Episode Details

Podcast:

Should You be a Forex Scalper?

In this video:
00:27 – Is scalping a good idea?
01:22 – The reality is different
02:22 – Having small stops is not important
03:09 – Can be affected by news and emotions
03:26 – Sustainable and enjoyable trading
04:26 – Don’t get glued to the charts
05:30 – Don’t forget the US clocks change this weekend
06:13 – Email me your questions

Should you consider being a Forex scalper? Let’s talk about that and more right now.

Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 342.

Is scalping a good idea?

I want to talk all about scalping. You see, I’ve received an email this week from somebody that said, “Look Andrew I’m new to trading but I’ve heard about scalping. It looks really, really good. Should I be a scalper?” They said the advantage is that they saw is that your stop/loss needs to be smaller, it’s quicker to make profits, to make your pips. You can actually be in and out of a trade really, really quickly. They thought it was just a fantastic way of trading.

Now, the part to take from that is the person who wrote the email hadn’t really traded yet. But it just sounds good in theory, doesn’t it? The difference is that in reality, to me in my opinion, scalping is not the way to go. Now, I’m not saying it doesn’t work and of course it can work. It’s like anything. It can work if you want it to and if it suits you as a trader with your personality. However, I would strongly suggest that for most people you don’t look at scalping.

The reality is different

You see the thing is your stop/loss being smaller, that doesn’t matter if you control your risk properly. Making more pips and makin