My honest words about Scalping - 30 years in the market

[HansFX]

Hello,

I am writing this because I see many young people on this forum asking about scalping. I am 60 years old now. I trade the currency markets since the 90s. I have seen the big crashes, the big booms, and many traders who lose everything because they have no patience.

You ask me if scalping is good. I tell you: Scalping is not for "easy money." It is very hard work. It is like a job. You must be very disciplined.

If you want to do this, listen to my advice from many years:

The Spread is your enemy. In scalping, you take small moves. If your broker has high spread, you lose the profit before you even start. You must have a low-cost broker, or you just give your money to them.

Do not trade everything. Many beginners try to trade EUR/USD, GBP/JPY, Gold, and everything at one time. No. You pick one or two. You must know the "personality" of the pair. If you do not know how it moves, you cannot scalp it.

Execution must be fast. You cannot wait for a "perfect" signal that takes one hour to form. You must see the move and act. But—and this is important—you must have a Stop Loss. No excuses. If the trade goes against you, you cut it. You do not "hope" it comes back. Hope is not a strategy.

The Timeframe. I usually look at the 1-minute and 5-minute charts for scalping. But I always look at the 1-hour chart first. You must know where the "big" trend is going. Do not try to fight the big move just because you see a small move on the 1-minute.

Control your emotions. This is the most important. Scalping makes the heart beat fast. If you feel angry or you want to "get back" what you lost, you must stop. Go drink a coffee, walk outside, and come back later. The market will be there tomorrow.

Scalping is good for some, but it requires a very strong head. You must follow a rule. No "feeling," only the rules.

I hope this helps some of you. Much success to you.

Regards,

Hans

[PTScalper]

wow, interesting and well written

Welcome here.
Im looking forward to hear more about your trading style and experiences.