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What, exactly is Scalping?
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[QUOTE="eyeball, post: 24642, member: 12398"] Scalping is a frame of mind as well as a technically defineable trading protocol. The scalpers credo being --" My first profit is my best profit" dictates that the trader takes a profit whenever they appear, the sooner the better, whether one pip or three. Caveats on scalping (1) Be aware that the percentages are catastrophically against you, so you best be techinically proficent to a high degree ( that means profitable trades about 90% of the time) (2)Trade with brokers with the narrowest of spreads and little or no slippage(3) have the patience to wait for your opportunities, chart patterns , resistance and support levels, ect. to insure a high % of profitability (4)have the courage to recognize quickly when your analysis is proven wrong by price action and take your small loss before the trade becomes unmanageable and the loss painfully large(5) Remember that forex trading involves an element of luck,random selection that cannot be forcast but can work in the traders favor as well as against us. I have been scalping forex for years and have the scars to prove it. [/QUOTE]
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