THE TECHNIQUES
In this major section of I'll cover many specific techniques. Some
are more directly related to "how to scalp", whereas several of the techniques
are more to support the other concepts. This section presents a collection of
"tidbits" that will later come together in the next major section of
titled "The Opportunities" that makes use of the techniques presented here.
TRADING MECHANICS
Before we delve into the scalp trading opportunities, setups, and techniques
we first need to discuss how to do the mechanics of entering, modifying and
exiting trades.
In "Forex Surfing" I explained how to place "Entry Orders" (setting up a trade
to occur once a specific price is hit), so I won't be discussing that here. What
I will cover is how to manually enter a trade at current spot price, modify your
stop, and manually exiting a trade at current spot price. These skills will be
explained with "scalping" in mind.
First of all it is important to note that most of the time you won't be using
entry orders, only market orders (getting in at the current market price) to
place trades. Why can't you use entry orders? Simply put you must place
entry orders at least 5 pips or more from the current market price, but as a
scalper you want to enter the market at the best price possible, which is at the
current market price once you believe it is time to enter into a live trade.
Please note that the following images show FXCM's trading software. If you
use some other broker then be sure to be familiar with their software. Also
remember that in the future FXCM may change the look & feel of their
software so by the time you read this these images might be invalid. These
images are simply shown for illustration purposes – you need to be very
familiar with whatever trading software you actually use.
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