Well how to become a successful part time forex trader you can use price action to scalp 1, 5, and 15 minute charts with ease. I wont lie though, scalp trading is so fast paced that it can become overwhelming.
So you need to scalp the right way. Price action trading allows you to analyse the Forex market without using indicators. Instead of indicators you use candles, support and resistance, and other chart analysis to make trading decisions. Price action is perfect for scalp trading because it allows you to make quick trade decisions.
I won’t cover price action basics here, if you want to learn the basics, check out my free price action strategy. The point is that price action analysis allows you to predict with a high degree of accuracy what price will do next by understanding who has control of price, buyers or sellers. If buyers are in control, you want to buy. If sellers are in control, you want to sell. It all seems very simple right? Well, some newbies make price action a lot more difficult than it needs to be. So let me tell you a secret that will help you be a better price action trader.
Those five words are vital when trading price action. If you ask yourself that question every time you look at a chart, you will be a better trader. That one simple question keeps me profitable and it keeps me from making mistakes. No, of course not, if buyers are in control you do not want to sell yet.
It forces you to properly analyses price. Instead of making a hasty decision, you are forcing myself to make an informed decision. Now, if I ask myself that question when trading 12 hour charts. I only have about 30 seconds to make a trading decision. So, if you want to trade my Forex price action scalping strategy, memorise that question.