That is actually a great question, on so many levels. I love it when people come and ask me that because as part of the My Trading Hub community I have an answer that I know will make them very happy.
What is scalping in forex?
First we should somehow define what scalping in forex exactly is. To make things easy in this short article, we’ll define scalping as the discipline of taking very small stabs at the market for short and quick gains. A forex scalper doesn’t usually stay in a position for long. It can range from 10 minutes to literally a few seconds.
A scalper usually trades on very short time frames such as M5 or M1. Due to the rapidness of the trades, the scalper has to be very quick to respond, place trades, adapt and apply his or her strategy. More often than not, scalpers are price action traders that use very little to no indicators at all. The reason is that indicators often clog the chart and prevent the trader from actually seeing price action clearly. The fewer indicators there are, the more a price action scalper will feel comfortable.
|Did you know? My Trading Hub provides 5 different free forex trading strategies. Have a look!|
What is the best forex scalping system?
Now that we’ve defined what scalping is, we can get to the root of the question. Have you noticed that I used the words “price action” a few times earlier? If you’ve gone through our forex trading course yet, you probably know that we teach exclusively price action strategies.
Price action strategies are strategies that rely as much as possible on pure price action (duh!) and not indicators. If you take any of our strategies presented in our course, you’ll see that we have maybe one or two indicators on the charts at most. These indicators are actually there to help the beginners more than anything else, and each of these strategies could very well be traded on a naked chart.
Why am I saying this? Well make the connection! Price action traders make the best scalpers because they are able to read the market very fast and act accordingly. Therefore, what is the best forex scalping system? Any of our 5 strategies will do!
You can apply any strategies that we teach here on any time frame you want. You could take the breakout strategy and start trading it on M5 or M1. I’m taking this example because it’s actually what I do day in & day out.
Since we teach price action strategies, we aim at teaching you how to actually trade the market and not follow some random indicators that tell you when to buy or sell without you knowing why. This is what makes us different. We want to turn you into actual traders! With that knowledge, if you do want to become a scalper and enter the exciting world of 10 seconds holding, you can.
Aren’t we great?
I would like to point out that scalping is difficult. As I said, you have to adapt and act very quickly. I would only recommend this to experienced traders, or traders that have strong mentoring support. It is very doable, and very exciting, but also very volatile.
By all means, experience with it and have fun.
Are you a scalper? Do you aspire to becoming a scalper? What do you like about it? Share your thoughts below!