Best book on forex scalping

Author: brt Date of post: 30.05.2017

In recent years there have been many books written about how to trade forex, no doubt cashing in on the growing popularity of currency trading around the world.

However, few are as comprehensive, insightful and as well thought out as Bob Volman's book called Forex Price Action Scalping. Scalping is a trading style geared to fast paced action with the aim of taking many small profits and relies on tick or minute charts.

It's one of the most intense and demanding styles of trading, certainly more so than systems relying on hourly or daily charts.

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Using a military analogy, it's a bit like hand to hand combat versus being a sniper who may wait for days before seeing any action. Volman, who does scalp trading on his own account, sets out what is needed to do scalping in terms of charting software and a forex platform provider. He also focusses exclusively on the EURUSD pair where liquidity is greatest and spreads thinnest — an important cost consideration with forex scalping.

He advises finding a platform provider consistently charging no more than a one pip spread on EURUSD.

For MahiFX it is currently 0. The only technical indicator he uses is a 20 bar exponential moving average and that is mainly to provide guidance on price direction. A mistake many aspiring scalpers make is to clutter their screens with many technical indicators and given the pace of this style of trading it makes judging entry and exits more complicated and time consuming.

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Simplicity is best for scalping. Volman strictly targets a 10 pip profit per trade with a 10 pip stop loss and works with seven individual set-ups.

Forex Scalping Strategies

Mostly these are patterns associated with break-outs from ranges or areas of consolidation in a trend and are well known. However, what he does do is describe each set-up in great detail helping the reader evaluate how to trade them and writes extensively about the potential pitfalls as well. He also shows countless trading examples and explains they did or didn't work. This is extremely useful for helping to understand his trading system and approach.

The book is also packed with many other useful pieces of advice — trading is a business and should be approached with a sound business plan. He advises traders to detach themselves from the need to make a profit on every single trade: Contrary to popular advice, Volman has doubts about the psychological value of paper trading for novices and advises doing so with real money, but only very small amounts, as it is a more realistic way to learn trading from his point of view.

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And he stresses that mental stability, more than technical skill, is the most important ingredient for trading success. For anyone considering forex trading for the first time or even experienced traders the book is worth a read even if for no other reason than to help decide if scalping forex is the right trading style for you.

And it certainly isn't for everyone. The book can be bought from online retailers such as Amazon.

best book on forex scalping

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best book on forex scalping

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Justin Pugsley Justin has over 20 years experience writing about markets, economics and finance. He has worked for a number of leading media organisations such as Agence France Presse AFP , Dow Jones, Wall Street Journal, Thomson-Reuters, British Sky Broadcasting and McGrawHill. Subscribe to email news Receive the latest MahiFX News and Market Analysis. Trader Stories Latest Interviews Statement on CHF market volatility Business as usual for MahiFX despite Swiss franc movement Full Interview.

best book on forex scalping

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