Scalping can be interpreted differently from person to person. To me scalping is opening and closing trades within a few mins to a couple of hours using the 5 & 15 min time frame. Others see scalping as in and out within a couple of seconds, while both are valid it depends on what you find as a suitable strategy and trading plan and if it works for you. If you are going to scalp I would suggest back testing your strategy 100 times, journal every trade you take, know what your SL and TP is going to be. Use a decent RR and pick a broker that has low spreads to ensure when the market moves in your favour there isnât much of a spread to pay. To me if you are a beginner is shouldnât matter what way you choose to trade, when I began I found to impossible to trade above the 1hr time frame, it didnât work for me. If you have a a decent strategy, RR and a plan in place then itâs entirely up to you if you want to scalp. Just back test and use a demo account until you are certain your strategy works and that your are comfortable with it. And when you go live keep risk low and lots low until you get comfortable with the real money, when scalping you can lose money fast. Goodluck with your trading. M.
I scalp every day off the H1 chart. Been doing this for 18 months and Iâm pretty successful. Scalping is not for everyone. I use a combination of a tech set-up with Price Action. I have very low spreads bc I am a funded trader with a Hedge Fund. This takes experience and is not for persons new to trading but once learned itâs yours for life.
Of course it isnât. It is so risky, newbies shouldnât even think about using it. There is close attention to the entry and exit points which is an expertâs game.
Trading isnât easy in itself but it doesnât mean people canât try and experiment with new strategies and techniques. Every expert trader must have been a beginner at some point and I think it is okay for beginners to try scalping or any other strategy. Yes, it does require some skills and techniques but that can be learned.
i agree, not for newbies. scalping requires quick decision making and the right entry exit points. better not, go through being a beginner itself. if you really want to, then test out some strategies on demo and then try to implement them on live.
according to me all trading approach is suitable if there is money management , any level of success depends on this approach , so we the traders have to focus on money management first then others.
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Yes. it is for those who are quick to learn and understand. It generally requires precision and the trade execution needs to be fast. I have tried it a few times and Iâve been using some good low spread brokers, Xtb and Fxview. Scalping requires practice and dedication. The focus should be on smaller time frame interval charts or candlestick charts.
I scalp intraday on a one hour chart with one hour checks, until my winning trades begin to run out of steam. As for losing trades I cut them quick - no remorse, it happens.
As my basic system strategy is profitable, Iâm fine with this.
This answer is very informative. I appreciate your taking out time and sharing your strategy mick.
All depends on your mentality and risk appetite
Iâm a beginner myself and Iâve taken some courses. I have read about Scalping but I was advised not to get into it at first, so I am following that. It seems pretty risky to me.
Depends if the newbie can handle the stress and manage the risk involved well. Scalping is a really short term trading style and so handling it nicely is not everyoneâs cup of tea.
If you are a complete beginner, I donât think you should start with scalping. It sure is a profitable strategy but it is also very risky.
I am not a big fan of scalping. I did try it a few times but there wasnât any profit and I ended up losing a lot. So I stay away from it and I stick with swing trading using Price action and Range trading strategies. Works for me. I focus on whatâs important and for me, it is my money and risk management. I try to make use of some cost effective brokers like Ig, pepperstone, fxview⌠This helps me save some money and I manage risk accordingly.
Yes I agree with you. Scalping requires a lot of skills and abilities. Itâs the most difficult thing for newbies though they love it due to quick possibility of profit.
Scalping requires mastering. Any trader can be successful if he/she masters his strategy and with a valid edge. In the Forex industry, all traders regardless of skills lose money. Discipline and hard work or money management skills are the key to your career. I used to demo for close to one year, but when i started trading live, i was forced to re-learn and even my mindset changed. I have scalp and my daily pip target of 10 pips can easily be achieved consistently.There is no technique in this industry that does not require a lot of skills and abilities. Newbies should focus on mastering there own strategies and fully understanding their edge that to me is the key to success. Each personality is unique and the market will require it for its own growth. I learnt in this industry, all the money you lose can easily be given to you back with a profit if you are consistent in trade execution and with a valid edge.
Scalping requires serious programming skills otherwise you will at disadvantage due to low speed of reaction, decision and quickly growing fatigue. Scalping is mentally draining style of trading.
Here on babypips you need to take a Profile test to see what kind Forex trader you are. You will find that whatever Profile you are thatâs what you need to trade. Even in scalping slowwwwwwwww and steady . Fast in and Fast out and STAY OUT until next day thats the only way a scalping works.
TabiusLee
Scalper
For a complete beginner, I would suggest building knowledge and experience by trading in demo before entering into scalping, though it is profitable it could also be very risky.