You can also scalp with profits using smaller TP- i grab the bucks between 0,5 and 1 pip, sometimes more, sometimes less .The three big loosing trades on the real account test-file (test file because of the small positions) are not based on scalping entries-this was just gambling the news roller coaster and has nothing to do with the regular entry rules.
All in all-scalping works also with smaller TP
Scalping is profitable but it has to be an accumulation of pips from multiple orders in a day. You could make roughly 20 pips in a day from about 10 trades. You must have a strategy and you must choose your pairs correctly. You must also use a Forex broker that has low spreads and fast execution. If I want to scalp, Forexchief broker is the first one in mind. Also good for news trading due to server speed.
The diversity is so great that there is no wrong way to trade- there is only profitableand not profitable. Forex Scalping is but one of several methods that traders employ to reap that profit. A trader that scalps is usually in the market for no more than five minutes at a time.
During the scalping process, a trader usually does not expect to gain more than 10 pips, or to lose more than 7 pips per trade, including the spread.
If you want to make sure that what you are expecting can help you with the real results, make sure that you try your strategy using a demo account and then, on your live account.
Around 4-8 pips per trade position, since more than those would be considered as day trade. Scalpers are just picking up certain movements in lowest timeframe possible and not waiting for too long to either open or close, this can be just closing the trades once their positions are on profits…
I honestly don’t care what my trading style is called - scalping or day trading. I just let my EA trade for me and the position is closed when the value is hit. Automation is awesome! Even if I am monitoring my trade I don’t manually play around with my numbers.
Me too can’t rely on EAs completely, however I make sure broker I am using (which is fxview and xtb right now) is EA-compliant. I do keep trying them out but the ultimate control is in my hands.
Hope you guys know that it doesn’t really take a high IQ to actually create these algorithms. They are made using only M command so there’s really not much to it.
I am a noob when it comes to technology but still I have been able to create pretty cool workable EAs that I have been using on MT4 on XTB and Fxview. I am even ready to sell them soon.