TOOLS OF THE TRADE (pun intended)
The next few sections will discuss some of the tools you will need to scalp
trade.forex sato
YOUR COMPUTER
Obviously you'll need the standard tools such as a trading account and charts
(we'll get to those shortly), but here is a topic I haven't previously discussed
in my other eBooks – your computer.
With most Forex trading techniques you can make do with a lame computer
and slow Internet (dial up), however with the fast paced world of Forex
scalping you really do need a reliably quick computer.
As a Forex scalper you need your charts to display the most up to date price
possible, and you need your brokerage software to execute a trade
promptly. Even with the best computer and a screaming fast Internet
connection you'll still have some lag time (not to mention how long it takes
for you to physically move your mouse and click to enter a trade). Often as a
scalper you'll experience missing out on a few pips (of lost profit) because of
slight inefficiencies (somewhat frustrating at times), but if you have to deal
with a painfully slow computer and a molasses Internet connection speed then
you'll soon be tempted to introduce your computer to a sledge hammer. For a
scalper lost seconds means lost pips which means lost profits. Even in a
single day of trading this can add up to HUNDREDS of dollars, even
thousands, of missed profits.
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