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 doesnāt require that much knowledge and has pretty low barriers for entry. Even the trades are short so thatās 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 thatās what attracted me to scalping, like keeping it small - both profits and losses. I think thatās 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 someoneās financial goals is something I donāt 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 wonāt win unless you risk. Thatās 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 Iām hoping to learn everyday. Anyway you can try stop loss and limit orders for a better understanding.
The brief timeframes in scalping work for me although Iāve been trying to look at other strategies as well. Price action and RSI seem to have a good effect on profits.
Out of all the indicators Iāve used, I think stochastic has been the most successful for scalping. It captures the up and down movement in the trending market so Iād say itās the best to pair with scalping.
Yeah and even the parabolic indicator is useful when it comes to scalping. Can get a better view of entry and exit points as well. I recently wired on a 5 minute chart making some short trades and it was pretty much in my favor.
Thatās good to hear. Like Iāve been trying to look for an indicator to go with my trades and so far I havenāt made any chunk of profit. Maybe I need to work on my trades better because the platforms Iām using (Mainly Hotforex) are quite okay and all I need is some more back testing. Letās see how it goes.
Hey Solomon, you can very well keep trying. Did you try parabolic or RSI?
Legit! But a greedy person will not be satified by these results I guess. One has to be very patient to grow the account with this strategy. Also, it consumes a lot of time.
No, I was kind of stuck with the moving average and stochastic. Might give it a shot some time.
I suppose leverage is critical in this trading strategy. Profits would be toooo small otherwise.
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Absolutely right! To do scalping, you need to have good skills to find the price patterns that can give you good buy or sell opportunities in the fast moving market. You will also have to look for a broker offering fast order execution and great spread. As a beginner, doing all this can be a bit tough. So, itās better to swing trade in the beginning and then move to other options like scalping and day trading.
This is the path I followed and it worked out the way I had planned. So I started off with ICM (their offshore account) and with micro lot trading was able to observe price fluctuations without taking up much risk. But today I am using a blend of scalping and position trading with IB and fxview. I always wanted to use interactive brokers because of their fantastic interface and everything but for a beginner as rightly said by my mentor, it could be overwhelming. Man, how much I owe my trading success to my mentor, whoās also my best friend 
Short-term price fluctuations are among the hardest things to guess. Sometimes, for beginners and even intermediates and advanced traders, it becomes quite complex as it requires a lot of insight.
Scalping often leads to overtrading and quick loss of capital. And if you are a beginner, you might lose all your capital before you even get to know that you are overtrading. I mean why do you want to take just 2-4 ticks out of the market when you can take 40-60 and that too without much stress.
As it has worked for me, I see no reason for not scalping as a beginner. You can start with implementing the one minute strategy that involves opening the position, making some pips, and closing the position shortly afterward. I have used it with both XTB and Fidelity and obtained mixed returns. I donāt think there is any harm in giving it a try.