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Hello I'm attempting to learn the order flow scalping method of trading which requires a platform that has a good DOM displaying the market depth and sales/order flow, I also have little capital and wish to trade CFD's to start out, does anyone know of a trading platform (and CFD broker) that displays the market depth and sales?
I have been recommended: Sierra chart, CQG Qtrader, within the demo of Sierra chart there is a list entitled "CFD" but I'm not sure on the brokers that offer them through the software and how exactly to get it all set up, I am starting to get headaches so I thought that perhaps some people on here could help?
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Hmm that is an excellent idea but I'm not sure if the dynamics of it would work very well for scalping, what about placing limit orders and moving stops fast etc? I suppose if all I needed to do was market orders it would work quite well, any experienced order flow scalpers here? are you using market orders very much or?
The spread is too wide? as in say spread at 0.20c per contract, I buy 1000 contracts and the market price moves up a maximum of 20c bringing me to breakeven paying off only the spread of my purchased contracts? or do you mean something else?
With futures markets you pay commission on every trade however you enter. With a futures platform if scalping you can try to buy the bid instead of hitting the offer with a market order. For crude oil the spread is usually 1 tick, which is $10 on one contract and an easily available commission of $5 or less per contract. Therefore one could get in on a trade paying only half a tick in commission and also entering on the favourable side of the spread for a good proportion of trades with limit exit orders working in the market.
From Lemons' Oanda example he gives the West Texas Oil spread as 7 ticks. There is a thread in Elite Trading Journals called the Scalper's Journey where people talked about taking 5x5 trades, ie banging out 5 tick scalps on five lots ($250). They were taking profit at five ticks whereas with a seven tick spread you wouldn't even be at break even on the trade.
Scalping is very difficult for most people to do consistently well and beat their costs or not have lots of small winning days punctuated by occasional much larger losing days which makes their overall expectancy negative. Trying to scalp on a platform where the broker earns their money from the spread would make it much harder still.
Trading, ideally structured, is a vehicle for expanding consciousness, not damaging it. - Brett Steenbarger
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