Easy Forex Scalping for Newbies
If you want to become a profitable trader, then one of the most important things that you need to learn all about is forex scalping. In case you don’t know what forex scalping is, no worries, because we’re going to explain everything in great detail below. However, with that being said, we are here not only to talk about forex scalping, but also one of the best forex scalping strategies that involves using fibonacci retracements.
Today we want to teach you one of the best trading strategies out there that can put a whole lot of money in your pocket, all without suffering from very much risk.
Moreover, as you will see from the included video, this is a forex scalping strategy that you can execute using nothing more than your mobile phone, which means that you can trade on the go no matter where you are, and so you can keep making profits all day long no matter where you are. Let’s get right to it and teach you the best forex scalping strategy for your mobile phone out there at this time.
What’s Forex Scalping?
Before we can talk about the specific forex scalping strategy that comes to us courtesy of Andrew, it is important for us to explain to you exactly what forex scalping actually is. Now, for those of you who have no idea what forex scalping is, this is a very specific type of trading that is characterized by placing extremely short term trades in order to collect profits from the market.
Forex scalping is all about traders opening very small positions and then closing them in a very short amount of time period generally speaking, forex scalping trades are only open for a few minutes at the most, or sometimes even just for a few seconds. The main goal of Forex scalping is to generate a large number of very small profits that add up to something very substantial at the end of the day. Another main goal of this type of trading is to help minimize the amount of risk about you have to engage in when trading.
The other important thing that you need to know about forex scalping trading, is the fact that this is technically a type of day trading, or intraday trading, which means that trades are never open for longer than a full day, and realistically, when it comes to this type of trading, trades usually aren’t even open for a full hour. It’s all about making quick profits with minimal risk.
Benefits & Drawbacks of Forex Scalping
just as is the case with any type of forex trading strategy, when it comes to forex scalping, there are both advantages and drawbacks that you need to be aware of, so let’s take a quick look at exactly what these are.
- One big advantage that you get with this type of trading is that you really benefit from having a low level of risk for every trade. This is mainly because each trade is only placed with a very small position in relation to the overall size of the trading account, in other words each trade only risks a very small amount of money.
- Another big advantage that you get with scalping is that you can generate regular profits on a daily basis. This is unlike other trading strategies where it can take days or even months to generate profits.
- The other big advantage that you get from forex scalping is that it doesn’t require much market movement for you to make a profit. The market move by just a couple of pips, and you will still earn a profit.
- One of the disadvantages that come along with this type of trading is that you have to be extremely consistent in terms of your win to loss ratio because trades are so small, the fact of the matter is that you do need to win the majority of them in order to make a profit.
- The other major drawback that you get with this type of trading is that predicting what the market will do on a minute by minute basis is extremely difficult. However when it comes to 4X scalping, being able to predict the market on a minute by minute basis is necessary, but no worries, this is where Andrews best forex scalping strategy for mobile devices comes into play.
Andrew’s Fibonacci Forex Scalping Strategy for Mobile Phones
Before we get into it, what we want to say here is that we aren’t going to explain this strategy in detail using our written words, because the fact of the matter is that it is somewhat difficult to learn by just reading about it, and we would far rather have you actually watch Andrew’s video. Andrew does a fantastic job at explaining this strategy in great detail, and of course, he trades live on video, which means that you have visual examples to follow along with.
However, what is very important for you to know about this particular trading strategy is the fact that this 4X scalping strategy uses what are called fibonacci retracements in order to find the best entry and exit points for trade. In case you don’t know what Fibonacci retracements are, this is a method of technical analysis that helps people determine levels of support and resistance.
When it comes down to it, this particular forex scalping trading strategy is all about providing you with reliable and accurate levels of support and resistance, which means that you can easily find entries and exits for trades. if you follow all of the rules, tips, and methods that Andrew puts to use in this particular video, then you should have no problems using Fibonacci retracement levels in order to engage in accurate, reliable, and profitable forex scalping.
Fibonacci Forex Scalping on Your Phone – The Bottom Line
The simple reality here is that other beginner forex trader, scalping is one of the best types of trading that you could possibly engage in, mainly because it allows you to make maximum profits with minimal risk. Keep in mind that Andrew’s trading channel also have many other trading guides, tutorials, and strategies for you to check out, so we do recommend checking out his channel on YouTube.
If you need help day trading, and what you need is a comprehensive education, particularly on Forex trading, then the best place to be is the Income Mentor Box Day Trading Academy. At this time, the IMB Academy is the most comprehensive, user friendly, effective, and affordable Forex trading school out there.