RahmanSL
Major
- Messages
- 2,938
So, do you really want to scalp the forex???
Here is a technique which I discovered accidentally on my first month out on a live trading account…But I have to warn that it takes full concentration and, once you got started, almost no time off from your computer. That means food, drinks and whatever else you require must be right there next to your trading station…And it’s extremely exhausting on body and mind.
Wait for a currencies pair to hit the highest level ever (like the AUD/USD at 1.1179 back in Jan 2011). Short as large a trade size as your account can handle without endangering account stop out in case of further movement upwards. Do not close this position as it has to be held (as safety margin) throughout the trading session.
When the pair starts the reversal and stop at a certain level (you can see that moment when the pair sort of stop and hesitated), enter a small (initially) long position. The pair will move back up and, before you close out that position, quickly open a short position before closing out that long position.
When market move downwards, once gain it will paused at a certain level deciding which direction to go. Quickly open a long position before closing out that short position. Market will move back up to a certain level and that’s when you quickly repeat the above process.
You can scalp and scalp, and at any lot sizes, till you literally drop...BUT as I have warned, it is extremely punishing on the body and mind.
I made closed to usd25k on a usd3k account in one trading session, but made the fatal mistake (still too new into trading forex at that time) in mixing a few other currencies pairs while trading the above technique ending in some heavy losses the following day which literally wiped out my entire account. Problem was that I became over confident as I though I just cannot loss or to endanger my account with large lot size trading.
After that trading session, I literally collapsed into a deep sleep and that’s when the heavy losses occurred and wiped out my entire account while I was out. On reflection, I should have closed out all opened positions regardless they are in losses..BUT, I was just too new to the game.
Since that time, I have not yet come across a good currencies pair set up….but I suspect I am not really looking because I am quite hesitant in trying that out due to the extreme punishment on body and mind…
Maybe one of these days, I will give it another try and, hopefully, I will be better prepared.
To anyone contemplating trading the above technique, please do heed my warning;yah!
Here is a technique which I discovered accidentally on my first month out on a live trading account…But I have to warn that it takes full concentration and, once you got started, almost no time off from your computer. That means food, drinks and whatever else you require must be right there next to your trading station…And it’s extremely exhausting on body and mind.
Wait for a currencies pair to hit the highest level ever (like the AUD/USD at 1.1179 back in Jan 2011). Short as large a trade size as your account can handle without endangering account stop out in case of further movement upwards. Do not close this position as it has to be held (as safety margin) throughout the trading session.
When the pair starts the reversal and stop at a certain level (you can see that moment when the pair sort of stop and hesitated), enter a small (initially) long position. The pair will move back up and, before you close out that position, quickly open a short position before closing out that long position.
When market move downwards, once gain it will paused at a certain level deciding which direction to go. Quickly open a long position before closing out that short position. Market will move back up to a certain level and that’s when you quickly repeat the above process.
You can scalp and scalp, and at any lot sizes, till you literally drop...BUT as I have warned, it is extremely punishing on the body and mind.
I made closed to usd25k on a usd3k account in one trading session, but made the fatal mistake (still too new into trading forex at that time) in mixing a few other currencies pairs while trading the above technique ending in some heavy losses the following day which literally wiped out my entire account. Problem was that I became over confident as I though I just cannot loss or to endanger my account with large lot size trading.
After that trading session, I literally collapsed into a deep sleep and that’s when the heavy losses occurred and wiped out my entire account while I was out. On reflection, I should have closed out all opened positions regardless they are in losses..BUT, I was just too new to the game.
Since that time, I have not yet come across a good currencies pair set up….but I suspect I am not really looking because I am quite hesitant in trying that out due to the extreme punishment on body and mind…
Maybe one of these days, I will give it another try and, hopefully, I will be better prepared.
To anyone contemplating trading the above technique, please do heed my warning;yah!