Scalping - possibly best trading style for beginners...

While experts say, that long-term trend trading approach is your best strategy. It might not work for beginner Forex traders.

And here is why:

Reason #1 Lack of practice on larger time frames

Beginner Forex traders need lots of practice, they're eager to try out new methods/techniques they've been learning about each day.

Daily charts won't let you apply this knowledge in timely manner. It'll take weeks and months to have a proper setup formed in order to trade it.

Hourly charts would be faster, but in many cases, still too slow to offer quick application/testing and verification of knowledge acquired by beginner traders.

Reason #2 Urge to trade

Beginner traders want to trade, need to trade, and will eventually find every excuse to trade whether there is any good market opportunities or not.

The only way to satisfy this need, is to trade on smaller time frames. Simply allow yourself to trade, any time (but better, of course, during active market hours), any day (except weekends) as long as you can physically handle it, until fully content.

Reason #3 Only with practice comes experience

The more you get to practice, the faster you progress. This combines previous two reasons above, in other words, beginner traders can't sit for days or weeks (month anyone?) waiting for a single trading opportunity to present itself. And even then, when it's finally time to trade, what if a trade goes wrong? And it often will in the beginning. It's a lesson, of course, but also a disaster for an eager to learn beginner, who's been practicing nothing but waiting for this whole period.

Reason #4 Scalping offers smaller risks

Providing beginners remember about placing Stops, scalping is the safest trading style, as it offers quick exists with smaller losses. This means more trades can be taken, more practicing is done, even when the losses inevitably shrink your new beginner account during such first learning trials and errors.
P.S. When you read books of successful traders, they all will tell you how they lost their first, and even subsequent deposits. So be prepared for fiasco, trade it small, but trade more of it, and therefore learn much more than your peers who might blow accounts up in one-two trades on larger time frames.

Reason #5 Scalping helps to learn about yourself

Scalping allows beginner Forex traders to learn about yourself: your fears, anxiety, risk tolerance, ability to stick to the rules etc. so much faster.

It's also gong to be a quick lesson, that lasts for a few hours, and then you're free to go about your day.
Opposed to long-term trading, where you might be stuck is a losing trade for days, even weeks/month, and imagine being anxious about it for many-many days in a row. It's not easy to handle and many mistakes follow once you can't take it any longer.

Concludion

Scalping, of course, is not an absolute MUST DO for beginners, but the facts above are just too hard to ignore.

Besides, Forex brokers will always teach you to follow longer trends, and it's understandable, since Forex brokers prefer long term traders rather than scalpers. This is because less frequent entries and exits are much easier to manage in broker's books, opposed to fast-paced scalping, which might create tougher times to handle for your broker.

Wish you all Happy & Profitable trading! ...No matter what your strategy is.

Edward Revy
& my best Forex strategies Team
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