Secrets of success of forex scalping
You will benefit more if you have some trading experience, either in a real or demonstration environment, paper trading, or demo account with exposure to. In this book, you are going to learn the 3 secrets to successful forex scalping. The key to successful forex scalping lies in the execution. The most popular Forex scalping strategy is channel trading during high-liquidity assets' highest volatility period. Graphic elements are often used in scalping. DOUG CASEY CRISIS INVESTING
The higher the spread, the lower your stop-loss will become. For example, if you scalp with a 10 points stop-loss order, a spread of over 3 points will leave room only for 7 more points in order to exit the trade. In scalping, every point counts so you need to trade with low-spread instruments.
I personally never scalp an instrument that has a spread higher than 2 points. Requirements of Scalper Traders A Scalper Trader must recognize the daily and hourly support and resistance levels. Scalpers must recognize chart patterns, in both trending and range-bound markets. A Scalper trader must be patient and disciplined. Patience and discipline will help the trader entering the market at the wrong times and turning small losses into bigger losses.
Scalpers must control their own emotions while entering and exiting trades. A Scalper trader must have quick reflexes to react when setups are occurring and he must be skilled at quickly executing the transaction. Scalpers should be able to stay focused on its graphs for several hours at a time, paying undivided attention to the scalping setups. A Scalper trader should gain profits from the market by diminishing its risk as much as possible.
A Scalper Trader must be aware of the balance between risk and reward. Scalping Trading — Pros Faster Profits When scalping, you are trading with the possibility to record higher profits compared to swing trading or positional trading. This would benefit also to your confidence.
Trading with confidence in you and your system would make scalping an enjoyable method. Theoretically, a scalper trader would see their profits exceed the ones recorded by swing traders or position traders over the same period. More Trading Opportunities Scalping trading provides an endless stream of possibilities for entering a trade. Did you miss a signal on the 5-minute chart? No worries, another one will develop soon. The market is in a continuous movement and trading opportunities on lower time-frames develop quickly.
While position traders will have to make a lot of market research and preparation before entering a trade, a scalper trader just uses several tools before entering the market. With scalping, there is little pressure to analyze the overall market, on all time frames. The swap is an overnight interest, deriving from the fact that the interest rate of each currency is different. Fewer Concerns About Market Exposure Have you ever entered a trade, just to see the market going against you, but not hitting your stop-loss level?
You could sit on that trade for days, even weeks. With scalping, the pain still exists, but it has a lower intensity. At the end of each trading session you close your positions, take your profits and leave the market. While longer-term trading styles might only require minimal work each day, scalping requires more time paying attention to charts during a trading session.
Exhaustion and Trading Fatigue During a fast-paced and energetic scalping session, traders often experience trading fatigue. The hours and emotional investment can lead to exhaustion. Many hours of intense concentration often affect the mental state and levels of energy of scalpers. Small Margin for Mistake Scalping can be very risky and costly if not executed in a right way.
This trading technique can be very difficult because there is a very small margin for error. Trading with tight stop-losses involves accurate pinpointing of market entries. Even with the perfect setup, we all know that a spike in any direction could happen in seconds. Not Suitable for Everyone Some traders love scalping, using it as their primary trading style.
Other traders avoid it for their own personal reasons. Scalping is very emotionally demanding. Over-Trading Scalper traders open multiple trades a day, depending on their trading systems. Some scalpers execute dozens and dozens of trades each day. This might not beneficial for your mental health in the long term, to trade so often, at such a high intensity. Over-trading is something many scalper traders struggle with.
Scalpers often feel they need to be in the market. Over-trading cause scalpers to exceed their maximum risk limits by entering too many trades. This setup will focus on breakouts in the direction of the prevailing trend, with tight stop losses and bigger room for profit. Here are the rules that will help you on the right side of the market most of the time.
First, we look at the beginning of the trading day at the position of the exponential moving averages. If the period exponential moving average is trading above the exponential moving average, we consider this a BUY ONLY DAY, and we look only for scalping long signals If the period exponential moving average is trading below the exponential moving average, we consider this a SELL ONLY DAY, and we look only for scalping short signals Now here comes the most important rule: the exponential moving averages must NOT cross during the day.
We aim to trade during stronger trends. If the EMAs will cross, then we will enter a trading range. Now that we determined the trend for the day, we are trading support and resistance levels and breakouts in the direction of the prevailing trend. We plot the 2 exponential moving averages and we look at their position at the beginning of the day. From here, the skill and experience of the trader come into play. You have to spot those conservative entries in the direction of the trend.
During this trading day, I spotted 5 scalping signals, 4 of them being successful. The entry technique was pretty simple: I looked for a short breakout after a period of consolidation. This system is at the borderline between scalping and day-trading. This is not a classic scalping system, where you aim for several points. With this setup, you can catch a decent swing and bank more points. I move my stop loss to break even or set a trailing stop and let the market do its thing.
Remember the rule I said before? The difference is that point 2 caught a short-term trend while point 3 - a strong impulse that was one candlestick long. The essence of scalping is exactly in catching such short-term impulses. Ichimoku scalping forex trading strategy In contrast to regular tools, the Ichimoku Cloud Indicator uses a more complex formula for plotting lines and can be a basis for an independent trading system.
I use only one of its signals - the Tenkan-Kijun cross - in this Forex scalping strategy. Currency pairs: any major highly liquid pair. Time frame: M5 Conditions for opening a trade: Long trade: the Tenkan line crosses the Kijun line from below. Short trade: the Tenkan line crosses the Kijun line from above.
Open a trade immediately once the lines cross. The price can change direction as early as on the next candlestick on short time frames, so the speed is key to success. Close the trade candlesticks later or when a reversal signal is produced. Tenkan - is a black line, and Kijun is a violet line. In point 1, the black line goes up. The crossover of the black and violet lines is a signal for opening a trade.
It will be held until the first red candlestick forms. In point 2, the situation is the opposite. A reversal Pin bar pattern formed in point 3 after a signal candlestick, so the trade is closed on the candlestick following the market entry. If you are quick, you can earn points from such trades within five minutes. We have a false signal in point 4: Tenkan and Kijun turn into a single line instead of crossing.
If you have an opened trade, close it immediately: you'll lose nothing but the spread. This strategy does not produce signals frequently. However, you can form more strategies based on Ichimoku if you look into the specifics of this indicator.
Heiken Ashi scalping strategy Heiken Ashi is a special type of candlesticks visualized in a more convenient way and making a convenient trend change alert. It has a price calculation formula based on an open-high-low-close chart OHLC , different from classic candlesticks. The strategy is based on the only signal: if candlesticks changed color, a trend direction changed.
Once the color changed, each subsequent candlestick must have a bigger body. The first three candlesticks' bodies must be visually bigger than the previous candlesticks of another color. Open a trade on the fourth candlestick after the change of color. Currency pairs: any major pairs, time frame: M1-M5. The arrows mark the candlesticks on which a position could be opened. In the first and the fourth case, a trade could be opened earlier.
For example, the first trade could be opened on the first long green candlestick. Those are subtleties, however. Close the trade once a reversal candlestick appears. Note that you don't have to close a position within the first seconds following the appearance of a differently colored candlestick because it can just continue the main movement. You determine the exit time yourself based on circumstances and the number of profits.
The strategy is classical, based on the principle "Don't reinvent the wheel, learn to feel the market". Recommended time frame is M5. The 1-minute time frame will send many false signals, but you can try to search for signals in non-standard time frames from 5 to 15 minutes.
They produced the most effective trading signals. The benefit of the scalping strategy for beginners. You train the skills of application of standard indicators, improve your attention by searching for multiple conditions met at the same time. You can download the scalping strategy template via this link.
RSI: Period Settings for levels may be left default - Apply to — Close. Shift — 0. Shift— 0. The best time for forex scalping is the European session. At this time, these pairs are most actively traded, and market liquidity is the highest. Afterwards, it paints a graph above zero.
RSI in the same candlestick range breaks through level 50 upside. You enter a trade at the next candlestick after the major condition has been met, the MACD has crossed zero level. The rest of the signals in this case are confirming signals, but you shouldn't enter a trade unless all the conditions are satisfied. The expected profit is five pips, not including the spread coverage. When the target profit is reached, you may hedge the trade by a trailing stop or exit it.
The second variant is safer. Pink boxes and arrows in the chart highlight the indicators' values that provide a signal when they occur at the same time. Horizontal red lines mark from top to bottom: take profit, entry point, and stop. It is also clear from the screenshot that the trade could have been entered one candlestick earlier. During important news releases, this strategy doesn't work.
RSI in the same candlestick range crosses level 50 from above. You enter a trade in the same way: as soon as the MACD breaks through zero level, you may enter a trade. You shouldn't count on a big profit. The strategy suggests gaining just a few pips. Signals appear almost every day, so you may trade no more than one or two currency pairs. If you have managed to pick up the start of the trend, the target profit size can be increased. Trend Line forex scalping strategy Unlike other trading systems, this trading approach suggests entering a series of trades at the very beginning of the trend.
In addition, this strategy allows making money on short trends. The strategy applies the following indicators: Stochastic Oscillator and the Awesome Oscillator. Two moving averages analyze the trend line on the hourly time frame. Advantages of the strategy for beginners: it is a good example of how you can make money from scalping additionally using a longer time frame.
Trading is conducted during the European session. You can download the strategy template here. Awesome Oscillator: all settings are default. Conditions for entering a long trade: Analysis of H1 time frame. Both moving averages are directed upward. Red MA is above blue MA. Analysis of M5 time frame. Stochastic was in the oversold zone in the range between and goes beyond the zone at the signal candlestick. Awesome Oscillator paints a green column below zero level. The more vertically the stochastic goes outside the oversold zone, the more accurate the signal is.
After all the conditions on the next candlestick are met, you can enter a trade. The target profit is about pips; the stop can be put at the same distance or a little further. Conditions for entering a short trade: Analysis of H1 time frame. Both moving averages are directed downward.
Red MA is below blue MA. Stochastic was in the overbought zone in the range between and goes beyond the zone at the signal candlestick. Awesome Oscillator paints a red column above zero level. The entry rules are similar. If the trend is strong, you may enter a series of trades. This is a good scenario. In practice, everything may be a little different: The channel border breakout may be an inertial price movement, and there may not start a new trend; the price may go back to the channel after a short movement.
The movement inside the channel can also be chaotic. After a rebound from the border, the price does not manage to reach the middle let alone the opposite border and reverses. All these are risks for a day channel trading strategy, but not for scalping that allows you to make profits both from the channel breakout and from the price swings inside the channel. Psychological levels in this case serve as a target reference that helps you at least approximately assume the potential pivot points inside the channel.
The strategy suggests building a Moving Average "Envelope", where the price will return. Stochastic will identify the probability of the channel's borders breakout. Internal levels are built based on Fibonacci levels. Stochastic in this case will be a supplementary tool, moving averages, and levels with the coefficients of Moving averages in the indicator are constructed by summing 3 LWMAs with periods of 30, 50, and , weighted by the closing price.
Benefit of the strategy for beginners: an excellent combination of scalping and a channel strategy. MaEnv default setting. Levels are standard 20, Conditions for opening a long position: Candlestick closes below the red line. While the price is below the red line, the oscillator goes down into the oversold zone below level Both the price and the stochastic must be below the red line for no longer than 10 bars. The price goes up above the red line After the candlestick closes above the red line, you enter a trade and put a stop at a distance of about ten pips.
You exit the trade when the orange line is reached Fibonacci level Conditions for entering a short position: Candlestick closes above the red line. When the price is above the red line, the oscillator goes up into the overbought zone above level Both the price and the stochastic must be above the red line for no longer than ten candlesticks. The price goes down below the red line.
The exit conditions are similar. Other lines are auxiliary, but if they start indicating a reversal and the profit has already covered the spread, exit the trade and wait until the price goes beyond the envelope next time. If the price has been between the red and the blue lines for a long time from candles and longer or outside the red line, you do not enter a trade.
Scalping without indicators When trades are opened and closed in the shortest periods of time, trading systems with a huge number of indicators are not always appropriate. Decisions should be made in less than a minute because scalpers hunt for a profit of just a few points. Let us see how to trade repeated typical movements and streaming data using orders and pending orders. Many scalpers trade without indicators Decisions on numerous intraday transactions must be made quickly.
Also, you cannot waste time attempting to use poorly adjusted automation, where many classical indicators are late and in need of constant fine-tuning for trading on smaller time frames, such as M1, M5, M15, M Scalper seeks to recognize common market movements and patterns on time frames M1-M30; It is useful to analyze the positions of major players, for example streaming data from the world's largest currency section on the Chicago Mercantile Exchange CME ; As a rule, without automation one should trade within a day no more than three most common most liquid instruments - currencies.
Psychology is also relevant here: support-resistance levels, the magic of round numbers. For example, if a quote ending with zeros is not broken at once, then most often, a rollback will follow. We place orders for entry or stop orders, taking into account the correction, which is estimated by candles whose shadows crossed the support-resistance levels. If the shadow below the closing level crossed the zeros — we choose support level and an uptrend, and if it is above - then the resistance and the downtrend.
The shadow of a five-minute candle should cross the 0 levels: Support the closing price is lower for the bullish candle, higher - for the bearish one ; Resistance the closing price is higher for the bullish candle, lower - for the bearish one. The size of the profit depends very much on the activity of the market participants within a day. Activity is usually observed during the opening of the largest exchanges and slows down after hours. After and in the hours before scalpers usually do not trade.
The direction of the trend depends on the volume of purchases and sales of the instrument, and if the sales volumes are higher, the movement will be downward until the market participants override them with purchases, which will turn the trend upwards. Today, trading volumes are taken into account in the analysis - as are the opening and closing prices and the high and low of the candle.
Usually, the volumes are painted in the color of the candle, but you should not pay attention to this because it does not say anything about how the buyers and sellers behaved inside the candle. Volumes of Forex transactions are calculated by the number of trades - without taking into account the funds expended on each of these trades. The difference between the volume of buyers ask and sellers bid is called delta, and the positive difference indicates that the market is dominated by purchases, and the negative one shows that there are sales in the currency pair.
Typically, these apps are not free, but they offer trial access. Let's say that a trend is clearly visible on the market — an uptrend or a downtrend. Prices are rising, and delta shows that sellers or buyers dominate the market. Here the scalper needs to make a trade against the trend, focusing on arriving countertrend volumes - to profit from a correction.
Volumes of sales and purchases require vigilant examination with subsequent identification of typical ones, so as not to get confused in the "abnormal" volumes, which are different for each currency pair. Therefore, the strategy needs a lot of testing before it begins to bear fruit.
Trading by order book The order book shows stock information on the total number of contracts and prices based on pending orders. Some scalpers prefer to trade exclusively by the order book and do not use price charts. Levels with a large number of orders can be considered as support and resistance levels, and the basic strategy of the scalper here is to place pending orders one tick before the "strong" levels.
Do not rush to place orders before the price hits the level. Until then, orders can be rearranged or "disassembled" by orders placed on the other side. Wait until the take profit is triggered to open and close the trade when the volume is exhausted or moved. Conclusions: You need experience to recognize candle patterns by eye and additional software to analyze the volume of purchases and sales inside a candle ; Trade no more than three main instruments; Earn from corrections related to the unbroken support and resistance levels; Remember to track activity within a day and operate large-volume periods of trading sessions.
That's predictable: there is no point in opening trades manually when you can program a robot that will do the same automatically, based on a well-proven work strategy. An EA works according to a pre-set algorithm: it does not miss signals and thus excludes human error. An advisor reacts to signals many times faster than a human. An advisor can open short-term trades in several assets at the same time.
The disadvantage of using expert advisors is that they cannot consider fundamental factors and market changes. So, I recommend using advisors on specific time frames, which can be determined through testing. The best time frame for using an advisor is the time frame on which you make the most of profit-yielding trades. What scalp expert advisor is the best? The one that yields the most profits with optimum risk levels and without permanent readjustment. If you need to optimize your advisor almost every day, search for a new one.
I recommend testing Hamster Scalping as an example for acquiring some experience in this field. Its specifics are the following: fully automated Forex scalp advisor without Martingale elements. Mostly developed for currency pairs. Night trading. Minimal deposit: USD. Hamster Scalping has over 30 settings. If you need a more detailed comment on them, just let me know in the comments section. If you have a working strategy and you want to get a scalping advisor for MT4, read the review How to order an Expert Advisor.
You will learn how to work with freelancers on the MQL5 site: how to specify your technical requirements, choose a freelancer, make an order, estimate risks, etc. What is the Best Forex scalping broker? How to choose the best broker for scalping? Choose the one that offers the best trading conditions and meets its commitments. The main factors in choosing an efficient scalp broker: Minimum floating spread. The lower the spread, the lower a trader's expenses. Fixed spreads are not a good solution as they are higher than markups.
The best Forex scalp broker will offer ECN accounts with spreads starting from 0 points. No slippage or sudden increases in spread. Slippages and unexpected spread increases are an unpleasant force majeure circumstance for a scalper. They must be excluded. Instant execution of orders. An average trade execution period on Forex is ms. If a broker can offer you faster execution of orders, you will have a competitive advantage over other traders because you can trade at a better price.
No limits on a trade's duration. A broker should not prevent you from scalping. High leverage. Lowers the margin and allows you to increase your trading volume. VPS server. A trading platform and a trader's trades are located on the broker's server. If there's an electricity or Internet outage, you can control trades via mobile apps: everything will be saved on the server. Advice: Use the OpenOrderTime script to check the speed of orders execution, spreads, or slippages.
Run the script. Here's an example of checking LiteFinance's trading conditions: The order was opened and closed within ms and ms, respectively. Quite a good result for scalping. Request Price - price sent to the server. Acceptable deviation: no more than 0. If the two values coincide, like in this case, there are no slippages.
So, this is a good Forex scalp broker. Download the script and run it when you suspect slippages or delays in the execution of orders. A screenshot of the script report will be your best argument in dealings with the support team. LiteFinance's conditions are perfectly suitable for scalping: the script test showed that orders are executed fast and without slippage. Floating spread starting with 0. Leverage up to VPS service. Click here to check the broker's tariffs.
Start trading with a trustworthy broker Best pairs for Forex scalping Basic requirements to a currency pair suitable for scalping High liquidity and low floating spreads. To compare spreads for different pairs offered by different brokers, you can use the data from MyFxBook. Moderate volatility. Liquidity and volatility have a kind of inverse correlation.
And vice versa, high-liquid currency pairs have low volatility. It is very important to retain the balance, and a volatility calculator can help you do it. I want to stress that the meaning of the best currency pair for scalping is subjective. The price movements depend on both external macroeconomic factors and on the FX manipulations by large investors market-makers.
That is why, at different times, different currency pairs from major forex pairs or cross-currency ones may turn to be the best for scalping. Therefore, there are a few tips on how you can select the best fx pair for scalping: You should feel comfortable when trading. Find your own trading style and the best-suited currency pair, spending as much time as you need on training on a demo account.
Be flexible. Today you achieve positive results when trading one currency pair. Tomorrow, you may take profits from scalping another currency pair. Manage forex risks. In addition to general risk management rules about the volume of open positions, there is one more rule concerning scalping. You should not enter trades for the two rising currency pairs at the same time. Although it can double your profit, it also doubles your potential risks, as both pairs may reverse at the same time.
There are no recommendations regarding the best indicators and technical tools for scalping. Everything is individual here. Someone is satisfied with the MT4 standard indicators, and someone installs unique author's tools. Trading performance depends not so much on the tools as on the ability to use them.
Compared with stocks or currency pairs, cryptocurrencies are more volatile and at the same time highly liquid. Some advice regarding scalping cryptocurrencies: choose the most liquid cryptocurrencies. The higher the trading volumes, the smaller the margin. Scalping bitcoin is one of the best cryptocurrency strategies.
Stablecoins - fixed-price cryptocurrency - is unsuitable for scalping. Use the trading strategy of leading indicators for conservative scalping. The cryptocurrency market's leader is BTC. Any fundamental news about Bitcoin affects the rest of the market. Other alts' prices move with a slight lag.
As we can see on the screenshot below, all the coins have been in the green zone over the past 24 hours and in the red zone over the past week. So, guided by BTC price's prior fluctuations, we can open trades in any of the coins.
They suit scalping the best. Use the following cryptocurrency scalping indicators: spread indicators or Autochartist plugin. Trend indicators and oscillators are hardly efficient. Here's advice for beginner traders: pick up the least expensive cryptocurrencies from TOP Opening a trade of the minimum volume in the Ethereum-pair, you risk a smaller deposit amount than when trading Bitcoin.
If you wish to learn more about cryptocurrency contracts and spreads, click here. Gold Scalping What makes Scalping gold interesting is that you can earn from both technical and fundamental analysis. Gold quotes are highly reactive to the sector news and news concerning inversely correlated instruments. One can earn from gold inventory reports, changes in industrial demand, or changes in related markets.
As gold is a protective asset, investors' capital will flow to XAU if stock markets fall, for example. Most popular gold scalping strategies in Forex: News trading. Open trades once stats on commodity and closely-related markets have been published. Levels trading. Plot key resistance and support levels on higher time frames. Trading robots for gold scalping in Forex I suggest using only manually developed robots tested both by MT4 tester and in practice.
It's not advisable to download advisors from the internet without understanding their work principles. In contrast to indexes or currency pairs, gold isn't traders' main asset. Its price movements are often of psychological nature, so Fibonacci levels scalping works perfectly in the gold market. Here are its principles: Choose the M5 time frame and linear price scale. Find a growing or falling trend.
Plot Fibonacci correction levels at the beginning of the trend. Stretch the grid so that each subsequent extremum is covered. Open trades during short-term corrections on rebounds from the grid's intermediate levels. A downtrend replaces an uptrend. Let's suppose we are in point 2 now. Stretch the Fibo grid from point 1 to point 2.
The price retraces a few times from level 0. It's when you need to open short-term trades. For example, in points , closing trades when the price reverses. In point 8, there's a new extremum. Stretch the grid there, and do the same in point 9. You can switch to a candlestick chart from time to time. Each trade is candlesticks long. Continue opening short-term trades when the price pulls back from key levels until it sets a new minimum or a trend reverses. If the trend becomes ascending, draw a new grid from the minimum to the maximum.
If you wish to know more about Fibonacci channels, check our review What is Fibonacci retracement? How to trade using this indicator? Let's examine another interesting trading strategy based on LiteFinance's analytical toolkit. Its advantage is that necessary analysis has already been done, and you don't need to install indicators to search for relevant news. Check how fast signals are updated.
As there's a minute lag, working on M1 time frame would be risky. So, check the signals on M5 and M15 time frames in the first place. Just in case, check the M30 time frame. The advice is "sell" there. Open a short position for minutes.
Gold is less liquid than currency pairs, so its spread is bigger. Thus, minute trades can be opened only during periods of local fundamental volatility, which happens rarely. However, 30 minutes are often enough for small profits. The trade of 0. So, the strategy is efficient. Best stocks for scalping The best stocks for scalping are those that are as liquid and at the same time volatile as possible. The higher volatility, the more we earn from a local price move.
The higher liquidity and trading volumes, the faster we can trade at the best price without slippages. How to choose the best stocks for scalping? Option 1. Visit the site of Tradingview. Sort stocks by volatility and liquidity in decreasing order. Pick the company that will be one of the TOPs in both parameters. You can use Excel for a faster search. You can also sort companies by volatility and trade volume in the same window, or you can sort other countries' stocks.
Option 2. Tips for a Successful Scalper A professional scalper's secrets: Work only with the most liquid tools as they can offer the lowest spreads and less frequent slippages. Choose the most active trading period concerning your tool.
For example, the Asian session for the yen. Scalp trade in ECN accounts with floating spreads. Floating spreads are the smallest ones. That said, there is a small fixed commission for each executed lot. Also, it's in ECN accounts that orders are executed the fastest. Do not scatter your attention.
Don't try opening many trades in different instruments at the same time. The optimal number of trades is five. Observe your risk-management rules strictly. Use the biggest leverage possible, but don't rush to build up your positions. Don't rush to close a trade earlier. Even if you set your profit target at three points, wait for the trend to complete its movement. Close the trade at the first reversal.
Close loss-making trades immediately. What if momentum goes in the opposite direction? Don't wait for the price to reverse, and don't let the drawdown increase. Close the trade immediately and open a new one in the necessary direction. A good scalper's quality is a fast reaction and ability to make decisions without emotion. You will win everything back with profitable trades. Focus more on fundamental analysis. It's much easier to earn from statistics and reports than trust technical indicators on short time frames.
Don't waste much time on analysis: in scalp trading, reaction and intuition are more important than technical analysis.
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Secrets of success of forex scalping ethereum mist keySIMPLE and PROFITABLE Forex Scalping Strategy!
All kinds of technical analysis, fundamental analysis Trades per day from to in diverse instruments trades a day depending on a trend or corrections trades in one instrument, trades a day Number of trades opened at the same time trades trades depending on a trend trades The table will probably help you get a general idea of short-term strategies.
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Okay, if it's so hard, what's the secret? Hard work? Well, those won't hurt, of course, but I've got something more tangible here. The secret to successfully scalping the forex market is to fade. Fade the market. If you can fade the market, you'll be doing the same as the hot-shot New York traders or London traders.
So, what's fading and how do you do it? You fade the market by trading against what it seems to be doing. If it's going up, you're looking to sell, and if it's coming down, you're looking to buy. Okay, that sounds crazy. How do you do it? You use a simple indicator. Get on the 5 minute chart, or 2 minute chart is even better. Then put on the MACD indicator.
Here is how you develop a trading plan for each trade you take: Analyze and ask yourself what do you want to see in the market before you enter a trade — This could be a Double Top, Confirmation Structure or an Engulfing candle e. How much are you willing to risk on this trade? And the most important thing is to stick to this plan and never remove Stop-loss or Take Profit because what was the point of putting them first if you are going to remove them? The outcome, in this case, is that you will find yourself struggling to get consistent profits.
Has it happened to you? If Yes you made me a promise Do you think you will ever become a successful forex trader with this bad habit? But what if you let the trade run in profits and because of that the market reverses and I lose that trade when you were not supposed to lose it?
But how would you feel were about profits being just about to hit your take-profit but the market quickly reverses and you lose that trade? Here is a trick that I have been using.
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