This topic is very wide, below I will only scratch a surface.
It is all about money and risk management
First, you need to understand and accept fact that money management is fundamental to your success. This is the common mistake – new traders look for that magic strategy, for this best setting for indicators. Yes, it is important, but it is only a part of your trading success. The rest are other factors like money and risk management, psychology.
Read about money management
There are publications about money management in trading. Maybe not in scalping, but still it is good to read them. You can learn from them more about concepts around money management, risk management. I can recommend publications:
But there are many others. Try to search for the best one for you.
You have to know when to close a trade with a loss. Many people struggle with it. They hope that price will reverse. Sometimes it will, sometimes it won’t. Cutting losses is part of every strategy. It is like in football (soccer) – you have to score but you also have to know how to defend your own goal. Without that you will never be profitable in trading, especially in scalping where discipline about cutting loses is so important.
Use leverage wisely
Leverage can be your best friend or worst enemy.
Monitor your progress
You can start your own diary or use online tools like MyFX BOOK. It is important to know more about your decision making.
Day trading and scalping guide - menu:
When you start:
- Forex scalping and day trading for beginners
- Best Forex broker for scalping and day trading
- Best Forex pairs for scalping and day trading
- News and economic data
- Scalping, day trading hours
- How many pips, how many pairs
- Leverage in forex scalping and day trading
- Money management
- Position management
- Time frames
- Trading capital
- Trading desk
- Forex scalping and day trading without indicators
- Day trading Bitcoin