I’ve been trading for 6 months but was wondering at what point should I consider scalping: Is it when I am a year in trading? When I do consistently well with day and swing trading? And when scalping, what type of pair should I start scalping: A high or low volatility pair?
Any advice can be of help, as I am working on being a consistent part time forex trader. Thank you all so much in advance.
You could have scalped from the first day you installed the trading platform if you felt that it suits you. To answer you question directly, I would say, “at the point you feel comfortable with it”
Scalping would require focusing all your attention to the chart. Since you are considering trading part time, I don’t think scalping is for you.
There is no such thing as perfect time to start scalping, scalping is a way of trading just like any others.
The only thing you want to understand before dive into scalping, is to try your strategy on a 10 - 15 - 5 charts or whatever you want to use, and find out if you are winning more than losing.
It would be nice to know what are your motivations for scalping?
Do you think you can make as much money as a longer time frame - but do it multiple times a day?
I’ve read a few of the market wizards books and besides the open pit traders who scalped by matching clients orders I don’t recall any directional based scalpers ever making it into the books.
If you want to lose money quickly by all means scalp, if you prefer doing it slowly while mastering the art stay with a higher timeframe
My whole motivation behind scalping was to create a consistent stream of income daily. Something that would eventually, in the long term, would pay me more than my current regular job.
As of right now, I am swing trading a USDJPY and AUDJPY position. I actually like the slower-paced, incremental markets to trade. The other markets like EUR and GBP pairs I have a bit of difficulty with. So, I decided to trade the EUR and GBP pairs on my demo account until I get used to those markets.
Mature way to look at it. Always best to get used to something, whether it is a new pair, strategy etc on demo to see if it works or get used to the movement intraday and longer term.
Although many people say that scalping is not for newbies, but I would say that if practiced well, any strategy can be workable for a trader. One just needs to have the skills as well as the mindset for it.