In need of some motivation

[Malmal92]

Hi ladies n gents,

I’m a single mum trying to desperately make some money from. Do you think it’s feasible to do this when my disposable income is so limited. I only have 100 bucks here n there and some times when I get into silly trades and I need some money to float me my trades end up getting closed Coz I get below the 20% margin.

I managed to make 1000 gbp from 100 quid in a week n half but then I lost it all coz i got too excited. I love scalping. Is anyone else in my shoes? I think I have a knack for it but it’s so painful to lose it all especially when you make plans for that money. Should I just wait to get a reasonable investment before I go in again?

[Hadden]

you can scalp which is okay but sometimes this short time approach causes a great risk , so build a strong money management first of all. otherwise the result of trading can be useless,.

[Luke_Ronchi]

when you are prepare to scalp first of all you have to make sure lowest trading spreads including a exact risk management.

[ProfesorPips]

Hi and welcome in BP community I will give you good tip, don’t touch fx right now because you are not ready for trading, mentally, knowledgeably, financially, all you can do is lost funds. Something about scalping from other topic which I took a part.

@ProfesorPips

ok @VasilTodorov basically you have to know how scalping strategies work. This is a quote from BP education school, read it carefully. Forex Scalping - BabyPips.com

Scalp trading, also known as scalping, is a popular trading strategy characterized by relatively short time periods between the opening and closing of a trade.

These types of trades are usually only held onto for a few seconds to a few minutes at the most!

The main objective for forex scalpers is to grab very small amounts of pips as many times as they can throughout the busiest times of the day.

Its name is derived from the way its goals are achieved. A trader is literally trying to “scalp” lots of small profits from a huge number of trades throughout the day.

What makes scalping so attractive to traders?

Smaller moves happen more frequently than larger ones, even in relatively calm markets. This means that there are many small movements from which a scalper can benefit.

Scalpers can place up to a few hundred trades in a single day, seeking small profits.

All positions are closed at the end of the trading day.

Because scalpers basically have to be glued to the charts, it is best suited for those who can spend several hours of undivided attention on their trading.

So, I highly doubt that you will handle with a hundreds of trades per day with maximum focus long term, but you can use algos to create those kinds of strategies.

Something about scalping algorithmic trading. Scalping, algorithmic trading is very sensitive to every market change like spread, volatility, slippage, execution time.

To do scalping properly, you have to buy high quality data, find high quality programmer which write you “clean code”, someone who back test it for you and team which will supervise execution and of course broker which give you properly trading environment and trading conditions.

Regards Greg

[Pauley1]

Hi Malnal92

Welcome. It sounds like you’re not yet reading to start trading. Head over to the school of pipsology which will teach you all the basics to start:

Learn How to Trade the Markets (babypips.com)

[ponponwei]

@Malmal92

Should I just wait to get a reasonable investment before I go in again?

Yup. Wait until you have that and also nailed down how you’re gonna trade.

@Malmal92

I’m a single mum trying to desperately make some money from

This part makes me think a more stable source of income is probably a better idea.

[zianfx]

Welcome to the community, @Malmal92. Have you gone through the education section here? If not, I suggest you do that. Then as you go along you can open a demo account to practice so that you don’t lose real money while you’re still learning. It won’t be easy but you have to be patient as you go through the learning process if you’re really serious about this.

[baemax023]

Hello Malmal92! How’s your learning going so far? Hope you’re still around and good luck on your trading journey!