Hello world, from Kenya
hi Tim, hope you are well. i love doing scalping really , but sometimes it causes a great risk and losses.
I am a newbie lol. But I can confess that on Friday on a demo account I tried scalping and earned so much dollars just wish it was a live account. I was doing that on gold against USD pair. I even did not know what I was doing was called scalping until I came across a definition of that while continuing with my forex education.
I immediately told myself, if this is what they call scalping, I want to be doing that.
Hey, and could you advise on a good broker ( I do not want those who withhold peoples money)
Hi Tim, welcome…
Hello, thank you!
Tim, don’t confuse luck with skill or the market will eat you alive. It is a hustler and preys on any type of weakness, such as overconfidence and inexperience.
If you must scalp a live account, use very small positions until you’ve consistently shown profit over a period of at least 6 months.
Hey, Matty, thanks for such solid counsel. I have decided to double my demo account so I can be sure that I am ready for the live account.
Good plan. Be realistic, think about how much money you plan to deposit in a live account then base your demo account on that amount so you’ll have a better idea of your actual gains and losses per trade.
If you get used to a $100,000 demo account and then open a $500 or $1,000 live account then chances are you’ll be very disappointed with the smaller numbers and be tempted to increase lot sizes so that you can see those big numbers you were so used to seeing in demo, increasing your risk of blowing it.
I want to go by this.Thanks a lot for sharing.
Many blogs I read people suggest we go by a lot size, maximum of 2% of the deposit. I will try to assume that my demo has the amount I want and simulate a live account in mind as I trade. I think I will have to write down the range, say 850-1050 such that if I go anything below 850 I would have blown up and if I get anything over 1050 I would be in profits.( well, just trying to understand what you meant lol)
Hi Tim. Do not rush into live trading!
I won’t. Actually I got humbled after I almost blew my account At which point I went back to the demo. Thank you for the advice.
if you know how to manage money , then scalping can be more profitable than others techniques. but this true, sometimes it causes a great trouble also.
when someone rush in live account , ultimately lose most amount of the equity. so always should remain cool when trading.
Good to be humbled sometimes.
Agree, although not very pleasant.
Yeah,I am learning all these things on the demo.
Trading on a demo account, as you probably know, has some differences with live accounts but it becomes even more different when scalping.
scalping is squeezing a few pips so any external factors can affect your profitability. You won’t see something like slippage or widening spreads on demo accounts, or at least in most cases.
I think no deposit bonuses are better in this case, not just for making money but for being in a real condition as live accounts.
however, not all the brokers offering no deposit bonus allow scalping with the bonus so you have to find the ones that accept scalping.
here you can find the ones that allow scalping.
by the way, the worst time to scalp is in a low liquid market when the spreads get widened such as the end of the New York session so you’d better not do that at those times.
and trading on the important news is very hard because the market is so volatile and the price changes fast so you might get worse prices than you expected.
those were a few tips from an old scalper. hope serve you well in the future.
I do not know how to thank you for this. Also, I am so overwhelmed by the love and help I have received from this platform. Unknown to you, you have just answered a question I have searched for weeks online…