Can I just ask what is the reason why you want to scalp as opposed to say short term swing trading?
It never ceases to amaze me why newcomers want to start in a formula one racing car rather than on a push bike.
Not trying to be antagonistic but in my humble opinion beginners would be better off served taking a longer time frame approach and get profitable on that first.
That requires experience to figure out and experience often opts for the “push bike” instead.
Thank you for the answers guys.
The reason why i want to scalp instead of short term swing trading is because i want to be in and out of positions for the day. I would not like to hold overnight positions and get exposed to unpredictable events or anything that could happen. That scares the crap out of me. I mean this can happen in day trading (scalping) but i think its a bit more manageable.
Low float mid cap stocks with recent big volume. And no, if i go this route i most likely will not trade just one stock. I would probably have to run some finviz scanners every nights to figure out what i want to trade the following day and build a plan. Take advantage of parabolics, weak open red to green, overextended charts, beat up charts…just trade the first couple of hours 9:30 - 11 am and close 3-4 pm.
Forex i would just probably stick to EUR/USD, GBP/USD, USD/CHF, and USD/JPY.
I am not sure which route to go…forex or stocks. i have to do some more reasearch and hopefully it will be easier for me to decide.
Yes, research and practice.
Then go with whatever works best.
Thanks for the answer.
It’s a worry for many but one totally unfounded. If it was true Warren Buffett would be a nervous wreck.
There are less reasons to be anxious on a daily chart than on a five minute one.
The longer ranges between highs and lows on a daily mostly take care of any news shocks
On a five min chart there is so much noise that the slightest news event over the wires can affect your position.
Your right that sometimes real news shocks can affect your position longer tern but thats trading, there is no certainty in the business. I admit I’m totally biased though.
I really feel comfortable taking a longer term approach than the scalpers and genuinely don’t see it as a profitable way to trade for beginners
Of course if you want to be cannon fodder for the market or want to provide a living for your broker through untold number of commissions that’s up to you.
There are some great scalpers out there but honestly I think most would advise you to avoid it at least until you can master a longer timeframe.
Thank you for your help!
Demo trading for 6 months? Don’t be surprised if you spend a much longer time on there than you anticipate.
All the best though. You seem ready with a very positive mindset.
why categorise day /short term /scalping just see them as opportunities to make a profit, though you do seem the sort of person who wants to be in the thick of the action .Just practice with the minimum amount first .people can tell you all their knowledge. we all different and relate to situations differently, you have to learn by experience.
this is perfect, and I learned the hard way starting out lol focus on learning the skill and the money will eventually follow
ok good luck
Franc, if you’re intent on scalping the forex market I suggest that you scalp in the direction of the prevailing trend. See the thread linked below for an excellent way to pick your scalping pairs, shared by @Trendswithbenefits
Thanks for the info. Also just curious, where did you get the name Franc from?
From you! You signed the first post as “Franc”. I thought it to be strange given your user name but I figured you know how your name is spelled. 
Aha! Just a typo… I am like here thinking who the hell is Franc? lol anyways thanks for pointing that out.
The reason why i said only for 6 month demo trading is because after i plan on opening up an account that allows micro or mini lots just to get used to the emotions that arise during real live trading. I feel like staying on demo for too long is bad because there are no emotions involved. Let me know what you think. Thanks for your help
I concur. Once you learn the mechanics of trading and get a feel of placing orders and such I feel you should move to a live account as soon as possible.
However as a newbie your chances of blowing a live account are very high, especially if you’re going to scalp. So, I suggest opening a $500 account with OANDA because they allow you to trade with lot sizes as small as 1 unit and don’t have the usual minimum of 1,000 units. This gives you fine grain control of your risk.
Once you prove to yourself that you can accumulate pips then you can slowly increase the deposits and your risk level.
thank you.