Trading Forex, Commodities, Stock or synthetic Indices carries a high level of risk, so if you really want to succeed in the market, you need to minimize this risk by developing a workable strategy for your account.
To be frank, there are so many scalping strategy for small account in Forex, but none of these strategy is 100% perfect, sometimes, you may hit some roadblocks in the market, but your ability to minimize your lose and maximize your profit is what makes the different in the market.
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Best Scalping Strategy for Small Account on Boom and Crash
Before we begin, let me tell you what Forex is not.
Forex is not a get rich quick scheme:
Yes, I have been making good and sustainable income from Forex for the past 5 years; this is possible because I took Forex as a side business for one year. My idea was to build a strong strategy and psychology first, before quitting my job to concentrate on it for full time.
Most people who took Forex as a get rich quick scheme, gave up after few trials and error and start seeing Forex as a scam. So, if you take Forex as a get rich quick scheme, you will not make much progress in the market
Forex is not for everybody:
The truth is, not everyone can manage the pressure and risk involve in the market. Forex needs patience and mastery of emotion; if you are emotionally unstable, you will always be force to close your winning trades in red.
Forex needs Good Capital
I developed a good Scalping strategy for small account on Boom and crash, which assisted me to grow my $15 account to $800 in two weeks, but the journey was not easy. Before this, I had blown my account thrice and I almost gave up on Forex. After getting to $800, the market became sweeter, because I was still using the same strategy that I used on the $15 account and my risk to reward ratio was and is still very high.
Forex needs a good Strategy
You Can’t win in the Forex Market if you don’t have a good strategy. So in the next few minutes I am going to share the content of the scalping strategy for small account that has helped my trading journey for the past four years on Currency pairs and the past one years on Boom and Crash.
What is a Scalping Strategy?
Scalping strategy is a trading strategy that allows a trader to make quick profit based on small price change. As a rule of thumb, to be a successful scalper you must have a strict and tight exit strategy, you must understand price action, market structure and very important know how to manage risk.
Example of a Scalping Strategy
The first scalping strategy I learnt was moving average cross over. If you are trading a Market like Crash 500 and Crash 1000 and your focus is only on getting small profit at interval, you should have Exponential Moving Average (EMA) 200 and Simple Moving Average (SMA) 9 on your chart.
This is how the strategy works; when the price is above the 200 EMA, you can look for 2 minutes candle buy once price cross the 9 SMA. This was my very first scaling strategy on Boom and Crash and I used 0.10 per entry, I was making an average of $80 – $100 daily, because that was majorly my full time job.
But this strategy was lagging behind in some ways, I remember losing $70 in a single trade; though the lose didn’t affect my equity, but it affected my trading psychology for a full week.
What did I do differently after that?
The first thing I did was to begin a review of candlesticks and how they are plotted on the charts; So I downloaded many books and videos on Candlestick and the journey was very rewarding, because I clearly understand that the candlesticks were always communicating their direction with us each time they move on the chart.
My Strategy:
- I still use the two moving average: 200 EMA and 9 SMA
- I use 0.10 lot size multiple times and I close each at $1 USD
- I only trade based on Market structure and price
- My daily target is $100, Once I get $100 I close
- My highest lost since 2020 is $16 in a day and my highest gain in a day is $272
This is what I need you to do, open a demo account, you can open one by clicking here. Forget what you have learnt before, especially if you are struggling in the market, put EMA 200 and SMA 9 on your chart, send a mail to this email with your demo investors password, I will share with you a PDF on Candlesticks and Market structure. If you can give yourself one full week to study the PDF and trade on your demo before going back to your real account, you will develop a good scalping strategy that will give you confidence to win in the market.
Disclaimer
Deriv offers complex derivatives, such as options and contracts for difference (“CFDs”). These products may not be suitable for all clients, and trading them puts you at risk. Please make sure that you understand the following risks before trading Deriv products: a) you may lose some or all of the money you invest in the trade, b) if your trade involves currency conversion, exchange rates will affect your profit and loss. You should never trade with borrowed money or with money that you cannot afford to lose.