Simple Scalping Strategy

It sounds like you are new at this. Let me give you some advice:

1 – Close down your trading account and do NOT under any conditions should you give any one any money for anything until you get a better education (no matter how convincing they sound or what promises they make)

2 – Read 5 books on trading. Make sure one of them is a dummies or a complete idiots guide to trading. Also make sure you pick up Kathy Lien’s book on day trading the global currency market and read it three times. Choose three other books that look interesting (just look at the popular trading books on amazon).

3 – Open up a demo account with any of the forex brokers and trade it. When you loose all your fake money in a demo account. Keep on repeating this until you are profitable.

4 – At the same time as 3, read as many different forums as you can on forex. Do not believe anything anyone says until you have tested it yourself on a demo account.

5- Once you become consistently profitable in a demo account, open a mini account and trade it.

6 – When you have made some money in your mini account, take your trade history on your mini account to a highly recommended mentor and talk to them. I will not tell you who they are, but once you hang out on the different forums for a while it the credible ones should be more obvious.

Sounds like a lot of work doesn’t it? Yes – it is. 90+% of people will fail. Whats worse there are no shortcuts. If you try to jump a step you will probably get fleeced by one of the many predators out there.

One does not need backtesting to see this is never going to work in the long run, a quick glance at the charts will reveal this. ‘Systems’ like this come up with boring monotony on these forums and none of them work, if it was as easy as slapping on a 55MA and trading when the price crossed the line we would all be rich by now!

Hey that’s really a great post, as there is lot of discussion out here. What I think scalping is a high intensity technical trading method which requires a highly skilled and efficient broker with high-tech tools. Anything less will diminish your profits, and increase your problems.

Most of people use sclaping on EUR/USD as we know the movement in this pair per day is almost 200 pips and that too majority of brokers offer some less spread on this pair as 2 pips, so Its the best to sclap.

This might look a lot better on a constant range bar too!

Normally the minimum movement in these pairs is around 100 pips in some volatile days we see 300 pips range easily and on average we see 200 pips movement which is very suitable for scalping

Most people scalp on EUR/USD because the spread in this pair in most of brokers is only 2 pips, Most people scalp on the first 2 major pairs in the price list because for those pairs only spread will be some what less as compared to others.

If me, I prefer to do scalping with chasing few pips but many times. So didn’t use high lot size but I used normal lot but I will take profits many times. Usually, I used candlestick with M1 and M5 Time Frame to know movement of price. And also I used MACD to know trendline which combined with Stochastic to
know tendency to move up or down.