I'm glad to see that this forum is starting to develop some important discussions.Thanks to everyone for their contributions. Scalping is a popular strategy especially for newbies and any advice is welcomed. Indeed, money management is the key to success and using a 1 to 3 risk to reward principle will allow you to be wrong often and still make money. The FXCM trading course gives some great tips on money management Learn Forex Trading Online | Learn to Trade the Forex. for those interested. It appears that we are coming to an end to the current easing interest rate cycle that we have seen globally. Most central banks are at or about to be near 0% which will leave them no where to go but up. Therefore, we may start to see price action return to a normal volatility environment which will make using MM principles more valuable.

__________________
John Rivera is the author of Market Brief, Top FX Headlines, and Forex Trading Weekly Forecast on DailyFX.com.

Hi Sanaq,

We are just giving you some advice from our personal experience, we are not here to determine if you are a good trader or not, you yourself know that best. Forex is gripping and starting to trade a demo is a good start.
Some more pointers.
A drawdown of 10% imho is too much. I trade 3%, but that is different for everyone.
Demo account platforms, don't react like live account platforms.
I remember straddling a lot on demo's, that doesn't work on live accounts, neither do hedges. Reaction is slower and spreads vary a lot.
Scalping, very short term (1 to 10m), with these high volatile markets is crazy, no other word for it.

What I did before I started live was setting up a more realistic trading environment and using rules like I was trading for a boss.
I used to remote into my computer over the internet, to simulate the delay of the live platform. www.logmein.com as a free service for that.

Then, if you use metatrader, download a Trade Manager (here are some) Trade manager - Forex Trading, and set rules to automatically close out trades after a certain drawdown or loss, because it is easy to cheat yourself, believe me I've done it.

Then, set entry rules, according to your system and exit rules, and follow them.
For the heck of it, use the following guidelines:

No more than 12 open positions at any given time.
Max drawdown 10%.
No hedging.
Min profit of 10% per month.
Max lot per trade is 1.
No straddle, no newstrading.

And keep a trading log, write down what you did, why and what went well or not and why.

If you do that well, you can go live, carefully.
Good luck!

__________________
--= Help, I lost my account. Is there an Elliottician in the house? =--

patterns of the human mind are so repetitive

i guess everyone has to go thru the phase of scalping
and quick and easy money

trading is a profession
needs its own time
you can not become a doctor in a week
you can in fact but you will be not a doctor but a "healer" or a fortuneteller

anyway
the best way to get your feet wet
is to trade naked
so you get the feeling of the price action
some basic candlestick patterns are more useful than RSI, Stoch etc

dont use indicators
they tell you what you already know
they are only for confirmation
you can use them later (dont worry)
after you understand price action, sup/res, etc

dont ignore fibs or pivots

dont fool yourself
there is no system to make you rich

dont hedge within one pair
hedge on the crosses

dont ignore money management
it is the key success in scalping
not the trades you make

dont be greedy (never)
entering a trade is the easiest part
closing it is way too diffcult

and never forget
demo trading is not the same as live trading

another thing i almost forgot
scalping needs a ECN broker
which is not cheap at all

what a good composition! I’m just starting with mt4 platform but I assure all that you’re saying, the only way to prove it is trading. It also depends of the experience you get with your broker performance, there are many facts