When it comes to forex scalping trading, generally refers to making a large number of trades which individually produce good profits. In the forex trading market, scalping means exchanging currencies based on a collection of real time data. The object of scalping is to make a profit by buying or selling currencies and holding the trade positions for a very short time, for a small profit, and closing it. Typically these types of trades are only kept on for a few minutes.
The key aim for the forex scalpers is to catch small amounts of pips as many times as they can do in a day. Since Forex scalpers have to be practically glued to the charts, it’s better suited for those who can spend several hours of undivided attention on their trade. For it to be effective it needs intense concentration and quick thinking. Whereas a day trader may try to take up a position once or twice, or even a few times a day, scalpers are far more frenetic and attempt several times in a session to skim down small profits.
Scalpers are looking to enter the market, and hopefully exit positions before the session close of the market. Scalpers usually employ technical trading techniques using short-term on supply and demand base. While typically basics don’t contribute to a scalpers trading strategy, it’s important to keep an eye on the economic calendar as well to see when news can increase the volatility of the market.
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