Scalping is hard. It takes a lot of time, it can be emotionally draining and extremely stressful. And if you’re not careful with your risk control scalping can ruin your trading account. But there’s a time and place for every trading style and sometimes scalping should be your system of choice.
You Need Rules!
Scalping requires a quick mind and fast fingers. You need to have rules for both entries and exits, as well as for your risk management (more on this below). These rules need to be clear, simple and easy to follow. There must be no room for second-guessing yourself or thinking too much. In scalping, there’s just no time to analyse the charts to death and you can’t work out a plan after you enter.
Setting Up Our Charts
Time to setup our charts. My one minute system uses three indicators, two moving averages and one oscillator. For the Moving Average click on ‘Add Indicator’ in your J-forex platform, then open the ‘Overlap Studies’ folder and pick ‘MA - Moving Average’ from the list. The default values here are Simple Moving Average applied to the closing price, so you only need to change the initial value from 30 to 25. Now repeat the same process and add a second SMA with a v…
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