5 Things to Consider When Scalping or Day Trading
A good number of forex newbies I’ve talked to have shared that they’d prefer day trading or scalping when trading currencies. And why not? Putting quick and multiple trades a day increases the chance of winning trades. Trading for short periods also means that you’ll make money AND have time for other pursuits like sports, hobbies, and SOCIAL LIFE…right?
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- Short-term trades CAN be profitable. The key is to learn the strengths and weaknesses of day trading and adjust your expectations and strategies accordingly.
- In order to make profits, you’ll have to earn more pips than your broker charges. Talk to your broker about their spread/commission terms so that you won’t be blindsided.
- The pressure of quickly pricing in information, placing orders, and trading larger positions increases the possibility of making trading mistakes.
“The number one reason why new traders fail is not because they suck, but because they are undercapitalized”