I know some traders prefer tight scalping for the action or whatever. But, probability wise if you are looking to be profitable scapling sets the odds against you heavily. You have to beat the spread AND go into profit on many trades, to make the same profit large time frame traders make in one or two trades.
For instance your target of 10 pips… If the spread is 4 pips, from your entry price has to go +14 for you to get your +10 to your account. To make 50 pips you have to be lucky and do that five times in a row. IME, five winning scalp trades in a row is hard to do. And if you have tight stops you will be taken out A LOT and find price went your way. So, you do a bigger stop and find you just lose more…
Right now I’m toying with somthing similar to nickB’s method. On one trade I have a target of +50, or +70 or +100. I only have to beat the spread once (and have the trade win) to equal five or more of your scalping trades. Far less headaches. Frankly it works better. Sure I could lose that much on one trade, but with a good win ratio (which I have) it ends up easily making back the losses as long as you don’t let losers run hoping they will come back.
IMO, the only good use of scalping is training to SEE price action and understand that price occiliates a lot before hitting larger time frame targets.
Most professional traders and profitable traders trade larger time frames.
If you are looking into scalping because you think it’s easier you are wrong. Scalping is harder. If you are looking at scalping because you think going for +10 and being conservative will save your account you are wrong. With scalping you will be trading far more often (and as a noob losing far more often), and be more prone to head gnomes like letting losers run.
Trading larger time frames is easier and lets you see support and resistance.
Most scalpers just try to jump in on price action AFTER it’s started. Which is getting behind a move AFTER it’s probably almost over. Which, will kill your account and frustrate you badly.
IMO, just scalp to get entry practice and see price action. Then move on to a larger time frame. IMO, scalping is for fools. Why do hundreds of trades trying to beat the spread over and over, when you can make more pips in just a few trades.