I will not describe it accurately, just have in mind that I have seen some price movement in past hehe Before you start following these steps you need to get rid of all distractions and focus only on trading. Check higher time frames D1, H4, H1 for signals find out where the market is moving on a longer time frame. Aim for 5 pips of profit my spread is 0. Take profit and be happy BAM! Well, the first five steps are actually before you start really looking for the right opportunity. Then you must wait and look for the right time.
I know I wrote that in a very strange way. Hope you can get the point what this strategy is all about. Thank you for your comment Bye! You may want to add 20 minutes before or after announcements. Every once in awhile you get zinged if you jump in to soon.
If it's possible for you to trade when 2 markets are open that's better. NY and London overlap is the best for your method. Another rule you can add is if you suffer a loss don't trade the same pair for 24 hours. In the beginning I also did a fixed pip profit, but as I got more experienced the fix pips got added on to. I found the shorter time frame and pip or money profit the more accurate your entries, management and exits have to be.
Money management, patience, discipline and long term are the keys. Good Luck Gp Hope this helps. I will add those things you said. Do you have any idea where is best to set Stop Loss? And what about longer term is the key?
Do you mean longer term trading or just long term success? It depends on your trading method and what time frame you're trading. If the one you're entering is different than the one you are trading you would have to look at price movement for the time frame you're trading.
For example if you were trading 5 or 15 minute time frame, you would see what's the price movement for that time frame. Then you would try and figure out what's the probability you will make 5 pips before you lose "x" amount of pips in those time frames based on price movement. You may want to google, scalping strategy for whatever time frame you're trading and see what traders who trade on the same time frame as you how they determine their stop loss.
You could also check utube for the same thing. Forex Scalping Strategy Trading Discussion. Great source of info. I use it myself You may want to add 20 minutes before or after announcements.
If you're trading on the 5 minute the larger time frames won't help you and can confuse. I did anyway In my opinion if you're building a bankroll, it's okay to use higher leverage, but if you were trying to conserve your bankroll then I would use a smaller leverage.
Everybody is different when it comes to leverage. Nothing to not like about this one.More...