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Making Money by Scalping Forex

VantageFx RatingMaking Money by Scalping Forex

Want to make regular money day in, day out trading forex? A forex scalping strategy might be right for you.

So what is scalping and how does it work? Forex scalpers get in and out of the market at the drop of a hat, they don't chase big swings or trends, but rather seek to capitalize on the small intraday fluctuations that occur throughout the day in forex. In this quick look at forex scalping, we'll discuss the options available to you when selecting a scalping strategy and the importance of trading with a low spread, true ECN broker like Vantage FX.

 

Forex Scalping Strategies

Forex Scalping StrategyIf you want to start scalping forex, you're going to need to find a scalping strategy that works. With longer term trading, a strategy is not quite as important, but when it comes to scalping, the quality of your strategy will largely determine your success. When it comes to selecting a forex scalping strategy there are a couple of options available to you:

The first option is developing your own scalping strategy. Most longer-term strategies can be adapted for scalping with a little tweaking. For example, you could trade trendline breaks, candlestick patterns or use a range of technical indicators. Generally, you'll want to be looking at 1m or 5m charts, though many people consider the 15m chart great for scalping too. The main thing to remember is you're not usually going for high reward trades, the idea with scalping is to win more often than not, that is, if you have a choice between taking 2 pips and taking a loss, take the 2 pips.

A great way to start developing your own scalping strategy is to start playing around on a demo account, don't worry about blowing the account, just focus on taking lots of quick trades and seeing what works and what doesn't. You can sign up for a free forex demo account over at the Vantage FX website.

Don't want to develop your own forex strategy? Another option available to you is trading someone else's strategy. Forex forums are a great place to start if you want to trade someone else's strategy. Though most people keep their forex scalping secrets to themselves, there are a surprising number of helpful people out there who share strategies for free on forums. This approach requires a little less legwork, though you will still have to do a fair amount of research.

 

The Importance of a True ECN Broker

If you want to scalp the forex markets, it is essential you are trading on a true ECN account like Vantage FX's RAW ECN. Because you are looking to trade micro-movements in the forex markets, spreads really do matter. True ECN accounts let you trade liquid markets like EURUSD with spreads as low 0 pips, this means you can get in and out of the market with a few pips with relative easy. Scalping becomes exponentially harder as the spread widens. Difficulty aside, the majority of traditional brokers don't actually allow scalping, so if you want to make money scalping forex, you have to go with a true ECN forex broker like Vantage FX.

? ECN/STP order execution / Leverage up to 500:1

? Regulated by ASIC Australia (ACN 140 903 886)

? Client Account Segregation via the National Australian Bank (NAB) / Indemnity insurance policy ($20 million) with Lloyds of London

 

 Making Money by Scalping Forex

VantageFX, Regulated Australian Forex Broker

 

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Forex Trading as a Full-Time Job

Forex Trading JobsHow to Have a Forex Trading Job as a Full-Time Job

Forex trading is usually described as a part-time job or a “hobby”. It’s true that a majority of forex traders is doing this part-time, while they’re keeping their steady, full-time jobs. This turned out to be a great way of generating extra income for many. However, all these part-time traders probably dream of quitting their 8-hour jobs so they can start earning money while working when they want and from anywhere in the world.

This is a dream that can come true, but you need to have in mind that it will be a hard road to get there. Persistence, a high level of knowledge and experience are first steps towards the goal, but they are not enough. Like in any other small business, 95 percent of traders will lose and many of those will give up on trading eventually.

 

Here are some tips that will help you to fulfil your dream and start making real money through forex trade, full-time.

1. What skills do you need?

Before you even start thinking about trading forex full-time, you’ll need to obtain the necessary knowledge and skills. There are lots of websites that are sharing their knowledge with people and provide forex training guides. Even beginners need to learn the essential terminology and most simple trading strategies. If you want to do this professionally - you’ll need to put much more effort into gaining skills and experience. You’ll need to create your own trading style by mastering several strategies and knowing when to apply them. Some personality traits will certainly  help in this venture as well: rationality, cautiousness, and analytical mind.

2. What’s your current capital?

One of the best things about forex is that you don’t need much capital in order to start trading ($1000 is enough to open a small account). How much money do you currently have in your forex account and what sum can you add to it? Think carefully before you give up your steady job - have in mind that pips bring less when converted into cash. Wait until you raise enough capital for further trades, focus on slowly building it and becoming a better trader - and the money will come eventually. Don’t go into debt just to start trading big time. Be patient and slowly build your capital up without taking too many risks.

3. Profits - what is enough?

Top traders will tell you that there’s no limit in the amount of money you can earn but know that this won’t be an easy task. Regardless of whether you want to trade forex as a hobby, or do it for a living, don’t expect to earn much at the beginning. However, when the money starts coming, you’ll need to calculate how much you need to earn on a monthly basis in order to quit your daily job without worries. Rent, utility bills, groceries, credit card balance, mortgage, holiday and other planned and unexpected expenses have to be on your list. Your profit should cover all those expenses and then, you can start thinking about quitting your job.  

4. Managing risks

It’s said that new traders are mainly focused on how much money they can earn. On the other hand, experienced traders focus on how much money they can lose. They invest more time and energy in calculating risks and preventing great financial losses. This is why professional traders are called “professional” – managing risks is what makes the difference between a part-time and a full-time trader who can earn their living this way. They will always carefully manage their risk and reward ratio, and never risk more that they can lose.

5. How to motivate yourself?

The greatest motivators for becoming a full-time forex trader are freedom and the money. You won’t find many people who don’t find the idea of flexible work hours appealing. Let’s add the fact that these working “hours” might be an hour or two in some cases. You might have a look at these traders who made it, read their stories, and learn from them. Most of them have used their knowledge to become trainers and share what they do with other (future) professional traders. Read about most effective trading strategies they use and try to implement them in your trading plan.

 

How to Have a Forex Trading as a Full-Time Job

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