sir i never said low brokerage will produce trading success, all i meant is low brokerage bring down my trading cost and help me cover it asap which in return increase my probability of gain. if i pay 5 rs per round lot and buy 10 (usdinr) lot i ll sell half of position 8 tick plus to my buying price and keep rest with TSL. now i have covered cost and have some additional profit, even if price come back and take out my break even sl i am not at loss both financially and emotionally and i am in a condition to take a next trade, but same thing is not possible with higher brokerage.
Hi Saakk,
I'd like to put this in proper perspective
My emphasis is on breakeven point when scalping which I do often, with a low breakeven I can make the most, with mininum risk with small targets, which are attainable,
I do agree with ford7k, a good trading system, with good R/R, and good money management is the first thing that a trader should develope, to trade with confidence, or else when scalping, even with very low breakevens, you are doomed.
Coming to USDINR. four ticks, (or one paise=Rs 10/-)in a lot gained, and you are still in profit,after deducting all charges, with the above plan that I mentioned.
Assuming I trade 1000 lots per month my total trading charges with brokerage + taxes, would be approx. Rs 7 per lot, If I have gained even four ticks or one paisa = Rs 10/ in a trade which is very attainable I would still have a profit of Rs 3/ per lot.
We have three discount brokers on this forum with their own threads, or maybe more, choose whichever suits you, after going thru their threads.
Please do not loose focus and continue with your trading method that you were to share with us.