I don’t have a strategy yet but scalping seems very nice to me. Any people who use scalping strategies? Tips & Tricks for me?
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I am also practicing scalping. All I know is,
1)Scalp most liquid pair such as EUR/USD.
2) Avoid major fundamental news release time as the spread can be widen and gaps can occur. That can cause to trigger your stop loss away from your initial position.
3) Well…money management of course, you should prepare the excel sheet of your position sizes.
4) Scalp at the most busiest time of the day such as London and Newyork overlap period.
5) Finally if you are a beginner to forex, professional won’t recommend the scalp trading. Instead start with swing trading style.
That’s all i think of right now. 
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If u interested in scalping use psar indecator with m10.
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When price is going up n touch the psar immediately sell. Same for the reverse. Best result if change the standard candle stick to henkin candle chart.
So far I can only tell u this. There r 2 more indecator which is v useful. But I won’t get into it as don’t want to confuse u. Worry u unable to absorb all at once. Try this first. U b surprised with the results. M10 is best using it, as m5 will hv too much fake signal n m15 will b too long for Scalping. This is call reverse hunting. Price will get weaken when it go to a curtain extend, they need to breathe so it will pull back. If it more strong it become reverse. Good luck
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Yep. Try another strategy.
But if you are dumb like myself here is my suggestions
- Scalp one pair, EU,GU,AU or UJ. Learn it, breath it, love it, leave your wife for it.
- Get the tightest spreads and min trading costs possible.
- Don’t use leverage.
- Forget indicators.
- Use the lowest possible timeframes (tick charts) - sorry @Alanlim3 10min charts are way to big for a true scalper.
- Research another way
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I hv try many time frame for psar which I feel m10 is the best. Maybe for myself. Thanks Bob. I will look into lower time frame again. Like m5 or m1
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Hi Bob this is my research for the m5 n m10. Just happen. If I trade using m5 I lost my trade. But if using m10. I won the tread.
So for the 2nd photo m5, when price touch the Sar I buy… The price will hv a breakdown. It too late to stop the trade. Where on the m10 it touch the Sar n I short it. I win beautifully.
Hi bro. Don’t let what I say influence your trading style. My assumption is what your doing isn’t what a purist would call scalping. My definition for scalping is crossing the spread close n take profit. However that definition has been blurred over the years by clever marketer’s who know low frequency day trading just isnt as sexy or exotic sounding as scalping.
My guess is many of us that say we are scalpers are actually the later and the two have totally different skill sets.
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Scalping brings profit within very short time than other strategies but it contains huge risk , that’s why I leave this approach right now.
For ensuring profit with consistency by scalping approach first of all you have to choose the currency pair which has most lowest trading spreads. That’s all.
Scalping and retail forex trading are mutually exclusive activities.
Forex scalpers are not using 10-minute charts. They’re not using 5-minute charts. They’re not using 1-minute charts, either. Those are all way too slow for them. They’re using ultra fast tick charts, and basing their decisions off the volume of forex futures. They need all kinds of special, professional techniques, skills, software and sources. Don’t even think about it.
If the facts above surprise you, then look at it a different way: when you trade spot forex you’re trading against your “broker” who is actually your counterparty. If you could scalp profitably, they’d close you down very quickly, because they’d be the ones getting scalped. This is the main point to understand: against any other forex trader, a spot forex counterparty broker can lay off their net liabilities in the underlying market if they want to, but against a scalper, they obviously can’t, so it’s their own money on the line. You can’t do it profitably anyway as a retail trader, and there are loads of different reasons for that, but even if you could, you wouldn’t last long anyway, would you? They’re not going to let you win their money for ever! And the point is that (unlike their position with any other kind of trader) it really would be their money. Not the market’s money, and not their other customers’ money either. Not too hard to understand, really?
Correct!
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I understand, no worries. Thanks bro . I will continue using my style cos it work for MI. Been using it long time to win pips.
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Yes, I agree Jevloo. When I first started trading I thought scalping seemed very nice. Luckily I used demo accounts to practice and after a lot of searching various indicators and learning about price action I got interesting results. I concluded that indicators worked best on long time frames and that if I enjoyed losing money quickly, then scalping was the most fun method to do so.
At the same time I found that even a simple indicator, the daily time frame RSI combined with some simple support (Fibonacci) and price action, I was able to make a profit. It is boring, that method may only trigger one trade a month, but I found it far more profitable than scalping.
My question is, do you want to make money and learn how to make more of it as time goes along? My tips and tricks is to extend the time frame to daily and trade that instead, with the most popular indicators (popular for a reason).
Do you have Skype or something where I can ask you some questions?
I prefer to respond on this forum, that way everyone can benefit from the information or respond if there are inaccuracies. I’ll endeavour to answer question you have the best way I can on the forums.
5 min chart, stoch 10 10 6 6 at close. SL and TP both at 10 pips., Cross of signal line at close of current candle , take the trade. reverse of signal in opposite direction.
on the E/U only during NY or London.
Best of Luck, make pips!
Bob B.
opps, forgot, stock at simple. Prefer cross from over bought or oversold levels.
Bob B.
I use trade size calculators right now, but when i calculate that my stoploss is 100 pips and risk 20€ so 20/100 = 0.2 per pip and when i open a trade it isn’t 0.2€ per pip? Whats the reason of this?