A Simple Forex Scalping System
Forex scalping system consists of several strategies that allow the trader to execute many trades during the day where each trade is limited to small profit or loss. The aim is to accumulate these small profits into big profits at the end of the day. This strategy attracts many novice traders who enter the market with low-budget because it doesn’t require large capital and promise quick result.
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.
At 8:00 EST in the morning, check your 7:00 AM EST candlestick chart (1 hour timeframe) and place two buy/sell orders: above and below the last candle’s high and low at 8:00 AM. 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.
When the New York market open, immediately close your position after secure 4-5 pips profits. 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 (read forex trading tips to understand five rules that you should prioritize in manual trading) and let an EA deal with the short-term one. Read the details of the most recommended scalper EA at FAP Turbo review. This specific EA even has third party group that focusing solely on enhancing its performance; you can find further info about it at FAP Turbo Expert Guide review.
