The forex market is a very large and liquid market. Scalpers must catch the slightest movement of the market in seconds so as to make profits from that.
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Not only your endurance is tested, but your reflex as well.
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Make sure you have what it takes before choosing this strategy. Scalpers must sit in front of the computer screen for the whole trading session, and they have to pay absolute attention to the charts all that time. If you can win like that ten times a day, you can earn $500 daily. Sounds familiar to the 50 pips a day forex strategy, right?. Therefore, for 5 pips in profit, a scalper make 50 USD. Remember, for a standard lot, a pip is equal to 10 USD. Why do people like scalping even when they just make very little? They are always ready to close a position with a little profit. Scalpers are traders who try to win 5 to 10 pips for each order and repeat that over and over again during a single trading session. List of richest forex traders in the world On the other hand, scalpers often use M1 forex trading chart, sometimes even tick chart. Usually, a day trader prefers the M5 and M30 charts. Another difference is that day traders would check their positions once or twice a day while scalpers have to constantly check them every minute and try to surf as fast as possible to earn little money for many, many times in a single trading day. Scalpers never keep their positions open over the next trading session or overnight. This forex strategy secret is that the scalper would open a position and then close it within that trading session. Sound like Day Trading strategy right? Scalping is not like Day Trading. Scalpers use this strategy by open and close positions many times in a trading day. Scalping in forex trading is a term used to describe the action of surfing the market to earn little profit repeatedly in a small amount of time. We believe that all traders have at least once tried scalping. In today's article, I will explain to you what scalping is, why it is popular, and what it takes to become a forex scalper. Indeed, because it is so easy to learn and practice, every beginner tries it at early stages in forex trading.
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In case you might not know, forex scalping strategies are one of the most common forex trading strategies.