6 differences between sucessful forex scalpers and failing forex scalpers
Updated: Feb 6, 2019
What do successful forex scalpers do that failing scalpers don't? Here we look at the main differences.
1. They follow the path of least resistance. They know how to correctly identify true trends and then follow them.
2. They understand and exploit market volatility. Without volatility there is no risk and without risk there are no opportunities to trade.
3. They interperet price action across multiple timeframes. This drastically increases the probability of entering winning trades and avoiding losing trades.
4. They do not trade on one or two currency pairs, they monitor multiple currency pairs and look for opportunities to trade.
5. They have Self control. They are patient and only place and close trades that hit their trading plan exactly.
6. They accept and adjust for risk, because they understand that risk and opportunity are the same they can get out of a trade even at a loss without the slightest bit of emotional discomfort as their trading system will be designed to account for loss.
By holding firm to these six principles Succesful forex traders are able to stay consistently profitable.
It takes most traders a very long time to fully understand these points and even longer to master them and put them into practice. Most of them never do. This is why the majority of day traders fail.