Hi Fellow Trader
I am Kelvin and I am a full time currency trader. I have been trading forex for several years and I specialize in trading EUR/USD, GBP/JPY, GBP/USD and EUR/GBP.
I am also the author for the book "Forex Trend Line Strategy" and I have also created a blog to share my personal trading experience with others.
As I was once a new trader, I understand the confusion and dilemma that new traders undergo and therefore decided to setup a blog to share my trading experience.
One main problem that new trader tends to face is their selection of forex trading strategies and that is what I am going to share with you here in this article. I am going to share with you several tips on how to improve your forex scalping strategy.
When it comes to trading strategy, the forex scalping strategy is definitely popular among traders.
The reason why it is so popular is because of the frequency of trades available everyday as well as it ability to produce quick profit.
However the main problem with forex scalping strategy lies in its low risk reward ratio. Therefore it has to rely a lot on its winning accuracy.
Below is what you can use to improve your winning accuracy
1) Major Support and Resistance - If you take a look at your trading chart, you will find that the price usually get repelled by major support and resistance levels. Therefore these levels are where you should enter your position as you will be able to profit from the repulsion.
2) Trade Management - Besides using a fix stop loss, you should exercise good trade management when you are trading forex scalping strategy. When you see the price moving to certain profit level, you should start to shift your stop loss to break even so that your capital is protected.
3) Be Discipline – As forex scalping strategy needs precise entry, you need to be extremely discipline in your execution of the trade. You need to follow your trading plan as close as possible so that you will not have unnecessary losses.
As a whole, the forex scalping strategy is a very profitable one if you are able to trade it with diligent. Do take note of the above tips if you are a forex scalper.
To find out more about the best forex strategy to use, you can visit this website as it helps to rank the different forex strategy.
