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Neep scalping guidelines


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The only way to make small account big in a short period of time is through the use of really high leverage. But wait... do not jump of the cliff right away. Start with reasonable leverage for scalping, for example 20:1 or at most 50:1, then move on as you see scalping skills improve.But even before that do not be lazy to demo trade your scalping system – make sure it will not disappoint you later...The only way to trade with high leverage without risking blowing up an entire account in only 10-15 trades is by trading with a tight stop loss. Trading without stop loss will “kill” your investment in no time.

 

When first using scalping it is very important to know that:

  • You will have to use instruments that have low and very low spreads, such as:

a) forex currencies (that have high liquidity), EURUSD, GBPUSD, USDJPY etc. ;

b) commodities like gold and oil;

c) stocks like Apple, Microsoft etc.;

 

  • You will have to work with a broker that can offer you live data feed.

Most of the traders that use this strategy are delighted by the thought of a quick and easy way to get profit, without taking into account the possible risks of loss. This is why, I am going to show you next some of the primary advantages and disadvantages of using this trading strategy:

 

Advantages:

-      You can make money in a relatively short period of time;

-      You can use simple trading systems like a support / resistance breakouts;

Disadvantages:

-      The number of profitable transactions should by far exceed the number of losses, in order to arrive at a favorable final result

-      The risk reward is usually in the disadvantage of the trader (he generally establishes a bigger stop-loss than take-profit).

 

It is wise to decide on the size of the trading lot and exposed risk in advance.
Do a simple math: calculate the worst possible situation, e.g. 10 consecutive losses in a row; then see if your account will survive and if there be something left to move on. And, although 10 losses in a row is a very unlikely scenario, you cannot deny it...

 

 

Best of luck to you...............

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Another tips for you is that although Forex is active 24/7, not every hour is suitable for scalping.
No scalper wants to sit in front of the monitor for numerous hours bored and disappointed with the “sleeping” price as it literally moves nowhere.Scalpers hunt for volatile, liquid market. There are 4 major market sessions: London, New York, Sydney and Tokyo session. To trade effectively scalper needs to learn behavior of a chosen currency pair and define most active sessions, even particular hours for this pair to be able to catch good price moves

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