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Forex Scalping Strategy: Forex Scalping Methods & Best Forex Day Trading Strategies & Forex Day Trading System!
The dream of making fast profits forex day trading lures many traders to the currency markets. However, there are many more stories of accounts being blown up then there are of success stories about long-term forex scalping traders.
That being said, with proven forex scalping methods and a sound forex day trading system it is possible to find and exploit high-probability forex scalping signals/trading opportunities.
Forex day trading strategies are short-term in nature and therefore involve looking at smaller time-frames such as forex scalping 1 minute charts and using proven forex scalping indicators such as average true range (ATR), relative strength index (RSI) as well as japanese candlesticks.
Successful forex scalping systems always take into account spreads, slippage and execution speed which all need to be favourable to the forex day trader.
Another consideration when it comes to forex scalping price action is liquidity. Different times of day will have different levels of market liquidity and volatility.
Some great forex day trading tips when it comes to scalping in forex are to:
1) Trade when the market is most active (i.e. liquid) such as the crossover between the London and North American forex markets. These times will provided the tightest variable spreads and as we are only looking for small amounts of pips profit per trade we need to keep our spread costs as low as possible.
2) Keep an eye on your economic calendar for news events during the day. Make sure you know what time the releases will occur in your local time. The last thing you need is to be caught off-guard by a news event while you’re in a trade. Sure, it may go in your favour but it also may go against you resulting in an unnecessary loss.
Having said that, currency pairs tend to trade in a tight range in the hours and minutes leading up to significant ‘event risk’ and these can provide very good scalping opportunities. In fact, this is one of several short-term forex trading strategies that forex scalper should consider.
3) Use a stop loss. This should be a given but surprisingly many inexperienced traders do not use them consistently. The challenge with forex day trading is it can get very taxing and emotionally intense, putting pressure on your decision making abilities. A solid stop loss in place, will allow you to be calm and focus more clearly on what is happening allowing you to better read the forex scalping price action.
In this forex scalping strategy video tutorial, we will cover all of this and many more day trading tips and we’ll also take a look at the popular forex grid strategy and see if it is a successful system for day trading forex.
Hope you enjoy the video and best of luck scalping in forex!
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