docs that I will show, to calculate fast lots size for the trade to don't lose time when I see a trade.

Anyone can suggest me a site with a complete guide to price action trading strategies? Actually I'm at 90% and I love the pin bar strategy is the one more near my trading style and I'm quite good also to anticipate it maximizing reward but also increasing the risks.. so as I said, I'm training in the demo most I can because to trade with small accounts keep me out from to be focused at the best and I realized that to have decent profits is needed at least a 50K account persona, and as challenge so an account of minimum 100K+ to start well, if you don't want to risk high fee to go directly for 200K-300K or 400K accounts.

Also as scalper for the prop firm, for forex, everybody speak bad about eightcap and this add me a frustration that even with almost zero spread of eightcap other troubles can come in... but, usually I can survive trading most of the time 0.5/1 lots for each click, and I don't need to send 5-10 lots per trade, so this should be sufficient to get a decent fill... problem is that with MFF-FTMO-E8 or other non eightcap prop spreads you are simply out from scalping, so I'm just figuring out what to do.

Also scalping can be seen like a temporary strategy to raise a profit and then risk it in trades as swing for a couple of days trades... but without scalping, I have to train myself in something that will take months to understand if it works or not (swing entries).
in holiday till end of November
  • #14,292
  • Mar 5, 2023 8:59am Mar 5, 2023 8:59am
Quoting NicoZ
{quote} Hi Man, I am also a scalper. I trade DAX and Dow. On M1. Most of my trades are less than 1 min (max 3 to 5 minutes). I trade on MT5. After using a lot of panels, EA, trying, tweaking, I finally found out that as a scalper, the only useful tool is Magic Keys. It's the fastest way to enter trades, place Stop Loss, move SL to BE... My trading improved a lot since I got my Magic Keys. Speaking about making it as a scalper. I am profitable trader with consistent profits for 24 months. But, recently, since October, I had some personal issues and...
Thanks for posting and mentioning me!

I understand you perfectly because I passed many things in my life... and I make millions profits with trading and I get stuck in a scam in 2018 where I was frauded of all my money from a Royal Family... that I'm not going to mention now here, and I have a criminal case against them.
That's why now I can't trade... I can't afford even to buy a challenge and I'm in a very shitty situation but I spend all my time to train in demo a become a killer scalper or swinger or trader or whatever in something I always hated Metatrader... I was also in the past and introducing broker and as I saw all these BOOK B and Metatrader as the most popular platform and thousands of IBs and Brokers lanching it.. I understood that brokerage business was at the end and with the power and money of these FX firms.. traditional finance it's just an old story, market now is completely different.

Then I discovered the PROP business something so recent like 1-2 years max and I see it as a good opportunity to train myself to learn again from scalping... that I did for years since the start of trading online, and I left when I got sufficient money to do other kind of trading like arbitrages, M&A, spread trading and so on...

I love today to be a scalper again, I'm studying techniques, I realized how many things was difficult to me to invest before in bullish trends.. or bearish trends, and let's say I'm learning again how to scalp or trade with confidence.

MT5 means to trade with high leverage much higher I could do with lots of money on interactive brokers. But more risk = also more opportunities if you are good to do the same money of 1.000.000$ account with just 10 smaller accounts.

So please can you clarify what are for you magic keys? is a special EA or you mean to use the keyboard keys to trade, like short cuts?

At the moment I'm focused on 15M charts to detect entries and I use 1 minute chart just to get timing to enter/exit. All the charts above 1M are useless, and also right now I don't need any indicator... like RSI, Stochs, Macd, I just need EMA or SMA for additional support and resistances, BB for the same reason, and just because I'm old fashioned I plot pivot S1 S2 R1 R2 etc... to get some additional level even if I think that pivots nobody watch anymore, but just in case.
in holiday till end of November
  • #14,293
  • Edited 10:01am Mar 5, 2023 9:29am | Edited 10:01am
https://docs.google.com/spreadsheets...it?usp=sharing

I made some update to my sheet.

Somebody reading here contacted me and asked if I could run a list of prop firm "without eightcap" as broker.

Again I feel lots of people is scared of eightcap, but is it eightcap or is it the prop firm the issue? if was eightcap should be already banned by regulators with customers unhappy but checking myfxbook regularly and I know many people unhappy of slippage at Ic Markets I don't see where the problem is.
I should ready if you send to me some real complain about eight cap.

However, I always put a column "Broker" where you can clearly see that there are 8capbroker prop and other with "own, prop" liqudity.

It's that simple. I can't spend time to create a separate list, no sense. And however eliminate eightcap and zero spread on forex would mean to accept the monopoly of MFF-FTMO-TFF-E8. Don't know what to do. However, the spreadsheet it's ok.

I will try now to set up some "signals" and train with that and show to you and see what can be done to detect swing trades and share. Don't know if here or where in forex factory I should post. I usually stay always here in this thread and I don't use other sites, forums etc...

Also I'm looking if exist here somebody (I can't pay) able to code an EA with my formulas and idea I have on Capitalise.ai
https://www.mql5.com/en/signals/1860...y#!tab=account
I have an idea, that seem it is working but I would need over 30-60 days to be sure, to detect reversal or correlated or uncorrelated pairs.
I attach the backtest I had for 90 days (60 trading days) at capitalise.ai using 0.01 lots
before I had a countertrend strategy that was taking always drawdown, so now I found an idea to stay always in trend... and it seem really good idea.
1000$ demo, estimate profit 830$ (83% in 3 months), cutting of 2/3 the results if something will go wrong, swaps etc if I will do around 25/30% there is a good chance that the formulas can be backtested at 2-3 years or it could be a good method to detect swings in correlated or uncorrelated pairs. And for Bitcoin and Ethereum I used in the backtest 250$ and not 1000$ because results was great and volatility is higher. Capitalise.ai works with EightCap and Pepperstone, so please don't be angry again on 8crap.
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in holiday till end of November
  • #14,294
  • Mar 5, 2023 10:27am Mar 5, 2023 10:27am
This "knight" program of TFTP is completely useless? if we compare with Funded Trader Plus that is so similar you get:

1. Unique advantage of TFTP Knight, same broker, 1$ less per lot on forex

2. You get the daily drawdown that from 3% can go up to 4% at some point

While with FTP

1. You get scaling x2 that is almost 8 times faster/bigger
2. You get the daily drawdown eliminated so the max drawdown allowed will be 6 even daily

Both just 1:30 leverage. That's ok. And TFTP also have a news rule...

But generally this programs, with just 3% daily loss are not so good for the limited risk for who grind in scalping day trading, but just for swing trades.

If that is the case, the winner is FTP and Knight Programs made a mistake in his formula.

As we know, the stop is set to initial balance when you accumulate profits they will move there the total stop out, but in the case of FTP if you accumulate let's say a 20% profit, you could have a max drawdown of even 20% in a day, while with TFTP will stay to 4% daily.

I eliminated from Phase 1 names like SurgeTrader (with an ugly no scaling formula) and MentFunding, because I don't see any here talking about them
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in holiday till end of November
  • #14,295
  • Mar 5, 2023 10:31am Mar 5, 2023 10:31am
Quoting forexbali
{quote}So please can you clarify what are for you magic keys?
It's a trading keyboard
https://magickeys.trade/

I was considering to buy it some years ago but then I realized I would prefer some of the actions in a slightly different matter but it couldn't be changed. As cTrader could do most of the actions on it's own or with just a little effort when I needed to write a few lines of code I decided I actually didn't need it anyway. But it can be quite useful for those who just want something which works and do not need to change anything.
Money is made by sitting, not trading
  • #14,296
  • Mar 5, 2023 10:34am Mar 5, 2023 10:34am
Quoting forexbali
{quote} Thanks for posting and mentioning me! I understand you perfectly because I passed many things in my life... and I make millions profits with trading and I get stuck in a scam in 2018 where I was frauded of all my money from a Royal Family... that I'm not going to mention now here, and I have a criminal case against them. That's why now I can't trade... I can't afford even to buy a challenge and I'm in a very shitty situation but I spend all my time to train in demo a become a killer scalper or swinger or trader or whatever in something I...
A couple of points related to your recent posts. Pin Bars are a fantastic tool on daily, weekly, monthly. You can clearly see S and R. I don't believe they are effective on anything less than maybe an H4.
Pivots, you say not sure if anyone uses them anymore........80% of my trades (on forex) are taken using weekly pivots R61,78,100 and S61,78, 100......all very effective.
I analyze weekly charts and calendar on weekend and daily chart at close every day, gives me my bias and 4-6 setups for the following day. I then use weekly pivots and ADR for setups and/or targets. On average, 2 of the setups will trigger.
Example this past Friday, had 4 setups that never reached entry price, but CADJPY off the R61 to WPP was good for 80 pips and NAS bullish bias based on daily pinbar Thursday worked out fantastic.
Great thing about pinbars and pivots.......THEY ARE NOT LAGGING INDICATORS. Most traders are losing money DUE TO LAGGING INDICATORS.......MACD, stochs, RSI, MA crosses, none of that shit matters. Perhaps, and I emphasize perhaps, an additional filter, but certainly nothing to build a system on.

I am the complete opposite of a scalper( I simply prefer stress-free trading), but hopefully the insight on pinbars and pivots can be of help to someone.
  • #14,297
  • Mar 5, 2023 10:49am Mar 5, 2023 10:49am
Quoting forexbali
added some logos {image}
Thank You for all your work.
All Assets NAS100 GLD BTC AUS JPY GBP All Time Return: 19.7%
  • #14,298
  • Mar 5, 2023 11:04am Mar 5, 2023 11:04am
Quoting pipmaster77
{quote} A couple of points related to your recent posts. Pin Bars are a fantastic tool on daily, weekly, monthly. You can clearly see S and R. I don't believe they are effective on anything less than maybe an H4. Pivots, you say not sure if anyone uses them anymore........80% of my trades (on forex) are taken using weekly pivots R61,78,100 and S61,78, 100......all very effective. I analyze weekly charts and calendar on weekend and daily chart at close every day, gives me my bias and 4-6 setups for the following day. I then use weekly pivots and...
thanks for confirming! because I'm a scalper, for me the pivots or pin bars are changing my life also on 15M charts that is the most effective to see the market intraday where is turning, so as a scalper I wouldn't limit to 4H + but I can find lots of signals on 1H for swing trades.
I tested this week and I find much more powerfull signals on 1H than on 4H sometime because of the time difference when the 4H open the bar, the 4H surprised me to have even a better entry of 1H but this happen few times. With 1H chart I can enter on the same "pattern" of the 4H slightly before and exit with the same risk reward ratio before of 4H risking to need to wait a second wave. Perhaps the 1H help me also for the intraday better to work with 15M.

I know. Reading is written the same, to stay to 4H and above. But, I would make an exeption.

While I always hated non-intraday pivots because a pin bar or a good view of the market, the assets, was always easy for me for the medium long term as investor.

So please, can you show an example in a chart of a weekly pivots? I will try to set up my pivot EA to test it, but I would go to make a too large top-down analysys with too many thing, or I will pass too much time just to analyse the market. However thanks to tell me! this is good that pivots are still used.

For indicators 100% agree. Useless, they take space in the chart that can be used for other better tools.

I discovered this week that fxtrend and fxpower can help in intraday to detect faster weaker and stronger trends.
in holiday till end of November
  • #14,299
  • Mar 5, 2023 11:06am Mar 5, 2023 11:06am
Quoting pipmaster77
{quote} A couple of points related to your recent posts. Pin Bars are a fantastic tool on daily, weekly, monthly. You can clearly see S and R. I don't believe they are effective on anything less than maybe an H4. Pivots, you say not sure if anyone uses them anymore........80% of my trades (on forex) are taken using weekly pivots R61,78,100 and S61,78, 100......all very effective. I analyze weekly charts and calendar on weekend and daily chart at close every day, gives me my bias and 4-6 setups for the following day. I then use weekly pivots and...
I coming on your way... however, because I'm organising this weak a sheet to start to make swing trades and I will try to make a track record on this test and to see what happen in 2-3 months or few weeks. I'm creating a sheet where I will decide for each signal if to risk 0.1, 0.25. 0.5, 1% and so on of my balance depending on how strong I think the signal and trend could be.
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in holiday till end of November
  • #14,300
  • Mar 5, 2023 11:17am Mar 5, 2023 11:17am
Quoting forexbali
{quote} thanks for confirming! because I'm a scalper, for me the pivots or pin bars are changing my life also on 15M charts that is the most effective to see the market intraday where is turning, so as a scalper I wouldn't limit to 4H + but I can find lots of signals on 1H for swing trades. I tested this week and I find much more powerfull signals on 1H than on 4H sometime because of the time difference when the 4H open the bar, the 4H surprised me to have even a better entry of 1H but this happen few times. With 1H chart I can enter on the same...
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The CADJPY short from Friday
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