I must admit I am very very far from being a disciplined trader
As a scalper, a trader needs to find the most liquid pairs to trade and trade only during the busiest times of the day. Always start with one pair first and then move ahead slowly. There is no need to rush things if you want to prevent losses.
For traders who are into scalping, make sure that you adhere to the exit strategy strictly. This way you won’t only make large gains but can also save your money from unnecessary losses.
That’s true Kevin, a scalper needs to be good at money management and risk management to be able to make desirable gains in the forex market.
I personally don’t think that scalping is for everyone. If you are not ready for worse situations, you cannot make use of scalping. The strategy works great for those who have accepted that they will lose along the way.
Depending on the real-time market depth analysis to receive the signals is no more possible for scalpers. Any suggestion on how we can work through this?
The problem’s real and very frustrating. So, what I’ve come up with is to use the technical indicators designed specifically for small time frames that match my strategies.
What I faced was epic man. Couldn’t scalp currencies because of some dealing desk involved or so said by the support team of the broker. So, I found the entry in the market, but surprise surprise- my broker refused it.
my first recommendation is a good broker. the broker with tight spreads and good commission thats where the scalping comes in.
You’re lucky that your broker didn’t refuse your exit from the market when you were planning to close the trade. That’s when you would have seen your trading account and efforts go down the drain.
Many traders seem to not be in favour of no-commission brokers, what’s your thought?
Choosing a broker that allows scalping is the step. Many brokers restricts various trading styles. Then look for tight spreads and user friendly trading platforms since scalping requires quick action.
LOL! Manage your stress and emotions. However, you can continue with scalping, Just make sure you follow the plan strictly. Thereof, you will avoid big losses and that is a plus for it.
I think scalping is a pretty cool strategy since it doesn’t require that much knowledge and has pretty low barriers for entry. Even the trades are short so that’s good.
Yeah, I agree with you on this one.
Beginners usually get carried away with scalping. Scalping needs solid strategy, discipline, and experience. I suggest that you do scalping on demo account first. Once you are confident and consistent, then you do it on live account. I am wishing you all the luck.
But slippage is something that just cannot be avoided, I have come to terms with that
Ya that’s what attracted me to scalping, like keeping it small - both profits and losses. I think that’s better.
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@jassyrayder I am not so much a fan of it. I get that profits can be maximised with a higher leverage but what about the loss? It increases too and the toll it takes on someone’s financial goals is something I don’t like at all.
But you can always use some risk management to minimise your losses, right James. I am aware that there is this whole market volatility situation but you won’t win unless you risk. That’s something I believe in and it took me some time to learn it too but then I kept trying. I have used the same brokers Oanda, fxview for a long time and I’m hoping to learn everyday. Anyway you can try stop loss and limit orders for a better understanding.