Your Questions About Scalping Forex
December 23, 2011 by Forex Guide
Filed under Forex Account
Mark asks…
In forex trading, can you scalp trade all the time?
Forex Guide answers:
Yes you can. However in my opinion, this generates a lot of spread paid to the broker and may not be the most cost efficient. Besides, this boils down very often to mere gambling.
Please feel welcome to read more about forex at my forex learning blog.
Linda asks…
FOREX BROKER!!! all trader welcome?
im a looking for the cheapest forex broker and accept scalping
please give me the web site and details of the company
Forex Guide answers:
Www.oanda.com
George asks…
Forex.com Trading . Next 3 months .. All Day long, help:?
Basically I Just got out of the military & I am off until January when I start my new job & school.
We have money saved up for living & such. I have set aside about 800-1000 & opened an account with forex.com
Basically I hear all of these strategies about once a day trading or scalping, I am brand new to this.
Couple questions.
I have all day to trade, What can I do to maximize my profit, I can literally work any time of the day all day until Xmas.
I enjoy the idea & practice of scalping, Just not sure exactly what I am looking for to make split second decisions.
I read the strategies & such on here but is there an in-depth guide to actually explain everything?
& as mentioned, I use forex.com for trading.
Forex Guide answers:
One should really develop a winning strategy before trading with any real money. To do otherwise is simply gambling or speculating…that’s for Vegas.
One of the best resources available for beginners is without a doubt babypips ( google it)
Tons of free info.
Starting with 800-1,000 you probably be wise to trade a micro account to avoid margin calls.
I suggest using MetaTrader 4 with your broker and a practice account till you get a sense about not only how to trade but what to trade.
There’s lots to learn and having the time you have, you should be able to learn a lot quickly.
Good luck!
Paul asks…
Trading on Forex, I have 3 months … All Day! help?
Basically I Just got out of the military & I am off until January when I start my new job & school.
We have money saved up for living & such. I have set aside about 800-1000 & opened an account with forex.com
Basically I hear all of these strategies about once a day trading or scalping, I am brand new to this.
Couple questions.
I have all day to trade, What can I do to maximize my profit, I can literally work any time of the day all day until Xmas.
I enjoy the idea & practice of scalping, Just not sure exactly what I am looking for to make split second decisions.
I read the strategies & such on here but is there an in-depth guide to actually explain everything?
& as mentioned, I use forex.com for trading.
Forex Guide answers:
First of all have you practiced trading the forex market with “virtual ” money.
Many people when they enter the forex market only seeing how much they can make but not how much they can lose. I STRONGLY SUGGEST THAT FIRST YOU PRACTICE AND REALIZE HOW EASILY MONEY CAN COME & GO AND HOW QUICKLY YOU CAN PUT YOUR SELF IN DEBT. That realization must come first before you start with real money. Try Investopedia.com or maybe even forex.com has a demo mode,
When you start using real money it is always a junior mistake to say i need maximum profits. GREED IS NOT GOOD. Take what you can and get out. It has to be treated in baby steps.
My last point is “Money does not have a soul only humans do so you can love money but money can not love you back”
Betty asks…
Forex info & forecast! help!?
I started trading forecast about 2-3 weeks ago.
I have been doing good so far, I picked up on it naturally & have made about +300 pips.
I have been scalping/day trading for the most part, staring at the screen & making those decisions.
My question{s} is this:
I want to learn how to use all the tools/graphs, any recommended courses/sites/etc?
& I have picked up on playing off of forecast, what are some recommended forecast sites/people?
& What are the best sites/news for latest updates & forex news, etc.?
Thanks
Forex Guide answers:
Use Technical Analysis in your forex trading decision.
With candlestick charting techniques, early signal of trend reversal is clearly revealed which you will not find it in traditional bar charting techniques.
70 Japanese candlestick charting patterns are featured in this website that provides a better understanding of each individual candlestick patterns with detailed explanation.
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Candlestick Patterns That Reveal Trend Changes
March 10, 2010 by Forex Guide
Filed under Forex for Beginners
Download this 1 Minute Forex Trading System FREE. Get these Forex Scalping Cheatsheets FREE. Download your FREE COPIES of the HVMM Ultimate Day Trading System plus the Risk & Money Management Tool just now! There are many candlestick patterns that are used by traders to identify trend changes in a security price. The most popular candlestick trend reversal pattern is the Hammer. First if you don’t know anything about candlesticks, a candle is formed with the high, low, opening and closing price of a security. Candlesticks have much in common with the bar charts but they have many things different too as well.
A Hammer represents the bottom of the trend. It occurs at the end of the downtrend. Hammers have small bodies and long shadows. Hammers have infact long lower shadow and a small upper shadow. What a hammer reveals is that after the price of the security opened on the market, sellers drove it down further.
By the end of the day, buyers have recouped much of their losses to end the day near or at the high. No Hammer is complete without confirmation. If the price action directly after the Hammer is down, no hammer has taken place. A true Hammer cannot have its low violated by subsequent price action. Volume should also be taken into account. If the volume is heavy, the Hammer formed is genuine.
Now a Hanging Man is identical to a hammer with the exception that it occurs at the uptrend. It crops up at the top of the price action on heavy volume and is confirmed by subsequent price action confirming the top. If the high of the Hanging Man is surpassed, then this signal is invalid.
Bullish and Bearish Engulfing Patterns are another candlestick trend reversal patterns. A Bullish Engulfing Pattern is formed when a candlestick bar opens lower than the previous candlestick’s close and closes higher than the previous candlestick’s open.
In simple terms, the candlestick body engulfs the previous candlestick’s body. Why is this pattern bullish? It represents a major defeat for the bears. Bullish Engulfing patterns are highly accurate but if the subsequent price trades below them than the pattern failed.
Similarly a Bearish Engulfing Patterns occurs at the end of an uptrend and marks important reversals. They are characterized by two bar formations. The first candlestick represents a small body. The second candlestick opens higher than the previous candlestick close and closes lower than the previous candlestick open, thus engulfing the previous candlestick body.
In the last decade use of candlestick patterns have become highly popular among the traders. These candlestick patterns are just a few of the many that can be used in confirming a change in the price action. Combining technical indicators with these candlestick patterns can be very powerful.
