scalping basic

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scalping basic

Postby gudecorey » Tue Jul 21, 2009 7:35 pm

Hi I"m new to your system i"ll been trading forex for awhile and found out about scalping . My question is basic of scalping do u set a take profit ,do uneed to know what your quote is and then set stop-loss or trail stop-loss what do u reccommend i have a very small amount balance that i'm working with even if i could gain .35 cent to 40 a hour that would help just need help understanding scalping please help someone respone love trading just trying to understand varoiuable involved in scalping .
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Re: scalping basic

Postby Edward Revy » Tue Jul 21, 2009 8:09 pm

Yes, ideally you should have both: take profit and stop loss orders in place.
However, due to the nature of scalping - speedy trading - if you're unable to quickly set both orders, look to set at least a stop loss order or a trailing stop. If a trade develops quickly, you'll be exiting manually, otherwise you'll have time to add a take profit level as well.

Some trading platforms allow setting your preferred stops loss in pips in advance, for example, SL is always set to 10 pips. When you enter a trade, the stop is placed automatically, and you save time. Same applies to TP levels.

An additional advantage for scalpers is the ability to use one-click trading which requires no order confirmation: 1 click in, 1 click out.

Regards,
Edward
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Re: scalping basic

Postby scottshubert » Tue Jun 15, 2010 1:22 am

gudecorey wrote:Hi I"m new to your system i"ll been trading forex for awhile and found out about scalping . My question is basic of scalping do u set a take profit ,do uneed to know what your quote is and then set stop-loss or trail stop-loss what do u reccommend i have a very small amount balance that i'm working with even if i could gain .35 cent to 40 a hour that would help just need help understanding scalping please help someone respone love trading just trying to understand varoiuable involved in scalping .


You can save so much time and frustration by discovering how much easier it is and less risky to enter and exit trades on a slightly longer time frame. The idea of scalping is based on a limited belief and it prevents traders from enjoying the natural flow of profit that comes from entering a trade at the right time and exiting a trade at the right time using a method that really works. It is actually easier to get 100 PIPS per trade than it is to get 10 PIPS per trade. It is much more difficult to scalp, much riskier and the result is much less profit. work harder, make less.

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