February 2013
Beginner
256 pages
5h 56m
English
book
17 Proven Currency Trading Strategies: How to Profit in the Forex Market, + Website
by Mario Singh
Content preview from 17 Proven Currency Trading Strategies: How to Profit in the Forex Market, + Website
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Chapter 6
Strategies for Scalpers
As a scalper, you love strategies characterized by high-volume trading. These strategies are designed to enter the market frequently, taking small profits each time.
Most scalping strategies employ either indicators (including custom indicators) or price action (including candlestick patterns) or a combination of both. Ideally, the strategies should be employed on the lowest time frames available on the broker’s platform.
The two scalping techniques discussed here—rapid fire and piranha—are developed on the M1 (1-minute) and M5 (5-minute) charts respectively. These two time frames give you ample opportunities to enter in and out of the market several times a day. Although scalping can be very exciting, the constant monitoring of market movements can give rise to fatigue and loss of focus.
Hence, you need to know when to take a break or call it a day. Failure to do so could result in unwarranted mistakes. To overcome this, establish simple guidelines or rules for yourself.
As an example, say: “I will take a break after trading for one hour” or “I will stop trading after I hit my daily target of 20 pips.”
Remember, overtrading does not necessarily yield more profits. As a scalper, your most important tools are a very reliable computer, a high-speed Internet connection, and a pot of coffee to help you stay awake.
STRATEGY 1: RAPID-FIRE STRATEGY
The rapid-fire strategy was designed with two criteria in mind:
1. The most liquid currency pair in the ...
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O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.