A trader who uses forex scalping system relies on a bunch of trades throughout the day where each of them generates small profits or loss. Throughout the day, this system is expected to secure enough winning trades to cover the loss trades and give adequate profits for the trader. Due to the low capital requirement and the quick profit potential, this method has attracted many new traders whose funds are very limited.
Usually, recommending to use forex scalping system to a new trader is something I won't do; this is mainly due to its low winning chances and difficulties. Ask this to yourself: “Are you sure that you can score winning trades again and again against the volatile forex market when you just learned forex trading?”. Of course not; that’s why it is better to leave scalping to a pro trader or tireless forex EA.
But if you really interested in scalping as manual trader, try this method:
You’ll see very little movement in the market as the time approach 8:00 AM EST, but after 8:00 AM, it will start the first move.
By using one hour timeframe candlestick chart at 8:00 AM EST, put two orders above and below the last candle's high and low. These two orders should be OCO (One Cancels Other), but if the distance between them is too wide, don’t forget to place 10 pips Stop Loss Order.
As the New York market open, aim for 4-5 pips profits, then get out as soon as possible. Note that this strategy relies on morning breakout, so it will performs better if a major news announcement is due within the upcoming NY market time as the news will increase breakout probability.
Forex scalping system that doable for a human trader usually aim for specific time when there are higher chances to gain profits from the market (like the one above), but a scalper EA can watch the market on multiple currency pairs throughout the day for profit opportunities. That is why I recommend every manual trader to stick to long-term trading strategies and let an EA deal with the short-term one.
Usually, recommending to use forex scalping system to a new trader is something I won't do; this is mainly due to its low winning chances and difficulties. Ask this to yourself: “Are you sure that you can score winning trades again and again against the volatile forex market when you just learned forex trading?”. Of course not; that’s why it is better to leave scalping to a pro trader or tireless forex EA.
But if you really interested in scalping as manual trader, try this method:
You’ll see very little movement in the market as the time approach 8:00 AM EST, but after 8:00 AM, it will start the first move.
By using one hour timeframe candlestick chart at 8:00 AM EST, put two orders above and below the last candle's high and low. These two orders should be OCO (One Cancels Other), but if the distance between them is too wide, don’t forget to place 10 pips Stop Loss Order.
As the New York market open, aim for 4-5 pips profits, then get out as soon as possible. Note that this strategy relies on morning breakout, so it will performs better if a major news announcement is due within the upcoming NY market time as the news will increase breakout probability.
Forex scalping system that doable for a human trader usually aim for specific time when there are higher chances to gain profits from the market (like the one above), but a scalper EA can watch the market on multiple currency pairs throughout the day for profit opportunities. That is why I recommend every manual trader to stick to long-term trading strategies and let an EA deal with the short-term one.
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