Edwin Shin’s early career in trading also started with a scalping strategy. To learn this strategy, it took Shin quite a long time to finally master this strategy and managed to make a profit of 1000 dollars in a day. He set a record as a young trader aged 27 years as a successful trader with a scalping strategy. From the story of a successful trader like Edwin Shin, Qatar forex traders can take important lessons that they can implement in trading, especially if they want to apply a scalping strategy. Aside from that, if you are also a trader from Qatar, you can go to http://www.arabforex.pro/en/qatar/ to hire brokers who assist forex traders in that country.
Here are the tips for Qatar traders who want to use the scalping method:
If you are one of the brave traders who want to try scalping strategies in forex trading, it’s a good idea to choose a major currency pair that has high liquidity and trading activity.
You can also try one of the simple scalping techniques that you think is the most promising. Whatever your choice, be it 1-minutes or 5-minutes scalping, you can apply the following six tips when using a scalping strategy:
1. Try on a demo account. Test the scalping strategy on a demo account before you decide to use a real account that uses real capital.
2. Minimize risk. Never risk more than your number of trades on one position.
3. Avoid adding excessive indicators. Follow the existing strategy rules. If the trading system that is made only relies on 2 indicators, it is not recommended that you add more technical indicators.
4. Master a scalping technique that is suitable for use. Implementing too many strategies at one time will make the concentration more easily fragmented.
5. Control the number of trading positions. Scalping does mean “many open positions equals many profit opportunities”. However, this does not mean that traders can freely open an unlimited number of positions. Always take into account the resilience of your funds when determining the number of positions you can open. Do not let the number of trades you have to exceed your capital capacity and risk tolerance.
6. Always Focus. You must be aggressive and ignore distractions simultaneously.