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ForexSecret123 (19)


How To Set Up for Forex Scalping made by The Forex Secret – PowerPoint PPT presentation

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Title: ForexSecret123 (19)

How to Set up for Scalping
  • The Forex Secret
  • Setting up to be a scalper requires that you have
    very good, reliable access to the market makers
    with a platform that allows for very fast buying
    or selling. Usually, the platform will have a buy
    button and a sell button for each of the currency
    pairs so that all the trader has to do is hit the
    appropriate button to either enter or exit a
    position. In liquid markets, the execution can
    take place in a fraction of a second.
Picking a Broker
  • As a trader, it is up to you to research and
    understand the broker agreement and just what
    your responsibilities would be and just what
    responsibilities the broker has. You must pay
    attention to how much margin is required and what
    the broker will do if positions go against you,
    which might even mean an automatic liquidation of
    your account if you are too highly leveraged. Ask
    questions to the broker's representative and make
    sure you hold onto the agreement documents. Read
    the small print.
The Broker's Platform
  • As a scalper, you must become very familiar with
    the trading platform that your broker is
    offering. Different brokers may offer different
    platforms, therefore you should always open a
    practice account and practice with the platform
    until you are completely comfortable using it.
    Since you intend to scalp the markets, there is
    absolutely no room for error in using your
  • As a scalper, you only want to trade the
    most liquid markets. These markets are usually in
    the major currency pairs, such as EUR/USD or USD/J
    PY. Also, depending on the currency pair, certain
    sessions may be much more liquid than others.
    Even though the forex markets are trading for 24
    hours a day, the volume is not the same at all
    times of the day.
Guaranteed Executions
  • Scalpers need to be sure that their trades will
    be executed at the levels they intend. Therefore,
    be sure to understand the trading terms of your
    broker. Some brokers might limit their execution
    guarantees to times when the markets are not
    moving fast. Others may not provide any form of
    execution guarantee at all.
  • Redundancy is the practice of insuring yourself
    against catastrophe. By redundancy in trading
    jargon, I mean having the ability to enter and
    exit trades in more than one way. Be sure your
    internet connection is as fast as possible. Know
    what you will do if the internet goes down. Do
    you have a phone number direct to a dealing
    desk and how fast can you get through and
    identify yourself? All these factors become
    really important when you are in a position and
    need to get out quickly or make a change.
Choosing a Charting Time Frame
  • In order to execute trades over and over again,
    you will need to have a system which you can
    follow almost automatically. Since scalping
    doesn't give you time for an in-depth analysis,
    you must have a system that you can use
    repeatedly with a fair level of confidence. As a
    scalper, you will need very short-term charts,
    such as tick charts, or one- or two-minute charts
    and perhaps a five-minute chart.
Thank You
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