To become a successful scalp trader you need to have a right mindset. New traders think that only good trading strategy is important, but the reality is that without the right mindset you are going to fail. Even having the best trading system will not save you.
Scalp trading is especially draining to your mindset. When you have 5 losing trades in a row, beginners start to doubt in the strategy. That is a big mindset leak. Scalp trading is fast, there’s lots of action and also lots of losing. You have to know that 5 losing trades in a row is perfectly normal. There will come 5 winning trades in a row sooner or later. You can’t give up! It’s part of forex scalp trading.
Things not to do:
You should never let your losing trades run in hopes that they turn around. Don’t chase you losses. Remember that losing is part of forex scalping.
You should never close your trade before it reaches it’s target out of fear. Fear is big mindset leak. You will never be successful if you trade with fear.
Never trade because you are bored. Being patient and waiting the right time is crucial. Staying away from a losing trade is like winning a trade.
You should never give up trading. Most new traders lose motivation as soon as they start to lose money. When you are in a losing streak, your mindset starts to scramble. My best advise is that you should just continue trading. I know that it’s hard, I have been there.
Only way to train your mindset is by trading. It will take time, but you can’t give up. Markets will test you over and over and every time you overcome weakness, you become stronger.
Only way to become successful forex scalp trader is by having a strong mindset.
When I started trading I had terrible mindset. I didn’t know it and to be honest I never thought about it. I was just searching a strategy or indicator that would win all the time. Had 3 losing trades in a row and started to search for a better strategy, because the current one obviously was not working, I thought. Now I understand that this is not how forex trading works. Pick a strategy, master it and you will profit.
If you read all my forex scalping price action basics lessons then you are ready for my Free Forex Scalping System. Many pips to you!
If you have any questions please comment below or send me an e-mail and I will answer happily.