Scalping - boon or bane?

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advantages and disadvantages of scalping

Like a lot of people who first start trading forex, I would use the market to make a few pips before leaving deal. Although this approach worked a lot of the time, in the longer-term it was unsuccessful. There were times when I wiped out my account. What I didn't know was that this style of trading is actually called scalping and my lack of experience and knowledge prevented me from using it properly. After that I decided to become a positional trader where I would open up a number of positions for a few days to try to make 100 pips minimum profit. Likewise, this would often be successful and would be effective for a few years. But all this changed once I had a met a trader who had only used one strategy to trade for a number of years. This was scalping.

The profits he was getting were much bigger than mine yet he was using the same timeframes as I was and using account sizes that matched his brokers. I asked him if he could tell me his approach and the key points he used to help trade.We met up and he told me about what he looked for that triggered him to buy or sell and when to do so. We spent three days together and what I found most surprising was how I understood all of what he told me. To be quite blunt, his trading style was basic. The system he used needed no oscillators or indicators; neither did he need to spend a long time keeping up to date with the current market conditions.After having taken in what I could in those three days, I gave it a go myself and the results were incredible.In less than three weeks, my account had grown by over three times. And I was spending no more than 4 hours per day to do this.

The advantages and disadvantages of scalping
Fundamentally, when you scalp, you only use small timeframes and make a lot of trades within a day to make lots of little profits - just a few pips. Position traders will have to undertake a lot of market analysis and preparation before starting a trade whereas a scalper just uses a single signal before they enter the market. He makes his profit and gets out just a few seconds later. What's more a position trader will keep their position open for many hours or days but scalpers will only have their positions left open for a few minutes, sometime seconds. Where this changes is that this will happen many time throughout a day. Scalping forex is known as being like picking up loose change but a lot of it. Although position traders will seek out the one big profit, a scalper goes for lots of smaller profits. Amazingly, scalpers will frequently see their profits exceed that of the position trader over the same term and would normally expect to pull in between 5% and 10% in a trading day.

So what are the advantages of scalping?
I believe that the benefits of being a scalper far outweigh the disadvantages and as such it is a more profitable and appealing choice than position trading. I would say that the specific benefits are:

1. You have larger profits than a position trader would.
2. You don't have to wait for a strong trend to start - it's just not relevant with this strategy
3. It becomes pointless trying t to analyse or forecast the market.
4. At the end of each trading day I can close up all of my open positions, take my profit and leave without having to concern myself about what the market is doing or worry whether the market will turn against me/
.
But what are the disadvantages of scalping?
Just like all trading systems, scalping has its disadvantages. These are quite serious so you need to pay attention:

1. When you scalp for 4 hours, you will find that your trading can be very tiring.
2. There is no room for error with scalping. You need to be able to analyse and understand a situation at once and make cold, calculated decisions immediately.

On this point, there is a significant difference between position trading and scalping.
From a risk management position, position traders will not use up more than 10% of their capital when they are conducting trades. This is not applicable with scalping and 50% or more can be used. And when you are scalping you need to be constantly monitoring how the market is reacting, make snap decisions before leaving the market. And not make any mistakes.
So what are the main indicators for entering the market?
Scalping's main issue is the ability to identify the support and resistance levels which forms the basis for the whole system of trading. From my time trading this way, I have noticed that the currencies will rebound from resistance and support levels. This won't always be by a lot and sometimes it's quite small but it's enough to make some money. But you might be wondering how this is different from position trading as defining the support and resistance levels is what position traders need to do as well?.There are lots of differences. Traders will need to build in a 2 point minimum when they define their support and resistance levels and trend channel to build a strong level while at the same time using a minimum 1 hour timeframe. The best indicator to determine trend channels is the LR-Channels Indicator.

Scalpers can ignore this because as long as they have a trading level that uses a 1 minute timeframe they can work without large bounces as they only need one point to make a profit. As the market continues to change, bringing a break in trends that means losses to some traders; the scalper takes the small profits.

Quickly identifying the required support and resistance levels is a big factor when scalping. BJF support resistance levels indicator is what I would recommend here.

Our next subject to look at is:

Support and resistance levels

It's important to remember the following: With scalping strategies, you must be precise in defining the correct level of resistance and support and on differing timeframes from one minute to one hour as opposed to following the more classic method of technical analysis. A 5M timeframe has been used here and it's clear to see that the level of support has been formed.

A timeframe of 5M has been used here and the resistance levels have formed. With both of these two diagrams, it's clear to see where the higher and lower levels have been formed. We do not need to be bothered by the fact that there is a 5M timeframe just that the levels of the timeframe have been defined and there is hardly any difference. If a larger timeframe is used then there is a direct correlation to the amount of money used to come into the market. We look at this more later. What we need to work out is how do you accurately define the support and resistance level? Our earlier graphs provide the most common depiction and any scalper will be interested in this.These next images are just like the same picture but slightly longer.

We can see that the pair of currencies did return to the support and resistance levels and then rebounded. So how is money made? Money is made by buying or selling as the support and resistance levels are approached. Referring to the resistance level diagram, it's clear that the currency is in contact with the level of resistance and then rebounds from it over the short term. Two sales could have been achieved here.

So how are the levels defined?

We now know that we must define support and resistance levels when scalping. And here is where I can give my thoughts on the methods used to define them. At the price where the bounce could go to either one side or the other is where the level is set. The direction of the next bounce has a 90% probability according to technical analysis. Here is an appropriate juncture to make another comparison between position trading and scalping. Position traders look for those instances where the price bounces by a minimum of 100 pips in the required direction - not 20 to 30 pips. But bounces of this size don't happen as often as the 90% probability of a 20 pip price jump; that will then return to the level and jump back up by another 15 pips and may then have a poor bounce or go straight through the level. The goal of every scalper is to gather up each of these bounces and put them into their account. We can determine the levels further still by looking at the criteria across a number of timeframes yet their definitions will stay the same.

Defining of 30M and 1H levels

I believe that trading with the 30M and 1H is best and you use the lowest and highest points on the diagram to do so. We will find that currencies will frequently hang in between these points therefore we need resistance and support lines drawn in order to wait for the currency pairs to make a move to one level or the other. It can appear as though the currency pair is trapped and not able to find a way out from this position and would eventually go up or down. But if the currency is over the highest point or below the lowest point you just need to mark it and wait until the currency pair approaches it.

Defining of levels on 1M 5M

The levels of 1M and 5M trade are marked differently. In this situation, the lowest and the highest points that are obtained within 3-4 hours are marked and the levels of trade are then stated at that point and any trade operations will be processed once these levels are reached.

Entry rules

With the 1M and 5M, you buy or sell when trade levels are reached according to if the price is nearing either the resistance or support lines. But this is different for the 30M and 1H.

This is because these have more powerful levels and are viewed by more people meaning more will be entering the market prior to the price nearing the current levels so the bounce comes too soon. So I will trade despite prices not approaching the current level and often I will close with between 5 to 20 pips of profit. There might be times when the price hits the level indicated and this is where I would open up a new position using a double lot.These images will show that the prices do not reach the level that is marked on 14 pips.

Volume of market entry

Just like when we define the trade levels, the entry volume needs to be considered when we scalp. You do need to know this but it's not complicated. It's clear that the greater the volume when entering the market, the greater the amount of profit per pip. But we cannot overlook the issues that at every unprofitable deal will make us a loss.
So we know that scalping can make for big profits and losses and needs a different approach to capital management.Obviously everyone wants to maximise their profits and minimise losses so we should come into the market with big volumes once we are clear there will be big bounces.

We be confident that 30M and 1H will tell us this and this is summarised as:

With a larger time frame comes a bigger volume and a smaller timeframe a smaller volume. We are concerned with obtaining definite figures; specific volumes within specific timeframes.

I would use these volumes in my trades if my deposit was 5K. The 1M and 5m deals would get between 10% to 20% 20% - 50% of the deposit will be used in the deals on the 30M, 1H

So what if the currency pair does not go our way?

Scalping has high risks and as such you can't relax. A position trader could take the hit of a loss but a scalper can't as the volume he trades with is a lot bigger and should a losing position remain open longer than necessary, big losses can result. A good rule to remember is to close any position with a pip loss exceeding 25 unless you used less than 10% of your deposit. You should only close these ones when losses hit 50 pips.

Profit targets

The scalping method means profit is make by conducting several hundred deals per day to make a smaller individual profit. So larger profits are actively ignored in the pursuit of the numerous smaller ones. I used a trading strategy for scalping the yields profits of between 5 to 20 pips and these are driven by the behaviour of the currency. If a bounce happens quickly as a specific level has been achieved my aim will be 20 pips. But I will fix the profit at five pips if the bounce is slow. How currencies can behave when specific levels are reached

If a support or resistance level is reached a currency may respond differently. There could be the smallest movement at the precise spot the level has been indicated; sometimes a quick bounce happens.So we can now claim to know about responding on each level but some more points need to be made. Following a bounce and position closure, don't return to the market straight away as there might be a large bounce. As currency constantly maintains a specific trend, we should wait until the point gets to a specific limit.

You can often repeat a bounce deal as the currency will often head towards the level it has just rebounded from again. This can be done a number of times and buying a selling will occur again and again according to the currency pair nearing either the support or resistance level.
Some vital factors about scalping
It is easy to use scalping as a strategy but some points must be remembered constantly. Before trading you must ALWAYS look through the calendar of economic events. News will have a big effect on the pairs that are traded and the bouncing strong fluctuations won't happen despite strong levels of trade.
2. Emotions are useless for position traders and scalpers. As scalpers trade with larger volumes they are most affected. The market cannot be defeated any losses will be your punishment for attempting to do so.

3. Don't start unprofitable positions so close losing ones. A lot of deals are done over the course of the day so you need to work on the view that the overall profit will exceed the overall loss.

4. Things can change instantly so never move away from your computer. You need to be around to make instant decisions.

But the simplest way to start forex trading is to use an automated trading system and for this I would recommend the Forex Robot TFOT.

Some advice when picking a broker

Scalping needs to involve a broker so look for:

1. Narrow spreads like 0.8 - 2.5 pips for GBP/USD and 0.8 - 1.5 on EUR / USD
2. A very high speed of trade execution command

Scalpers are not favoured by all brokers and you might find some that will look to prevent a people from using scalping. Some might stop fixed profits being received. Avoid them. Successful scalping will be inhibited if you do not have a fast execution when trading.

Advantages and Disadvantages of Forex Scalping

once again:
http://www.forextraders.com/forex-st...dvantages.html

Forex Scalping - Criticism and Disadvantages
This article is part of our guide on how to use scalping techniques to trade forex. If you haven't already we recommend you read the first part of the series on forex scalping.

Scalping is popular, and profitable for some traders, but it is not without its risks. While trading, many scalpers are similar to marathon runners. They need to capitalize quickly on arising opportunities, and if those opportunities fade, a profitable trade must be a losing one, because a typical scalper will not wait long enough for another opportunity to arise for the same trade. The advantage of this approach lies in the many profit opportunities presented. For a long term trader, even a swing trader, one loss in a trade is by definition a big and important loss. Long term trades require considerable investment in time, and energy before they are profitable, and failure in one is an important setback. The scalper doesn’t suffer from this problem. He can fail in any single trade, regardless of its time or place, and still make a profit if the overall balance of his positions is profitable. This aspect can sometimes reduce stress, and create a more optimistic trading psychology as well.

Yet, short-term trading does not, by any definition, offer the keys to a smooth and risk-free path to great profits. The scalper is playing a game of probability, while the long-term trader is playing the same game with the help of fundamental analysis and strategies. Although each trade is a lot less important for the scalper, in order to profit, he must still succeed in the overwhelming number of his decisions. A scalper will enter and exit his positions while trading a trend, but he still has to make choices about the direction of the main price action. While trading a ranging market, the scalper may not need to make many decisions about directionality, but he has to have a good idea on how long the low volatility environment will last. In other words, discipline and planning are just as important for scalpers, but in a different way in comparison to what is usually experienced by other traders.
In this section we’ll analyze the scalping strategy and discuss some of its disadvantages so that you can trade with calmer, more reasonable expectations while employing it. Our purpose is not contradicting the experiences of successful scalpers, or discouraging those who desire to adopt this method for future profits, but merely to help you recall that the strategy does not offer risk-free, easy trades for beginners or undisciplined individuals.

The “Brokers Hate Scalpers” myth
First of all, let’s consider this venerable myth that has been publicized over the internet on both forums and blogs dedicated to forex trading. The argument of the propagators of this myth goes as follows: “Scalpers take little risk while trading, and are often successful. In order to hedge their positions, forex brokers counter-trade their clients, with the consequence that if a trader makes a profit, the broker, by counter-trading his position, suffers losses. Of course that makes brokers hate scalpers.”

Let’s first state that no forex trader will do himself any good by making real, or imagined enemies of brokers. Regulated brokers are monitored by authorities, and most of the firms in the business are legitimate actors with decent practices. There’s no way of trading the market without brokers (or ECN’s, but they are not used very often, and have their own disadvantages). And there’s no logic or merit in demonizing brokers as crooks or thieves. We, as traders, want to trade the markets, and to do that we need the services of firms which are monitored and regulated by the authorities.
In previous sections we have already discussed how brokers hedge against client losses, and noted that a majority of client positions can be netted out against each other without the broker having to commit any funds. In fact, when such matches can be found, the broker does not even need to pass the buy or sell order client to the bank: all that it must do is matching the order with another customer’s opposing order while pocketing the commission, and assuming zero risk. The problem with scalpers arises because their rapid entry/exit orders make the task of hedging hard for forex brokers with slow servers or outdated software. When they can’t do so, they get nervous, become worried that the scalper is trying to manipulate the system (exploiting latency issues, as they are called), and sooner or later terminate the forex account of the scalping trader.

There are no statistics on the success ratio of scalpers, but there is no reason to assume to their success rate is any different from that of the overall market. Indeed, scalping is a demanding, and somewhat more sophisticated trading style in comparison to day-trading, or swing trading; there is no reason to expect that beginners will do better in scalping in comparison to their performance in these other trading styles.
Our analysis is confirmed by the public statements of many forex brokers present on websites and blogs throughout the web. The majority of established brokers actually have the stated policy of allowing scalpers to open or close positions in as short a time period as they desire. What is more, since scalpers trade much more frequently than regular traders, they are a good source of revenue for any kind of forex broker. No broker with an updated software and platform would be willing to deny scalpers the style which they like most unless he wants shrink his own business.
Is it a good idea to scalp in strongly trending markets?

Many traders favor scalping in strongly trending markets. This approach is defended on the basis of the notion that scalpers thrive in volatility, and that trends cause a great deal of volatility creating many trading opportunities. But is this idea justified on the basis of facts and analysis?
Let’s first remember that while scalping, one misplaced, carelessly created trade can wipe out the gains of tens of successful trades in a short time. A scalper needs consistency above everything else. Discipline in trade sizes, take profit, and stop-loss orders, and a degree of skepticism towards arising opportunities are important components of a successful trading strategy. Let’s ask ourselves, then, which kind of markets offer the best conditions for the implementations of these principles? Would scalpers thrive in strongly trending and volatile markets, or quiet, calm markets where activity is subdued and volatility is low? Naturally, the best conditions will be found in the latter. Calmer markets allow us to exploit small fluctuations over a long time with little risk and good profits. Trending markets move rapidly, with widening and contracting spreads, where exiting a position before it reaches its full potential can be dangerous, and maintaining a calm and composed attitude is an additional problem.

We read online that scalping is best in strongly trending, liquid, volatile markets, and some of us wonder why so many people subscribe to these beliefs. This attitude is present either because the traders who write the articles don’t have that many experiences in scalping or because they use scalping strategies on a trend following scheme. The latter approach is not very useful to beginners, however, because they mostly choose the scalping style to make quick profits without worrying much about analysis or strategy.

Picking up coins from a railroad
Indeed, scalping after news releases, or during very strong, volatile micro-trends can be similar to picking up coins from a railroad for a living. A determined practitioner can create a sizable income from this practice if he is persistent and patient enough, but also takes a small risk that can be extremely costly if it is not properly protected against. What is the risk? Of course, it is that he will be run over by the approaching train of a market shock, and will lose all his profits, and his ability to make any profit in the future as well. Is this a valid negotiation, a compromise? The answer to the question depends on your personality and approach to life in general.

During a trend, the scalper cannot exploit “idle volatility”, or the directionless fluctuations that are often found in ranging markets. Since the market is strongly directional, he has to find a way of identifying the trend and exploiting it with small sized, and numerous orders.

Emotional Pressures
Scalping is probably not the best choice for a beginning trader. The style demands constant attention, concentration, and diligent adherence to principles. The fact that trades are small-sized and quick means that there is a need to be very methodical about trade sizes especially, because irregular sizes will make us blind while trying to determine the performance of our account, and prevent the achievement of a smooth, regularly rising trading account.
For a real scalper, fear is not the main emotional issue, unlike the case with many other types of traders. Since risk in each trade is usually very small, and it is possible to stop and exit any position without much trouble, there is little danger of the account being wiped-out or greatly reduced as a result of any single trade. Yet, the major emotional issue faced by scalpers is overtrading and agitation.

Scalping requires patience. The trader must open many positions in the course of a single hour on an ordinary day, and at times, the slow accumulation of profits can be very frustrating. The trader may regret that he’s spending so much time trying to profit from minute price fluctuations. He may feel dismayed that so much effort bears so little fruit. Many other factors can lead to dissatisfaction and unhappiness which can cause the trader to enter an agitated state of mind. And yet, agitation is the worst enemy of a scalper. His finger must press the right buttons on the screen, must enter the correct prices, and place the proper decisions many times during the trading hours, and an uneasy, nervous mind will be prone to making many errors. A nervous mind will make the scalper feel like he’s fighting the markets, and lead to many unjustified and deleterious trading decisions.

The scalper must know where to stop, and yet if he’s nervous, he’ll be unable to stop. Overtrading, based on the belief that the next trade will be the successful one “since one’s luck can’t go wrong so often” may quickly erode the account balance of any trader, and it’s especially dangerous for the scalping strategy. It is on the whole a good idea to suspend scalping activity if you’re feeling that the emotional burden of scalping is too much for you at any time. Do not fight yourself, or the market, but stop trading for a while. It is certainly better than losing your wits trying to profit by battling the market, in other words, trying to improve by worsening your condition.

Getting rich, or enriching the broker?
The scalper is running against time in his dealings with the broker. He will make profits, suffer losses, open and close positions with different scenarios in mind, but in all that while he will still be paying the broker his due in the spread. Regardless of the size of profits or losses, the broker’s share must be paid, and the trader has to earn at least that much to make sure that his account is not bleeding money.

The broker’s fee in the spreads is almost negligible when trading on a long term basis. A 3-pip spread cost is insignificant for a trader who makes 50-60 pip profit in trading, or even more in positions held over even a longer time. But the scalper’s profits are usually much smaller, in many cases closer to 5-10 pips for a competent person, and the spread is anywhere between 30 to 50 percent of the gains.

Any scalper should keep a list of his trades which shows his actual gains, losses, and the amount that is paid to the broker. If the cost of the spread is about twice as big as the profits of trading, it is a good idea to change the trading strategy used, or to change the broker and open an account with another one which requires lower spreads. If average profit in pips is equal to the spread, our trade record can be improved, and better profits are possible. In the unusual case that the scalper’s profits are a lot larger than the spread it is time to add funds to the account, or perhaps increase leverage gradually.
Traders need not be worried when the broker is making good profits. As long as the relationship is reciprocal, there is no harm in seeing the broker making gains which are even more sizable than what is achieved by the trader. The threshold is profitability. As long as we are gaining from activity, there’s no reason to be worried about the fact that the broker is also benefiting from the relationship.

Clustering Illusion
Let’s conclude this part by briefly discussing the dangers posed by faulty interpretation of data. Sadly, many beginning scalpers still evaluate their results on the basis of some ethereal concept termed luck. In a string of wins, good luck is thought to be the causal agent, while a strong of losses makes us think that we have no luck on that day. Since many believe that one cannot have bad luck continuously, there’s a tendency to expect profits soon after a string of losses, and vice versa. Since individual results in short term trading are random, there is no justification for this reasoning, and at least as far as mathematics is concerned, a gain or a loss are equally likely even after a string of ten or twenty gains or profits in a raw.

The other issue which traders must grapple with while evaluating their results is the clustering illusion. In this case, traders will see “order” in a string of random data (such as a list of scalping trade results). After seeing a string of, let’s say, five wins, they will begin to assume that this time their strategy makes wins more likely, and in response they will increase trade sizes, with often disastrous results.

In order to achieve profitability and a degree of safety in scalping it is extremely important that consistency in trade sizes be maintained. If you make small profits with ten 1 lot scalps, and occasionally decide to throw in 3, 2 lot trades where you feel you’re doing well, you’re taking the risk of never going beyond breakeven, in the best case scenario. Make sure that you don’t get deluded by luck, or the clustering illusion to randomize your trade sizes. You can instead use methods like the z-score to see if the win-loss streaks of your scalping strategies are any different from random results.

Next >> Forex Scalping Guide - Conclusions >>
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Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.

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What is FOREX Scalping?

FOREX scalping is one of the most commonly used trading methods in the foreign exchange market, one of the most popular trading markets in the world. Here are a few things to consider about FOREX scalping.

Get In and Get Out
The basic idea behind scalping in the FOREX market is that you make several small trades during the course of the day. You find a currency pair that you like to trade, predict which way it is going to move and then place a trade. Instead of waiting around for a big trade like you do with other trading strategies, you just wait for a small movement in the direction you want and close the trade. You are aiming for a small profit target instead of a large one. This strategy usually takes place pretty fast. If you are trading during a high volume part of the trading day, the currency will usually move a few pips in a short period of time. Therefore, you may have your trade open for only 10 minutes or less. Sometimes it takes longer, but many times you can do a trade in only a few minutes.

Benefits of Scalping
Scalping can be a productive strategy if you know what you are doing. With this strategy, you are not waiting around to hit the big home run. You are just consistently hitting singles throughout the trading day. Even if the market does not move very much throughout the day, you can still net some consistent profits.
With this strategy, you can also protect your trading account better. Instead of taking a large trade with a big stop loss, you are taking several trades with a small stop loss. You are just hoping for a few pips, so you do not have to risk as much to have a successful trade as you would if you were taking big trades.

Disadvantages of Scalping
The big drawback to scalping is that in a short time frame, it is very difficult to predict the direction of the market accurately. The market jumps up and down a lot throughout the day. When you smooth out the data on a larger time frame, you can more easily see the direction of the trend.
Another disadvantage is that it is a very high-paced trading strategy. With other trading styles, it is not so crucial to get in and out at the precise second. You can be patient and trade when you want. With this method, you have to get into the market at a second's notice.

Read more: http://www.finweb.com/investing/what...#ixzz3BDNrfFux

Related Articles
FOREX Scalping: Fast Profits and Fast LossesWhat is FOREX Scalping?FOREX: Pros and Cons of Mini Trading AccountsFOREX: Pros and Cons of Standard Trading Accounts

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Effective Forex Scalping

Hi Cube!

I hope all is going well as always my friend. I looked at some of your trades here and i keep wondering why there seems to be so much loss of data, some candles are missing and such. Well anyway, i will keep looking and see if there is anything here for me to learn.

Happy trading!

EUJY 4 hr looking for scalp short this on smaller time frame ..same ADUD

Hi yaed!
Fine to hear from you.
"I looked at some of your trades here and i keep wondering why there seems to be so much loss of data, some candles are missing and such".
HmmHmmHmm:nerd:, ...could you describe it in a more qualified way, please. I don't understand your argument.
Thank's.
FXcube

EURUSD, Short @ 1.31968

EURUSD, Short @ 1.3200