It is an easy part. You want to scalp on Forex pairs where you have low spreads and good volatility. So it is a good idea to stick to major pairs like EUR/USD, GBP/USD, USD/JPY, USD/CHF and few others. If you have a spread around 1 pip or lower than you are good to go.
Another important thing – spread can be higher during news or economic data publications. In some cases, this difference can be huge so make sure that your broker offers decent trading conditions when the market is more volatile because of news.
The last thing – one pair at a time. If there is some strong move on EUR/USD then probably there is a similar strong move on other dollar or euro pairs. Do not try to trade few pairs at the same time because in scalping it is not a good thing. Focus on one Forex pair. I recommend to start with EUR/USD or USD/JPY. If you look for more swings and you have good spreads then GBP/JPY can be a good alternative.
But probably you will start from EUR/USD – this is the most popular pair and you should have here the lowest costs of trading.
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