Forex trading in itself indulge a number of technical things, and one has to be competent with all the terms and technicalities of forex trading market. In last few years, there are so many experienced traders cum writers who have written books on different topics like how to trade forex, how to become a successful trader, etc. The authors also make sure that cashing is not a big deal in this trading business.
In this post, the readers will be able to go through about scalping strategy and how it is helpful in trading with the help of scalping forex book. But before that, the reader will also get a brief insight into scalping strategy and some tips related to it.
What is scalping?
Scalping is one of the important strategies used in forex trading and it mainly deals with the trading currencies which are based on a set of real-time analysis. The ultimate purpose of this strategy is to make a profit through buying and selling currencies and also to hold positions for a very short period and then closing it for a small gain.
Beginner traders can also go through different forex scalping books in order to understand the concept; however, they must consider the name of one excellent book and it is “Forex Price Action Scalping.”
Some useful tips on scalping
Traders might get several tips of scalping through forex scalping books but apart from the books, tips from the professional traders are also sometimes very helpful. Like-
- One must recognize support and resistance areas
- The traders should practice this strategy until and unless the trader master his/her skills on this
- Traders are also required to plan their exit which is imperative for forex scalping
- Last but not the least, one must stick to the plan made for trading
About the book
There are a number of forex scalping books available in the market but “Forex Price Action Scalping” by Bob Volman is considered as one of the most important and vital one. The author has depicted some useful advices in this book where one of the most valid ones is “trading is a business and should be approached with a sound business plan.”
Bob Volman also focuses on a particular price action trading style which is not suitable for every trader. Volman also scalps small profits out of the forex market, that too using 70-tick time-frame.
The author also tried to present 7 clear trading set ups and explained them in a very lucid manner. Also, the presentation of language in this book is smooth, and it is very effective for the traders who don’t have any idea about scalping.
About the author
Bob Volman is better known as an independent trader who mainly trades for his account. He is also known as excellent price action scalper, and is having a lot of experience in trading. The book is actually the accumulation of his ideas and experiences about scalping which is used as an inclusive guide on intraday tactics.
Pros of scalping
It is evident that scalping strategy is very fast paced. For anyone who is interested in action and also likes to emphasis on 1 or 2-minute charts, scalping is best considered for him/her.