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📈 FREE: The Complete Price Action Strategy Checklist – http://bit.ly/2o5NO0M
In episode 191 of the Desire To Trade Podcast, I interview full-time price action trader Nick Bencino from Forex4Noobs to discuss how to make a living scalping price action in the Forex market.
Being a Forex trader first, Nick started to apply his price action knowledge into the crypto trading world and is currently developing price action strategies mainly for Bitcoin.
– Article by Nick Bencino: How to trade forex low volatility – http://bit.ly/2veYLD6
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My name is Etienne Crete (from Montreal, Canada). I’m a swing Forex trader and help aspiring Forex traders develop a trading method that works for them so they can produce income allowing them to live with more freedom.
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If you truly want to succeed in Forex trading, I believe you need to keep working on yourself so you can improve your strengths, but also your weaknesses. Do not focus solely on what you’re good at.
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This video expresses my personal opinion only. Forex trading is risky. Make sure you are ready to trade. Even this will not guarantee you positive results. I am not responsible for any losses incurred due to your trading or anything else. I do not recommend any specific trade or action.
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Scalper Trader Forex, "Scalping Forex Price Action For A Living" – Nick Bencino | Trader Interview.
For how long can a Foreign exchange Trade stay open up?
For a day trader, hold the placement from atleast 30 Minutes a hr to an entire day. Swing investor, from 4 hours to a couple of days. Pattern trader, from one day to numerous days. Position investor, from one week to several weeks.
Market-Making vs. Scalping
Forex Scalping is rather similar to market-making. When a market maker buys a placement they are right away looking for to counter that placement and capture the spread. This type of market-making is not describing those bank investors that take exclusive positions for the financial institution.
The difference between a market maker and also a scalper, though, is really vital to recognize. A market maker makes the spread, while a scalper pays the spread. So when a scalper acquires on the ask and sells on the proposal, they have to wait on the market to move sufficient to cover the spread they have just paid. In the reverse, the marketplace manufacturer sells on the ask as well as purchases on the proposal, therefore instantly gaining a pip or more as profit for making the marketplace.
Although they are both looking for to be in and out of settings very promptly and really usually, the danger of a market manufacturer compared with a scalper, is a lot reduced. Market manufacturers love scalpers because they trade usually as well as they pay the spread, which implies that the a lot more the scalper professions, the extra the market manufacturer will certainly earn the 1 or 2 pips from the spread.
Final Thoughts:
The bottom line is that scalping could interest your trading style or it might not. Other types of investing to consider are intraday trading as well as swing trading, which are prominent on the currency markets. A good variety of brokers would suggest them over scalping.
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