Scalpers use all sorts of platforms to scalp currencies. One of the most common is MetaTrader 4 (MT4). Many scalpers create forex robots or trading algorithms that are fully or partially automated, increasing execution efficiency and available trading opportunities.

Here are some strategy on forex scalping:

If you’re new to forex, I think you’ll love eToro because,

• It’s Simple! The eToro forex platform is designed to make the online forex market understandable to traders on their first trade. You only need a $50 deposit to get started.
• It’s Visual! The eToro forex software displays your trades using dynamic visualizations, so you can literally watch your trades go.
• It’s Educational! Hone your forex trading craft by using our eToro’s online forex tutorials, trading guides and unlimited practice mode with live forex rates.

If you’re a forex trading expert, I think you’ll love eToro too because:

• It’s User-Friendly! The eToro platform has a remarkably intuitive interface that enables you to forget about fumbling with bulky forex software and focus exclusively on your trades.
• It’s Professional! The eToro forex software provides you with all the forex trading tools you need: online forex charts, graphs, financial updates, trading orders and leverages ranging from 1:10 to 1:400.
• It’s Reliable! eToro is operated by leading online forex brokers who make sure that your forex trades are executed with precision and offer low spreads – as low as 2 pips.
• eToro is also a Community! We also think that you’ll enjoy our various community features including public and private chats, a lively online forex forum, and our weekly prize bearing forex trading challenges.

Here are some tips for you:

• Go start with virtual trading with $50 stop loss at -12.5% and take profit at 25%. This is rule no 1. Visit my blog often because I will update it with my trading strategy and result.

As you can see from last eight trading, I profit 5 times and loss times. Forex is a game of statistic. You will not always win. You just need to profit more than you loss.

• Download eToro forex software for FREE and begin your trading activity today

• Practive Forex Trading

• Set a Stop Loss: Before entering any trade, decide beforehand the amount you are willing to lose and stick to it, set a stop loss on the trade before you enter. I usually set maximum loss of 10%.
• Do not be emotional about a trade, you will lose some and win some – just know it.
• Do not be greedy.
• Stick to your game plan, move your stop loss as the market moves in your favor and let your profits run. My plan is to go for low leverage, minimum $100 entry, and focus on one currency pair mine is EUR/USD.
• Don’t be influenced: You have your own game plan stick to it.
• Draw resistance and support line so you will know when to sell and when to buy.
• Don’t enter vary volatile market where you can see price up or down very fast and the bounce very fast too. This is a situation where you can not predict. This is gambling.
• Trading is a game of probabilities, and over the long run as long as you stick and implement sound strategies and stay consistent.
• Success is much more likely to come. To be a successful trader you should never take a position that puts substantial capital in jeopardy. In actuality you will rarely find successful traders who risk more than 10% of their account in any trade. You might want to start small and increase your trade sizes as your confidence grows.
• Know your risk vs. reward ratio: The minimum ratio you should be using is 2:1, so if you are successful on 50% of your trades you are doing well. For instance, if you are long GBP/USD and you want to earn 30 pips you should not risk more than 15 pips. You should never risk 30 pips in order to make 10 pips.
• Have adequate capital: You should never trade with money that you cannot afford to lose.
• Trending or Neutral: Learn to analyze the market; is it a trending market or a neutral market? In a trending market then follow the trend. in a neutral market buy on lows and sell on highs as long as you use stop-losses you are controlling your risk.
• Although forex is 24/7 not every hour is suitable for trading. If you are looking for volatile, liquid market then I suggest enter when London starts and end their session. London Market Hours: 3:00 am to 12:00 noon EST.
• Don’t fight the trend
• Averaging – don’t do it: One of the most common mistakes traders make is the continuing adding of a losing position. Averaging will be the death of short-term trades.
• Know why you are in the trade: Keep a trading log, and write down why you entered a trade.

Mini Account uses a different leverage calculation than a regular (100k) account. Instead of trading full-size currency lots (100,000 units), you’ll trade in lots that are just 1/10 the size (10,000 currency units), which in turn greatly reduces the amount of money you risk in each trade you enter.

The characteristics of a Forex Mini Account are as follow:

• Minimum required account deposit = $300
• Recommended required account deposit = $2,000
• Traded in 10,000-unit currency lots. There is no maximum trading volume on the Mini trading platform.
• Pips in a Mini Account are worth, on average, $1. Pip is the smallest increment that a currency pair can move. For most currency pairs, a pip is a change in the fourth decimal place of the currency quote. For example, if EUR/USD is quoted at 1.6567 and it moves to 1.6568, it has increased by 1 pip. The value of 1 pip is calculated by the size of the lot that is traded. So, if you buy a standard lot of 100,000 EUR/USD at 1.6567 and it goes to 1.6568, a 1-pip move, then the value of your trade has increased by $10 (or 100,000 x 0.0001). Because Mini Account have smaller contract, the pip value is also smaller that is $1.
• The Mini Forex account offers up to a huge 200:1 leverage, this means that just a $50 margin deposit will allow you to trade lots worth roughly $10,000.
• Default Margin: set at 0.5% ($50 per mini-lot)

There is no downside to trading a Forex mini account, you will be enjoying all the benefits that full-size FX account holders enjoy. This mini accounts are ideal for a beginner forex trader to gain experience.

Beware, trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.