9 Scalping Forex Strategy Tips To Success

Tips Forex Scalping Advice To Improve Forex Trading

Scalping in forex trading is really challenging. It needs your effort and discipline to succeed in forex scalping. Therefore here are few tips that can help you improve you scalping strategy.

How you are going to scalp is depending on your own strategy. There are lots of ways to do forex scalping.

There are traders use Moving Average, BBMA, Stochastic and even Price Action Candlestick,

Also different time frame. M1, M15, and M30.

It is depending on the forex scalping strategy that the forex trader are using.





Scalping Tips 1 : Pair Selection


There are lots of forex pair that you can put entry with. But the most important thing to do is to have focus on 1 or 2 pair only.

This is because to train you, yourself as a forex scalper to focus on the trade position.
So that you can monitor and understand the market movement and how your scalping strategy is really works.

So what you need to do is to choose the pair that you want to focus on. 

Know, Understand and Focus.

What is the pair to trade?

EURUSD?
EURJPY?
GBPUSD?
GBPGPY?

What pair you like? Focus!




Scalping Tips 2 :  Scalping on Small Spread PAIR

The spread is vary with the forex broker that you are using with. But in order for you to quick win is to trade pair that provides the
small spread.

For instance, the pair EURUSD. Most spread of pair EURUSD that offered bythe forex broker is really small.

The things is you will be doing forex scalping, you will be taking small pips. 3pips, 5pips or 10pips.

What you really want is to have the target profits reached quickly. Therefore, When you're doing forex scalping. Focus pair that you like, Choose small spread forex currency pair.





Scalping Tips 3 : Understand Chart Different Time Frame,


Multi time frame will be used for the forex scalping strategy.

Forex scalping is to do forex trading in a small amount of profit target and in a short period of time.

Therefore, in forex scalping you need to be quick and you need to focus!

There are few time frame that most scalper use.

M15
M5
M1

Which time frame that you like to scalp?

Well, i believe each and every forex trader have their own
favourite scalping techniques, time frame and strategy.

But, just a little tips so that you can improve your trading strategy.

usually, the higher time frame , less false signal. But in this case
you are going to scalp.

You will be using smaller time frame.

So if you want to do scalping, please make sure that you understand the major trend.

For instance :

Major Trend
H4, H1, M15 - Uptrend

Scalping Chart
M15 - Buy
M5 - Buy
M1 - Buy

This is really important when you are doing scalping, so that you are trading with the trend and not against the trend. Your trade position will not floats really high.

Take only 3pips, 5pips and 10pips.

Therefore in forex scalping, you need to understand and know what is the major trend in H4, H1 and M15 before you go into scalping setup in smaller time frame.

Determine market trending in higher time frame. Put entry on smaller time frame.





Scalping Tips 4 : Create specific account. KAMIKAZE!!!


Scalping trading is actually can risk all your money. It is because
few of the scalping strategy does not apply the money management rules.

They not using Stop Loss!

It is really risky when you are going into the market without having a stop loss.

Things is simple, you need to have a specifc account just to scalping forex.

Therefore if you loss your trading account. You still have the other
trading account so that you can trade with.

Create a scalping account. Kamikaze!

Most important things is to put your money that you can afford to loose.

So that you not easily give up when your account destroyed. If your 'Kamikaze' account or your "Ready To Destroy" account is at Margin Call. You still have another account to trade.

When you are using the Ready To Destroy account,when there are scalping setup. Boom!
Full Margin!

If you loose. You will have another account to trade forex. 




Scalping Tips 5: Your Target Profits

When you doing forex scalping, you will put the entry when your trading setup is complete.

This will be based on your own strategy. Whether it is Moving Average Crossover, Stochastic Overbought and Oversold or it can be Bollinger with crossing moving average.

It is your own scalping strategy.

What i want to share here is, when the scalping setup is complete. Just set your target profits only 5pips to 10pips.

Why?

It is because to secure you profits. When you are scalping, most of you not using the stop lossyou are at really big risk. 

When you set the profits target 5pips or 10pips. The probability of the entry to hit your target profits is is bigger rather than when your target is 20pips to 30pips.

This is to ensure that you win the 10pips rather than loose the 30pips.

However, this could be vary to the other forex trader, i believe every forex scalper has their own trading strategy.

For me is, winning the 10pips is more than okay rather than loosing 30pips of losses.

Therefore, if you have a steady scalping strategy, go ahead with 20pips to 30pips scalping strategy.
That is good. But if you dont, and still seeking for a consistency.

My advice is just try to scalp with 10pips. Just get enough.






Scalping Tips 6 : Know The Strategy to Avoid Margin Call


Just a little tips how to deal with high floating loss when you are doing scalping.

Most of the scalper always not using the stop loss in their scalping strategy.

The floating loss happened when the scalping setup are against
their entry position.

There are two ways to deal with floating loss account, in my opinion.



First One is top cut loss!

How to cut loss is depending on your strategy. The scalping strategy might be differ to the forex trader.

Is it, overbought or oversold or Moving average crossings. It is depending on you, the scalper. You need to know when to cut loss.

Do cut loss when you think that your entry are going to get your account margin call.




Second One, is to have an emergency money in the Broker Account.

Well, this might be silly, What i mean is to keep your money or credit in your Broker Account to have some sort of emergency top up.

If you think that the account are almost margin call. You can just straight away top up the  trading account with the money that you have in the Your Broker Trading Account.

This is because, when your trading account are almost loss and really high float. What you can do is only to top up you trading account with a lot of money to continue trading.

By keeping an emergency money in the Account , you can just straight away top up your account without waiting for a depositor or whatever deposits methods you may use to get your money into
the floating loss trading account.

However, this emergency money strategy is depending on the forex broker that you use. Whether you can keep you backup money on your Dashboard Or Accounts or not. Some of the trader use it in the internal "transfer method".

They have few accounts in the same broker. Let say account A is almost margin call, the trader use the account B to top up the account A by doing the "INTERNAL TRANSFER"

The idea is to top up the account without using other deposit method. Just transfer the account to avoid Margin Call.





Scalping Tips 7 : Determine Market Trending



Have you clear how to determine the market trending? You can use moving average to know market trending.

I assume that you know how to insert the indicator in your metatrader chart.

Therefore,

Here is the setting on the Moving Average. 

Period : 200
Shift : 0
Method : Exponential
Apply To : Close

How to determine the trend. 

Firstly, you need to insert the moving average indicator into the chart with the settings given.

Then you will see, which side of the candlestick is situated on the chart , is it on the above the line
or below the line?,

If candlestick is above the line, that mean it is uptrend. Look for BUY!

If candlestick is below the line, that mean it is downtrend. Look for SELL!

With a simple indicator, then you will know which direction you want to go into the market,

Whether you want to go sell or buy, just look at the EMA200 (Exponential Moving Average 200) and look which side of the candlestick is situated. 

Is it ABOVE the line or BELOW the line.

I hope this might helps in determining the market direction and the market opportunity that you are going to look for.




Scalping Tips 8 : Set The Risk




What i meant to you is, how much money that you can afford to loose.

Just set 3% from your account. If your account is 100usd, then you are going to loose only 3usd per trade.

in your entry, you have to risk only this 3usd.


It does not care how much you are going to use, how many pair,2 pair, 3 pair or even 5pair.

Remember to risk only this 3usd for all of the entry setup that you can find in the chart.

So you need to specify the risk, i use to risk only 50pips for the setup. The limit is 50pips.

3usd risk for only 50pips.






Scalping Tips 9 : Use only 1 time frame for all the setup.


For the time frame it will be depending on the strategy that you are using. If you are scalping or swing and using forex indicator.

Try to use only 1 time frame for all those setup.

The reason is because, when you are using different time frame, there will be different in profits and stop loss from the strategy. For instance, in H4, your stop loss is 50pips and Target Profits
100pips, but in H1, your stop loss is 25pips and Target Profits is 50pips.

Therefore, your profits and winning will not be consistent, when you are winning the entry setup for H1 chart and you are loss for the H4 chart.

You win the setup with small profits, but loss the setup with greater stop loss.





pipsumo

A forex trader who enjoy doing forex naked chart and make profit with forex expert advisor.Also enjoy to socialize with other forex trader in the world.

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