1-2, less often in 5-7 minutes forex fibonacci strategy pdf the start. Forex scalping is one of the most demanding trading styles.
It needs everything to work quickly, precisely and according with the strictest rules, and where the money management plays a paramount role. 10000 account in just 3-4 weeks! A Forex scalper is an experienced craftsman in his industry. Building a trading system that would allow to scalp the market effectively is so difficult, that many traders, even professionals, often choose to conclude that price action on the small scale charts is random, because they can’t trade it. Well, that’s my friends, only an excuse not to trade on smaller time frames.
What do you need to start scalping? Speaking of trading rules and indicators, I haven’t met a scalper who would use only price patterns or only trend lines or fibonacci numbers, or Gann theory etc etc – all those fundamental studies which are used on larger time frames by expert traders, are rarely seen in scalpers’ systems. How to pick indicators for scalping? I’m afraid, that’s going to be your task, my friend. Every scalper starts with some favorite tools he picks up while learning how to trade. The rest boils down to testing and trying hundreds of indicators on 1 minute charts in order to filter bad signals and leave the good ones.
Scalpers read thousands of pages in the forums, on the websites, everywhere where people talk about indicators, and then every other evening sit and patiently test the tools they’ve gathered. It is a really hard work, no easy cake there. The work may go on for months and, easily, years, but in the end many scalpers get good results. How to simplify this process?
Learn how to write custom indicators and speed up the process. Plus you can code your own robot to trade for you. That’s how it works in Forex. Ask someone or pay for coding you an indicator or an EA you need. That’s much easier, although you will most likely need to repeat the process many-many times.