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Scalping Forex is a term that is already popular with traders. This technique is known as opening and closing a trading position or within a very short period of time, also known as "look profitable, straight brush".
There is an assumption that the Scalping method is considered safe, so this technique is very familiar to market participants. In theory, the scalpers play at low time frames and hold their positions in a very short time compared to non-scalper traders. Thus, observations on overall market conditions are very limited, and risks arising from market price movements can be reduced.
However, the scalping method is not always beneficial, even though it is not always harmful. This returns to the character of each trader.
The profit generated from each trading position with the Scalping method is usually small, but if added to all trading positions that have been closed, the amount of profit can be quite large as well. Scalpers always avoid taking big risks. They abstain from trading with a single hit to generate large profits, but trading with high frequency and small profits, but safe. Thus, a scalper needs patience, and must be diligent in pursuing market price movements to get profit as often as possible. For people who are serious analyst characters who expect results that are always spectacular in trading, they will be disappointed and frustrated when applying this method.
Scalpers need high concentration, monitor prices and make decisions very quickly. Also requires a good understanding of trading equipped with analytical skills.
Scalping involves a high risk. Many beginners have a common problem when trading; they tend to try to maximize the benefits of transactions by risking the entire capital at once. Then you should not do that. Maximizing profit must be in line with maximizing risk. The size of the open position must be calculated very accurately, so that your entire account will not be used up in one transaction.
To fully understand how to trade scalping, consider this: hard work and small profits accumulate over a period of time, can easily run out with one big loss (because it does not limit losses). Finding a balance between profit and loss levels is the most difficult thing for scalpers.
Learn from Paul Rotter
In 2003, a broker in London noted that one of his customers had recorded the highest trading volume for 8 consecutive years. He is Paul Rotter, a successful trader with an average number of trading lots of 3 million every month, and managed to record 65-78 million dollars in each year.
Paul Rotter is one of the successful scalping traders on this earth. Paul Rotter's trading success began when he and Kinski (one of his close friends) opened the Greenhouse, a financial firm. From an initial capital of $ 526,000, in three months later Greenhouse had booked a profit of $ 6.5 million.
All traders can try to climb Paul Rotter's success, and here is Paul Rotter's complete interview with one of the traders' magazines:
Q: What momentum brings you to jump in the world of trading?
A: I started by participating in a trading contest. At that time I was still in school.
Q: How can you become a professional?
A: At that time I worked in one of the Japanese banks, and I met one of the Chief Traders at the bank. He managed to record a constant profit and I talked to him a lot about market psychology.
Q: During your professional career, have you continued to be a scalper, or have you tried other strategies?
A: I always become a scalper, but I set my trading frequency according to the volatility that occurs in the market.
Q: How many hours a day do you spend at the computer when trading?
A: Usually around 5 hours, but when there are big market events it can take up to 11 hours.
Q: How many time frame charts do you use?
A: I usually use a timeframe between 5 and 30 minutes. Using the trendline and Commodity Channel Index (CCI) indicators to observe the volatility that occurs in the market.
Q: How long do you usually open a trading position?
A: I usually open positions alternately in minutes, the longest in a matter of hours.
Q: What do you do if the price moves against your trading position? Do you use Stop Loss?
A: I will immediately look for the cause and close the position if the market moves against me.
Q: Why don't you have a problem closing an open position, even by taking the opposite position? Shouldn't a trader have to stick to his opinion?
A: No, you're wrong. An analyst or a trading guru is the one who must hold fast to his opinion. A trader should not have opinions; the stronger the opinion you have, the harder it will be to get out of the position of loss.
Q: With your Scalping trading style, what kind of Risk Management do you apply?
A: I make a daily target, either for profit or loss. What is very important is how much loss I can hold.
Q: How do you deal with emotional and thought-provoking factors when trading?
A: When the situation got worse, I went to the bathroom and doused my body with cold water or jumped into the cold swimming pool ... hahaha.
Q: What do you do when you take a break from trading?
A: I used to exercise and usually go to a place for sightseeing.
Q: What do you prepare before trading everyday? Do you have a certain routine?
A: Before the market open, I read all the economic reports that will come out, the speeches from the Central Bank officials if any, then I try to make important price levels in the market that I will trade. I made an analysis myself and read analyst comments in the media to get a picture of the market and important levels in it.
Scalping Tricks and Tips
There are several important things about the scalping technique that is used, namely using a graph on a 30-minute timeframe to estimate trend movements, and using a 5-minute time frame to open or close a position. To support scalping techniques, generally use indicators such as Fibonacci, trend line, and CCI.
Trading times are usually ahead of the opening of the European market (around 12.00 to 15.00 WIB) and America (around 20:00 to 22:00 GMT). At that time, the trading volume that occurred in the forex market was quite large. Arrange a plan to achieve daily profit targets, and don't get stuck for excessive trading.
If you experience loss when trading using scalping techniques, then don't even think about repaying your losses immediately. There will be tomorrow where you can return using scalping trading techniques.
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