Forex 5-Minute Scalping Strategy

Hello traders you want to hear with extraordinary trading calm, so every, now and, then someone will reach out to me and express their frustration with treating and you know express their concerns about all the money they’ve lost over the years and how they just cannot figure out how to trade Forex profitably, well, I am here to tell you you are not alone I mean most traders are in this category and for those of us who aren’t we have been there I remember the days of just struggling and you know just losing thousands and thousands of dollars and just figure feeling like oh my goodness when am I going to get it, but I persevered and you know I continued to practice and I try to offer a lot of practical tips that I think, if you adapt those skills will really help you to become a better trader, now many of you may not know that I have been trading for in total three and a half year, so I began trading stocks on day trading stocks a little over three and a half years ago however I have been trading Forex for just under three years it takes the average forex trader ten years before they become profitable and I became profitable right around the three-year mark a little bit less than that, so it is possible and I say that, because I want you all to see that, if you work hard and follow the tips I’m providing you guys with a lot of tips that I’m telling you helped me to get to the point where I am and I’m telling you I rack up massive pips each week, so today I’m going to talk about a strategy that I think will help those of you who are not ready to start trading price action and support and resistance levels like I do okay and this is a strategy that I used to use a while back during kind of my earlier days in trading, so, now what I’ve got on my chart here is a 50 moving average 50 period moving average and, then I’ve got a 10 and 15 period moving average here okay, now the way this strategy works is, if price is underneath the 50 period moving average, then you want to look to sell and, if price is above the 50 period moving average, then you want to look to buy okay, so what you can do here is wait until price moves above the 10 and 15 period moving averages like it does right here and, then wait for it to cross below the 1015 period moving averages and, then enter a sale order place your stop-loss right above here okay, then stay in that trade depending on which pair you’re trading in this case is about the year of the euro USD stay in that trade for about 15 to 20 pips okay, then close out that trade wait until price moves above the 10 a 10 and 15 period moving averages again and closes below it sell again place your stop-loss above this swing high here and, then stay in it for another 10 15 pips, now as you can see here you could have stayed in it a lot longer, so I’m going to show you an alternative way to manage this trade and this is the way that I used to manage the trades when I used to use this strategy, so let’s go back up top here and say that price close beneath the 10 15 period moving average you place your stop-loss above the swing what I would do is stay in the trade and as price would come back up I would actually add to my position and, then when price progress back in the direction of the trade again I would start to trail my stop-loss okay and I would keep doing that and, then after I was about 50 60 pips in profit or whatever or, if it looked like price was reversing like here this might have me, then I would close out a portion of my position, so that’s another way that you can manage this trade, now once the price closes above this 50 period ma you definitely want to be out, but another way is to look for signs of reversal like here this is a strong sign of a reversal in which you may want to get out or, if you see that price is spending a lot of time above the 1015 period moving average you want to get out or, if either the 10 and 15 period moving averages are flat or the 50 period moving average is flat, then you don’t want to be in these trades okay, so I’m hoping this helps you guys and I’m telling you hang in there practice the it’s, so important really the key to succeeding in trading has a lot to do with your ability to just stick with your strategies and see it through there’s I can’t think of the number of ways there are 500 different strategies you can use to trade Forex and make money you have to be disciplined you have to manage your risk and you just have to see it through where a lot of traders go wrong is they’ll look at a situation like this where they’re selling and, then when price pulls up they freak out and close out their position, so they’re never capitalizing on taking profits when their trades are in profit, so they keep taking losers our losses, so you know enter trades and stay with them, but you have to have the conviction to stay with the trade, so, if you don’t believe in the strategy, then it’s hard for you to stick with it and that’s why I like this simple strategy that it’s a it’s a profitable strategy wait for price for these moving averages to angle wait for a closed below to go short or price a close above to go long and just stay with the trades, so I hope this helps, if you have any questions feel free to leave them in the comment section below and as always happy trading.

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