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Becoming a forex scalper can seem like quite a daunting challenge. I'm sure many of you have heard the statistic that 95% of all forex traders fail. I'm almost certain that the percentage even increases if you're a forex scalper. It really doesn't have to be this way. There are many traders who became successful scalping the forex markets. So here are some tips if you want to become a forex scalper:

Control your emotions - This is the number 1 killer of forex scalpers. Many of them just can't handle if a trade that goes against them. Since many scalpers are just going for a quick 5-10 pip profit, they become very anxious when they have to wait a little longer than they were hoping for. It's a disadvantage that many forex scalpers face as opposed to most swing traders, who aren't too concerned about drawdown because they know they are holding their trades for a longer period of time. Always maintain a sound money management strategy - Make sure you know you're cut loose point. If a trade is going to put you in danger of getting a margin call, it may not be worth taking it. Decide early on what you feel is a safe and secure margin percentage and stick with it. Get rid of your indicators - I'm sure there are some techniques where you can scalp some pips by just following the common lagging indicators that people use such as MACD or RSi, but there are so many more available opportunities if you can understand the concept of price action. There are literally patterns and movements that are repeated over and over every day that can be used for getting quickly in and out of the markets.

These are just some tips that can help you become a successful forex scalper. Remember that anybody can make money at any time during any condition of the market. But why is it that 95% of traders can't do it on a consistent basis?

Jim Buhs has been a successful forex trader after learning how to trade price action. Once he understood that all he needed to do to learn forex trading was on a plain chart with no indicators, his profits soared. Make sure to go to LearnForexDirectory.com to check out all of Jim's unbiased forex reviews


Article Source: http://EzineArticles.com/?expert=Jim_Buhs

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Tips To Becoming a Successful Forex Scalper  

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