In today forex faq, I will be addressing a question about scalping the forex market. In fact, forex scalping strategy is one of the most commonly used trading strategies by traders as it provides fast profit. I have learned so much from you over the past few months and really grateful for that.
I have also read your trend line trading strategy and plan to read the technical analysis book that you recommended to further expand my knowledge. Anyway, I feel like I am a scalper type of trader and actually get a kick out of trading the 5 minute charts for 5 — 20 pips at a time.
Sometimes there are rather big moves going on during that time. I was hoping if you could recommend any scalping strategies or provide any ideas how to successfully trade during the Asia session. Thanks for your help. Look forward to reading your posts and trade recommendations. Below I go into details about how to scalp the forex market, let me list down the pros and cons of being a scalper. Now let us get into the details of how to scalp the market.
The best way to perform scalping is through the use of support and resistance. As you know, the price is usually influence by the major support and resistance in the chart and as a scalper, you must be aware of these levels. Once you have all these levels identified, you will need to wait for the price to approach these levels.
Once you see the price approaching one of these major support and resistance levels, you should check your indicators to see if they show sign of overbought or oversold.
If it is approaching a resistance level, you should check to see if your indicators are registering overbought and vice verse. Another indicator you can add is the MACD indicator , the histogram of this indicator can be used as a tool to check the strength of buyers and sellers.
Let says that the price is approaching a resistance and you see that the MACD histogram is shortening above the zero line, it is a sign that the seller are gaining strength and this gives you a good signal to go SHORT.
Please do not trade live immediately with this strategy as you need at least two to three months of practicing on a demo account before you can trade successfully with it. During your practicing, you will then be able to fine tune the strategy by adjusting your indicator setting or adding new indicator to improve your winning percentage.
If you guys have anything to share regarding forex scalping strategy, please feel free to give your comment below. Good day Kelvin I have been attending your course over the past 3 weeks and I have found it very interesting. Just to let you know that I had gone through the 4 modules on weekend. Unlike other courses where I have to watch the video for many hours and most of the time, the presenter is simply beating around the bush for some small idea. The presentation of your course is very concise.
Dear Mr Kelvin Firstly, Thank you so much. I lost 7 trades myself and with your BTB service, it has saved me back with just 2 trades. I recommended your service because it can make money every month and we can just relax and enjoy with family.
I am very interest in your forex course and trade copier I joined a trade copier service this year which was a disaster. They opened trades on a large number of pairs with no stop loss. At one stage they had 40 trades opened at 0.
Thank you for explaining Gartley pattern so nicely. I previously saw it explained in other courses but I did not get it until now.
Good day Your course are so wonderful. I have gone through them over and over again. I tried trading immediately with the knowledge but it actually did not work out as I thought and I lost some money. I studied them some more and tried again with a demo and voila!!! Dear Mentor Good morning Sir. Thank you for getting back! The very first module is so profound and illustrated with the different market situation examples. I find it very informative, yet easy to understand the concept. Thank you for sharing your knowledge, experience and skills Your student — Ruta.
Hello Kelvin, Thank you for your advice and all these strategies. I find them very reliable. I want to ask you in this chart,the bottom indicators are the stochastic and the other one is the RSI? Your email address will not be published. Blog You are here Below is the question by one of our fellow traders: Kelvin, your site is amazing!
Pros — Quick entry and exit of market leading to fast profit and can avoid news release — Suitable for those with not much time to look at the chart Cons — Low risk reward ratio as every trade aims to grab small profits — Quick analytical skill is needed as you need to make quick decision Now let us get into the details of how to scalp the market.
I have absolutely no doubt about the value of your course. Problem with other trade copier service. Amazed with your trading Strategies. Your course are so wonderful.
This month was a good outcome. Comments Hello Kelvin, Thank you for your advice and all these strategies. Leave a Reply Cancel reply Your email address will not be published.More...