1-2, less often in 5-7 minutes from the start. Forex scalping is one of the most demanding trading styles. It needs forex pm to work quickly, precisely and according with the strictest rules, and where the money management plays a paramount role. 10000 account in just 3-4 weeks!
A Forex scalper is an experienced craftsman in his industry. Building a trading system that would allow to scalp the market effectively is so difficult, that many traders, even professionals, often choose to conclude that price action on the small scale charts is random, because they can’t trade it. Well, that’s my friends, only an excuse not to trade on smaller time frames. What do you need to start scalping? Speaking of trading rules and indicators, I haven’t met a scalper who would use only price patterns or only trend lines or fibonacci numbers, or Gann theory etc etc – all those fundamental studies which are used on larger time frames by expert traders, are rarely seen in scalpers’ systems.
How to pick indicators for scalping? I’m afraid, that’s going to be your task, my friend. Every scalper starts with some favorite tools he picks up while learning how to trade. The rest boils down to testing and trying hundreds of indicators on 1 minute charts in order to filter bad signals and leave the good ones. Scalpers read thousands of pages in the forums, on the websites, everywhere where people talk about indicators, and then every other evening sit and patiently test the tools they’ve gathered. Learn how to write custom indicators and speed up the process. Plus you can code your own robot to trade for you.
That’s how it works in Forex. Ask someone or pay for coding you an indicator or an EA you need. That’s much easier, although you will most likely need to repeat the process many-many times. EAs rarely make good profits in the long run, plus, most popular of them are easily recognized and banned by Forex brokers. Get any scalping system you can find online, set it up on 1 minute charts and start analysing the performance while trying to improve the sequence of profitable trades. Shorten the profit targets and stops if needed, and work out the money management. Why Forex brokers don’t like scalpers?
Scalpers are indisputably the least favorite clients for Forex brokers, where brokers hedges against their clients. 100 in starting capital in just several weeks. Mind-blowing for us, mere traders, and a nightmare for a dealing desk broker! I should add that only real ECN brokers are immune from scalping dangers, because ECN brokers don’t trade against their clients, they send your deals to the real interbank marketplace. The rest of the brokers, trust me, take every precaution to ensure they’re protected from scalping disasters: they evaluate clients’ trades, check how long clients hold positions open, how frequently they trade, how successful they are with the short term trades, whether they use any expert advisors and so on.
Conditions, which traders rarely read, by the way, when opening trading accounts. It is challenging to be a scalper, but it is also highly rewarding, and it is one of the sure ways to profit in Forex! I’m feel exhausted after trying so many method, the clue is even further. I believed you must using EA in your trading. 10,000 in blown accounts and have a loan I am now paying to the bank. 30 left in my forex account with IBFX and I don’t know what to do. Could you please help in any way.
Start all over and don’t trade until you know them. Go to babypips or other websites for educational instructions. Discussion Area – Leave a Comment You must be logged in to post a comment. QUICK QUIZ: Can anyone really make money in Forex?