The only thing that I can suggest to a newbie is to make sure that you are using scalping only if it suits your personality because it requires you to be disciplined. You will have to make quick decisions, look for opportunities, and constantly keep an eye on your computer screen. Don’t risk it all otherwise!
I think the best part about scalping is that when you’re done for the day, you can just close all your open positions and enjoy the profits. You don’t have to worry about anything after that. You just know what profits you made before you are done for the day, ain’t that cool!?
To me, scalping is very tiring and it takes up a lot of time. I know it depends on a person’s capability but I don’t feel comfortable trading for 4 or 5 hours straight. Who has that much patience!
Well, if you want to earn some money, you’ll have to put in a few hours into it. Forex is all about hard work and determination. And there are so many EAs today to use, so you don’t have to really sweat it all out in front of your screen, that’s not even possible to do actually.
I’m with you on this one @kat I can’t scalp that much and honestly, I am unable to make those calculated decisions at once. Certainly not for me! It takes me so long to decide on everything, forget about things that involve money yo
Scalping is a term used to signify the “skimming” of small profits regularly through high-speed trading several times per day. Scalpers enter and exit the market quickly, making several small trades to get quick profits. It is a highly disciplined skill that requires competitive nature, quick decision making, and great market analyzing techniques. Technical trading systems exist to aid in scalping and may be offered directly by the online brokers or exchange platforms. It may be too risky for a beginner to get into scalping as it requires trading off 1-minute chart analysis.
This one time, I left a losing position open for a long time and that incurred a heavy loss. Scalping requires a lot of understanding of the trade and since you have to trade with a high volume, it is better to be very careful with it.
Yes, even I was reading a lot of forums and people only consider 10X, 20X or max 50X leverage to be accurate. But it is all your personal choice I guess. It really depends on the person and their trading experience and strategy. What leverage do you prefer generally?
I was thinking to start with 5 minute charts though, wouldn’t that be easier?
I am not very experienced so I’ll stick with lower leverage I guess
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Yes, ideal leverage for beginners is up to 1:100 as it has low risk compared to higher leverage.
The first thing you need to do is to identify a short-term trend and developing strategies according to that
For many traders the Simple Moving Average can be a very helpful tool for scalping. This strategy helps to predict the direction of a pair
As a scalper, you must be able to take advantage of even the smallest price movements. As it is a fast way of trading, you must use smaller time frames like one or two minute charts to ensure that you don’t miss a price movement that could have got you several profits.
You have got to be disciplined above all else. You need to get out when your stop says so if you dont your probabilities will be skewed. Calm mindset is key i think