You might be a forex scalper if…

• You like fast trading and excitement
• You don’t mind being focused on your charts for several hours at a time
• You are an impatient person who doesn’t like to wait for long trades
• You can think fast and change bias, or direction, quickly
• You have fast fingers (put those esports skills to work!)
• You are a surgeon!

You might NOT be a forex scalper if:

• You easily get stressed in fast-moving environments
• You can’t commit several hours of undivided attention to your charts
• You’d rather make fewer trades with higher profit gains
• You like taking your time to analyze the overall picture of the market

Some things to consider if you decide to scalp:

Trade only the most liquid pairs

Pairs such as the EUR/USD, GBP/USD, USD/CHF, and USD/JPY offer the tightest spreads because they tend to have the highest trading volume.

You want your spreads to be as tight as possible since you will be entering the market frequently.

Trade only during the busiest times of the day

The most liquid times of the day are during the session overlaps. This is from 2:00 am to 4:00 am and from 8:00 am to 12:00 noon Eastern Time (EST).

Make sure to account for the spread

Because you enter the market frequently, spreads will be a big factor in your overall profit.

As each trade carries transaction costs, scalping can result in more costs than profits.

That’s like working for an hour in a job that pays $5/hr and then going out and buying a $6 Starbucks Caramel Ribbon Crunch Frappuccino.

Be sure your targets are at least double your spread so that you can account for the times the market moves against you.

Try focusing on one pair first

Scalping is very intense and if you can put all your energy into one pair, you’ll have a better chance of being successful.

Trying to scalp multiple pairs simultaneously as a noob will be almost suicidal.

If you start to get accustomed to the pace of things, then you can start by adding on another pair and see how it works for you.

Make sure you follow good money management

This goes for any type of trading, but since you are making so many trades within a day it is especially important that you are sticking to risk management practices.

Major news reports can throw you off

Because of slippage and high volatility, trading around highly anticipated news reports can be very dangerous.

It sucks when you unexpectedly see the price jump in the opposite direction of your trade because of a news report!

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