Scalp trading is one of the most challenging styles of trading to master. It specializes in taking profits on small changes, generally soon after a trade has been entered and has become profitable. It requires a trader to have a strict discipline and focus on the trade details. There are many reasons why traders are using this kind of trading method. This can lessen the risk and allows you to place up to a hundred trades or more per day. Since your profit targets are very small, scalp trading has the ability to fight the greed and gives you a great number of opportunities.
In order to be a good scalp trader in the world of forex trading, one must have the required attention and decisiveness when a trade signal is generated. A scalp trader must have self profit target amount per trade, should be able to track stocks in order to capture as much profits as possible, follow the news and monitor the results if these are good or bad – this method is called the News Playing, by the way, should be able to leverage much more than a standard day trader like most pros do to make much money as the day trader in a shorter period of time but aware of the fact that this is method is a double-edged sword which means that the market may move against you on a higher leverage resulting to substantial blows to your account, and less exposure in the forex trading market to prevent being run into an adverse event.
Execution of a scalping strategy by hand can be extremely difficult considering the quick amount of time you must be in and out of the market. Now, many successful forex scalping strategies are built into automated. Though some of the forex traders do the transactions manually, most of the traders prefer automated transaction for it ensures speed, accuracy, and reliability.
A nice example of a MT4 tool is ProSLTP which can enter trades, here is an example.
You can’t be a Great Trader without using Great MT4 Tools :). It is a nice little EA actually which will make your trading to be as easy as possible. To be honest, after we tried that we couldn’t imagine our trading without it. Here is what impressed us most of all:
– We managed to enter trades a lot, lot, lot faster because we do not have to waste time computing the lot size based on risk, stop loss and take profit levels
– Everything is visually displayed on the chart, your potential stop loss and take profit in both pips and $ – that is really cool.
– You can enter any type of order – from a simple buy, sell to pending orders
– You can enter/exit any trade with only pressing a SINGLE button on keyboard
– Great tool for scalpers and any trader who likes speed and are tired of computing manually the levels and lot size
For more details about this tool click here:
http://forexprofitprotector.com/prosltp-mt4-tool-to-manage-your-trades/
In the end we will encourage you to firstly make sure to read the manual and watch their presentation video.
