The top 3 things you can do to become a forex scalper

I know that the goal of many traders is to become a successful forex trader. I know there are a lot of traders who like the activity and the idea of ​​getting in and out of the market 5, 10, 15 times a day. But many people have tried and many have failed.

I’m sure you’ve heard the stat at one time or another, but here it is: 95% of forex traders lose money. I think it’s an even higher number if you were to survey forex scalpers, but it doesn’t have to be.

Here are the top 3 things you can do to become a forex scalper:

1) Control your emotions – This is the main A1 killer of forex accounts. Some traders just can’t handle the stress of being in a trade. This goes double for forex scalpers, who are in the market so frequently every day.

2) Money management is key – Inexperienced forex scalpers sometimes trade as if they were in a casino in Las Vegas. Their blood is running and they trade so frequently that they can’t even keep up with all their trades. Next thing you know, they are completely over-leveraged and all of a sudden they get a call from their broker because they just got a margin call.

3) Clean up your charts – From a technical point of view, this is the best a forex scalper can do. Get rid of all those lagging indicators that so many traders put on their charts. Traders don’t need them. They are just a crutch. The market has price action patterns that occur every day, hour, minute, spanning dozens of currency pairs, which traders can use to predict future price movement.