subject: How To Gain The Most Benefits From A Forex Scalping System [print this page] A trader who makes use of forex scalping system relies on a lot of trades throughout the day where each of them generates small profits or loss. Throughout the day, this system is required to secure enough winning trades to pay for the loss trades and give adequate profits for the trader. This strategy attracts many novice traders who enter the market with low-budget since it does not demand huge capital and promise quick result.
Normally, I won't suggest any novice trader to use forex scalping system because it possesses high risks and low winning probability. Ask this to yourself: "Are you sure that you can score winning trades again and again against the volatile forex market when you just learned forex trading?". Of course not; that's why it is better to leave scalping to a pro trader or tireless forex EA.
However, if you really interested in scalping as manual trader, try this strategy:
You'll see almost no movement in the market as the time approach 8:00 AM EST, but after 8:00 AM, it will begin the first move.
At 8:00 EST in the morning, check your 7:00 AM EST candlestick chart (1 hour timeframe) and place two buy/sell orders: above and below the last candle's high and low at 8:00 AM. If the high and low prices are too wide, you should put 5-10 pips Stop Loss; but otherwise, set the two orders to "one cancels other" should be enough.
As the New York market open, aim for 4-5 pips profits, then get out as soon as possible. Note that this tactic relies on morning breakout, so it will perform better if a major news announcement is due within the upcoming NY market time since the news will increase breakout chance.
Forex scalping system that doable for a human trader usually target particular time when there are greater chances to gain profits from the market (like the one above), but a scalper expert advisor can observe the market on several currency pairs 24 hours a day for profit opportunities.
