I know that a lot of traders have this goal of becoming a successful forex scalper. They just love the idea of buying and selling 5 or 6 times a day. It's a great goal to have but you also have to realize that many people have tried and many people have failed.
I'm sure you are aware of the statistic: 95% of traders end up losing money. But it really does not have to be like this for you.
Here are the top 3 things you can do to become a successful forex scalper:
1) Learn to control your emotions – This is important for regular traders, but for forex scalpers, it is absolutely critical. When it comes to handling stress, many traders just cave in under the pressure. You could imagine how that could happen if you are living and dying by every single pip move.
2) Understand Money Management – It's amazing, but sometimes I get the impression that certain traders think that the forex market is like a Vegas casino. They are using their brains at all when they are trading. They just love the rush of trading. Well, the problem with that is they do not pay attention to their leverage or their margin, and can quickly crash their account. People have to stop thinking about becoming rich overnight, and learn that trading is a marathon, not a sprint.
3) Get rid of your indicators – From a technical analysis standpoint, this is something that every forex scalper should be doing. These lagging indicators are not doing you any favors. All they are telling you is what has already happened. It's certainly a crutch that traders "think" they need. I do not care what time frame you are looking at, everyday, the market is creating price action patterns, giving you hints as to what is going to happen. This is what you should be paying attention to.