I’m new to forex and going with micro lots to start and kind of gain the confidence to grow into higher lot sizes, but despite all the videos and everything I’m reading, I just can’t get in the green all that often. I’m trying to go for 1 minute scalping using stoch and Ema, trading the uptrends and when momentum appears to be rising on the stoch. I hardly can break even though even on the rises. At this point I’m trying to go for .05-10 cent gains and that seems far fetched right now. Any tips or advice or should I scrap the whole strategy? Thanks!
Hi, try to trade on higher time frame like H1. You have to more expierience to trade on 1 minute chart. Regards Greg
If you are a newbie and starting out scalping then you need to realise the impact of the spread. You are basically starting off way behind the 8 ball each time you enter a trade.
Now I’m not saying scalping can’t be profitable, just that until you properly understand risk management and have mitigation factors in place for the spread (whether that be certain low spread currencies and times to trade or a premium account which you pay for) then you are better off not starting with scalping in my opinion.
Try start with something higher like the 4h - daily. It isn’t going to be as ‘exciting’ but good trading shouldn’t be.
If you want a thrill then bet on the horses or a football game. Try and make your trading as boring as possible.
All the best,
Never scrap a strategy and then move onto another. You’ll get stuck in an endless cycle. Just add or take something away and analyse your trading with extreme detail.
What EMA are you using?
What’s your criteria for getting into the trade?
What pair are you trading?
Try higher time frame like H1. And if you want to use indicators, try to learn different aspects of indicators parameters and how, when and why they work.
Higher timeframes more consistent
Can you explain further please. Some examples would be very helpful.
Read different books on technical analysis and trading psychology. Observe live market of one or two pair to understand different candle patterns. Research, Research and research.
1 minute time frame can be hard for a beginner.
Yes the price moves way too quick.