ForexSecret123 (20)

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How to Set up for Scalping

• The Forex Secret

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• Setting up to be a scalper requires that you have
  very good, reliable access to the market makers
  with a platform that allows for very fast buying
  or selling. Usually, the platform will have a buy
  button and a sell button for each of the currency
  pairs so that all the trader has to do is hit the
  appropriate button to either enter or exit a
  position. In liquid markets, the execution can
  take place in a fraction of a second.

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Picking a Broker

• As a trader, it is up to you to research and
  understand the broker agreement and just what
  your responsibilities would be and just what
  responsibilities the broker has. You must pay
  attention to how much margin is required and what
  the broker will do if positions go against you,
  which might even mean an automatic liquidation of
  your account if you are too highly leveraged. Ask
  questions to the broker's representative and make
  sure you hold onto the agreement documents. Read
  the small print.

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The Broker's Platform

• As a scalper, you must become very familiar with
  the trading platform that your broker is
  offering. Different brokers may offer different
  platforms, therefore you should always open a
  practice account and practice with the platform
  until you are completely comfortable using it.
  Since you intend to scalp the markets, there is
  absolutely no room for error in using your
  platform.

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Liquidity

• As a scalper, you only want to trade the
  most liquid markets. These markets are usually in
  the major currency pairs, such as EUR/USD or USD/J
  PY. Also, depending on the currency pair, certain
  sessions may be much more liquid than others.
  Even though the forex markets are trading for 24
  hours a day, the volume is not the same at all
  times of the day.

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Guaranteed Executions

• Scalpers need to be sure that their trades will
  be executed at the levels they intend. Therefore,
  be sure to understand the trading terms of your
  broker. Some brokers might limit their execution
  guarantees to times when the markets are not
  moving fast. Others may not provide any form of
  execution guarantee at all.

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Redundancy

• Redundancy is the practice of insuring yourself
  against catastrophe. By redundancy in trading
  jargon, I mean having the ability to enter and
  exit trades in more than one way. Be sure your
  internet connection is as fast as possible. Know
  what you will do if the internet goes down. Do
  you have a phone number direct to a dealing
  desk and how fast can you get through and
  identify yourself? All these factors become
  really important when you are in a position and
  need to get out quickly or make a change.

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Choosing a Charting Time Frame

• In order to execute trades over and over again,
  you will need to have a system which you can
  follow almost automatically. Since scalping
  doesn't give you time for an in-depth analysis,
  you must have a system that you can use
  repeatedly with a fair level of confidence. As a
  scalper, you will need very short-term charts,
  such as tick charts, or one- or two-minute charts
  and perhaps a five-minute chart.

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Thank You

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