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Scalping focuses on larger position sizes for smaller profits in the shortest period of holding time: from a few seconds to minutes. The assumption is that price will complete the first stage of a movement in a short span of time so you aim to take advantage of market volatility. With high market volatility, scalpers can open a long position, close it quickly, open a short position, close that, go long again…. The main goal of scalping is to open a position at the ask or bid price and then quickly close the position a few points higher or lower for a profit.

Remember, when you buy, you buy at the ask price. But in order to exit, you need to sell, which is the bid price. A scalper wants that 2-pip loss to turn into a gain as fast as possible. You are a surgeon! You want your spreads to be as tight as possible since you will be entering the market frequently. Trade only during the busiest times of the day The most liquid times of the day are during the session overlaps. Make sure to account for the spread Because you enter the market frequently, spreads will be a big factor in your overall profit.

As each trade carries transaction costs, scalping can result in more costs than profits. Be sure your targets are at least double your spread so that you can account for the times the market moves against you. Trying to scalp multiple pairs simultaneously as a noob will be almost suicidal. If you start to get accustomed to the pace of things, then you can start by adding on another pair and see how it works for you.

Make sure you follow good money management This goes for any type of trading, but since you are making so many trades within a day it is especially important that you are sticking to risk management practices. Major news reports can throw you off Because of slippage and high volatility, trading around highly anticipated news reports can be very dangerous.

It sucks when you unexpectedly see the price jump in the opposite direction of your trade because of a news report! Picking a Broker Remember that the forex market is an international market and is largely unregulated, although efforts are being made by governments and the industry to introduce legislation that would regulate over-the-counter OTC forex trading to a certain degree.

As a trader, it is up to you to research and understand the broker agreement and just what your responsibilities would be and just what responsibilities the broker has. You must pay attention to how much margin is required and what the broker will do if positions go against you, which might even mean an automatic liquidation of your account if you are too highly leveraged.

Ask questions to the broker's representative and make sure you hold onto the agreement documents. Read the small print. The Broker's Platform As a scalper, you must become very familiar with the trading platform that your broker is offering. Different brokers may offer different platforms, therefore you should always open a practice account and practice with the platform until you are completely comfortable using it.

Since you intend to scalp the markets, there is absolutely no room for error in using your platform. If you press the "Sell" button by mistake, when you meant to hit the buy button, you could get lucky if the market immediately goes south so that you profit from your mistake, but if you are not so lucky you will have just entered a position opposite to what you intended. Mistakes like these can be very costly. Platform mistakes and carelessness can and will cause losses. Practice using the platform before you commit real money to the trade.

Liquidity As a scalper, you only want to trade the most liquid markets. Also, depending on the currency pair, certain sessions may be much more liquid than others. Even though the forex markets are trading for 24 hours a day, the volume is not the same at all times of the day. Thus, when two of the major forex centers are trading, this is usually the best time for liquidity.

The Sydney and Tokyo markets are the other major volume drivers. Guaranteed Executions Scalpers need to be sure that their trades will be executed at the levels they intend. Therefore, be sure to understand the trading terms of your broker. Some brokers might limit their execution guarantees to times when the markets are not moving fast. Others may not provide any form of execution guarantee at all. Placing an order at a certain level and having it executed a few pips away from where you intended, is called " slippage.

Redundancy Redundancy is the practice of insuring yourself against catastrophe. By redundancy in trading jargon, I mean having the ability to enter and exit trades in more than one way. Be sure your internet connection is as fast as possible. Know what you will do if the internet goes down. Do you have a phone number direct to a dealing desk and how fast can you get through and identify yourself? All these factors become really important when you are in a position and need to get out quickly or make a change.

Choosing a Charting Time Frame In order to execute trades over and over again, you will need to have a system that you can follow almost automatically. Since scalping doesn't give you time for an in-depth analysis, you must have a system that you can use repeatedly with a fair level of confidence. As a scalper, you will need very short-term charts, such as tick charts, or one- or two-minute charts, and perhaps a five-minute chart.

Preparing to Scalp 1. Get a Sense of Direction It is always helpful to trade with the trend, at least if you are a beginner scalper. To discover the trend, set up a weekly and a daily time chart and insert trend lines , Fibonacci levels, and moving averages. These are your "lines in the sand," so to speak, and will represent support and resistance areas.

If your charts show the trend to be in an upward bias the prices are sloping from the bottom left of your chart to the top right , then you will want to buy at all the support levels should they be reached. On the other hand, if the prices are sloping from the top left down to the bottom right of your chart, then look to sell each time the price gets to a resistance level.

Depending on the frequency of your trades, different types of charts and moving averages can be utilized to help you determine direction. Clearly, there is a possibility of a pullback to the trend line somewhere in the vicinity of 1. As a scalper, you can take the short side of this trade as soon as your shorter-term charts confirm an entry signal.

The price could be heading back to a target of 1. Prepare Your Trading Charts A forex scalping system can be either manual, where the trader looks for signals and interprets whether to buy or sell; or automated, where the trader "teaches" the software what signals to look for and how to interpret them. The timely nature of technical analysis makes real-time charts the tool of choice for forex scalpers.

Set up a minute and a one-minute chart. Use the minute chart to get a sense of where the market is trading currently, and use the one-minute chart to actually enter and exit your trades. Be sure to set up your platform so that you can toggle between the time frames. Most often it is the way that you manage your trades that will make you a profitable trader, rather than mechanically relying on the system itself. In other words, stop your losses quickly and take your profits when you have your seven to 10 pips.

This is a scalping method and is not intended to hold positions through pullbacks. If you find that you can manage the system, and you have the ability to pull the trigger quickly, you may be able to repeat the process many times over in one trading session and earn a decent return. Remember that too much analysis will cause paralysis. Therefore, practice the methodology until it is automatic for you, and even boring because it becomes so repetitive.

You are in the business of scalping to make a profit, not to boost your adrenalin or feel like you are playing in a casino. Professional traders are not gamblers; they are speculators who know how to calculate the risk, wait for the odds to be in their favor, and manage their emotions.

When to Scalp and When Not to Scalp Remember, scalping is high-speed trading and therefore requires lots of liquidity to ensure quick execution of trades. Only trade the major currencies where the liquidity is highest, and only when the volume is very high, such as when both London and New York are trading.

The unique aspect of trading forex is that individual investors can compete with large hedge funds and banks—they just need to set up the right account. Do not scalp if you do not feel focused for whatever reason. Late nights, flu symptoms, and so on, will often take you off your game.

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