Hello everyone,
I've been trading forex for just about a year now, and have just started scalping, which is a term for extremely short term day trading (typically a few seconds to a few minutes at the most per trade). Thanks to FXRichard from EliteScalper.com and Throw from APipThrowingParty.Blogspot.com for all of the help so far getting me started. Won't be trading live until I get my methods refined, then going to slowly scale it up.
Current Setup:
- NT w/ Gain feed for rainbow tick chart
- InterbankFX demo on MT4 for 1 and 5 min charts- FXDD Demo on Currenex for placing trades (Will be moving to LCG for live)
The Pillars of my methods:
- Never risk more than %1 of account on any trade
- Be patient and wait for the high probability trades (like a sniper waiting for his one shot)
- Don't be greedy, a few pips are far better than no pips, or negative pips.
My short term goal is to completely replace my current income level (~1 year)
My long term goal is complete financial freedom (~2-3 years)
Unfortunately I'm in the Army and can't quit or arrange my schedule to trade, so I'll be trading EUR/USD in the asian market. I know it's not optimal, but you gotta make due, right?
Ignore the post dates from the first few posts, I'm updating here from my trading blog on a private forum.
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