PVSRA Scalping with Cigarguy (PVSRA Scalping with Cigarguy)
Let’s start with the self-screening process for each trader to determine if they meet this basic criteria, and if so, the journey begins
To scalp or not to scalp?
A Beginner’s Guide to Forex Market Scalping
Scalping, at least in trading, is a term used to mean regularly "skimming" small profits by entering and exiting a position multiple times a day. Scalping is no different than day trading, where a trader will open a position during the current trading session and then close it again; in other words, never carry a position into another trading cycle or hold it overnight. While a day trader scalper might want to open a position once or twice a day, or even a few times a day, scalpers will go even crazier and try to grab tiny profits multiple times in a single trade. Day traders may trade on the 5-minute and 30-minute charts, while scalpers will often trade on the ticker and one-minute charts. In particular, some scalpers like to try to catch high-speed moves that occur around the release of economic data and other important news events, such as employment statistics or GDP releases (if this is top of the economic agenda).
Why scalp?
Scalpers like to try and scalp 5 to 10 pips from each trade they make and repeat this process over and over again throughout the day. Profits from using high leverage and only trading with a few people once can add up , especially if your trades are profitable and can be repeated multiple times throughout the day . Keep in mind that for a standard lot, the average value of 1 pip is approximately $10. Therefore, for every 5 pips of profit earned, the trader can earn $50 at a time. Ten times a day, the equivalent of $500.
scalper's character
However, scalping is not for everyone, one thing is for sure: you have to have the temperament to be a scalper. Scalpers need to "enjoy" sitting in front of a computer during the entire trading process, and they need to enjoy the intense concentration of scalping. When you are trying to scalp with small moves, such as five points at a time, you cannot take your eye off the ball. Even if you think you have the temperament to sit in front of a computer all day, or have the temperament of someone with insomnia to sit in front of a computer all night, you must be the kind of person who can react quickly without having to analyze your every move. No time to think. Being able to “pull the trigger” is a key quality that scalpers must have. This is especially true if the position moves against you, even by two or three pips.
Advantages and Disadvantages of Scalping
The pace of reselling is very fast. If you enjoy this kind of action and like to focus on a chart for a minute or two, then scalping may be for you. If you have a quick-reaction personality and don't hesitate when it comes to losing money quickly (no more than two or three pips), then scalping may be for you.
But if you like to analyze and think about every decision you make, maybe scalping isn't for you.
The difference between market making and scalping
Scalping is somewhat similar to the practice of market makers trading around spreads. When a market maker buys he immediately seeks to offset the position and capture the spread of the position. Although these two types of investors have different purposes, this is what market makers do all day long. This does not refer to bank traders who hold proprietary positions for banks.
However, it is important to understand the difference between market makers and scalpers. Market makers earn the spread, while scalpers pay the spread. So when a scalper buys at the ask price and sells at the bid price, he has to wait for the market to move enough to make up for the price difference he just paid. Instead, the market maker sells at the ask price and buys at the bid price, thereby immediately gaining a pip or two as a market-making profit. Therefore, the risk of market makers is much better than that of scalpers, although they all seek to open and close positions very quickly and frequently. Market makers love scalpers because they trade frequently and pay the spread, which means the more scalpers trade, the more the market maker makes from the pip or two in the spread.
New traders will be directed to the original PVSRA thread to download the required templates and indicators, and to study the published charts and PDFs; PVSRA Post #1:
http://www.forexfactory.com/showthread.php?t=540706
This is not a PVSRA teaching/training thread. Our mission is to collect and share scalping and trading ideas for those who are already familiar with and trading PVSRA using the charts and templates provided.
Reselling PVSRA Mission Statement
As PVSRA traders we have never released, nor will we release or request any account information . Some traders performed trading demos and/or live trading, we were not interested in their account leverage or balance and micro, mini or standard trading, so no one was discriminated against .
We as traders are here to help traders use proven systems and points, if positive or negative values indicate a trader is successfully using the PVSRA system and needs additional help from other traders.
That’s our mission, as we publish winners and losers not to brag, but to encourage new traders to begin the difficult but profitable journey of learning PVSRA and succeed like those who have committed and dedicated themselves to this learning process and are now reaping the benefits of their dedication and hard work…
Reference; Page 1, Article 3
quote
I do ask all traders to help monitor this thread so it doesn't get out of hand when lurkers drop by and post non-PVSRA system trades and useless comments. I'll be posting here as often as usual, but that's not always the case, and everyone's behavior and language must adhere to FF rules. We all must respect other traders and encourage, not discourage, posting activity. Anything involving profit and loss will be discussed in points, not money or account size/balance . All traders should be treated with equal respect, regardless of the size of their trading lots.
Stay green my friends!
cigar smoker
Some useful PDF reading from TAH;
01/31/2016 Current Scalping/PVSRA Indicator and Cigarguy Scalping Template;
Thanks to TAH, extract and Ding Dong for the excellent indicators. As PVSRA scalpers, we integrate it into a team of scalpers.
02/02/2016 OrderOnChart EA and scripts are credited to his coding expertise and contributions...
OrderOnChart EA updated on February 8, 2016. Added some options to change button and text colors (thanks to saiffx and rajib217).
OrderOnChart v1.8 EA update on February 20, 2016. Added taking snapshot/buy/sell sounds and XX batch information for rajib217.
OrderOnChart v2.5 EA update on February 20, 2016. Miscellaneous. Fixed and changed/added limit order functionality and buttons on additional EAs via extract.
02/23/2016 OrderOnChart v2.5 OrderLimit1 EA by rabib217 with voice and sound....
03/27/2016 Easter Sunday - Cigaguy's Comments on R/R Scalping 5 pip target #2240 http://www.forexfactory.com/showthre...75363&page=112
March 28, 2016 Cigarguy's review of PVA candle colors and TAH quotes, Post #2282 http://www.forexfactory.com/showthre...91#post8839191
04/14/2016 Use of CSM (Currency Strength Meter) http://www.forexfactory.com/showthre...75363&page=132
- http://assets.forexfactory.net/nfs/c...ar265910_1.gif extra
- | Joined in June 2012 | Status: Member | 45 posts | Now online
Quote extra content
{quote} Hello everyone, I am the author of OrderOnChart EA. To all those using OrderOnChart EA: maybe there is something wrong with it, please stop using it until I make sure it is working properly. Thanks. Stop using OrderOnChart EA. This is dangerous for your account.
Hi,
There is actually a problem with OrderOnChart EA.
The old version can automatically open random orders continuously until your account balance is exhausted when it conflicts with certain indicators.
I recommend those using it to replace their current version with this new version immediately.
Please test your new account on a demo account first before using it on a real account.
I do not assume any responsibility for any losses you suffer due to this EA. Therefore, use it at your own risk.
Thanks.
P/s: If something goes wrong with the EA, you can turn it off from all charts by clicking on the "AutoTrade" button (turns it from green to red)
@cigarguy: Please remove all old versions of OrderOnChart EA from the first post, they are not safe.
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