Let me be frank, it may be hard in the beginning, but over the past few months, I have recorded a daily profit of at least $200 daily scalping Boom and Crash, I am going to show you how I was able to overcome the market and record this success after many months of struggling.
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But first, let established some ground rules, PLEASE, if you want to get the best out of this article, follow through step by step, no need to rush, so that you won’t miss anything.
Table of Contents
Is Scalping Boom and Crash Profitable?
As an enthusiast, I started my journey into the Boom and Crash markets on YouTube, watching nearly all Videos that I can see on “Boom and Crash Strategy” most of these YouTube Forex traders were majorly scalpers, who just jump into the market, take few dollars per entry, come out, wait, go again until they meet their daily target.
When I started scalping Boom and Crash, I discover that, it was not as easy as they make it look on YouTube, they will tell you, Put RSI on your chart, Use Moving Average, once your RSI line touches the moving average you can buy or sell depending on the asset.
After following some of their pattern and strategy for weeks this is what I discover:
1. Scalping is a very tricky strategy, especially in the Boom and Crash Market.
2. You can make good money in a short while and lose all within a twinkle of an eye; take for instance, one standard lot in Crash can gives you 50cents per tick, meaning you need like 10 tick to make $5, that is, if your target per entry is $5, but if it crashes before it reach your TP, you can lose more than your target profit per entry.
So how do you beat the Market?
I will be real with you, because I am trying to help you not to make the same mistake that I made, which I think you are already making. The thing is that you can’t beat the market, you just have to develop a strategy, the patience and psychology that will make you stay unnoticed in the market, at the same time guarantee you daily profit.
How to Deal with the Spikes
Before placing any trade; I am always conscious of this question “What if the Spikes comes?” The sooner you realize that the Spike will always come if you scalping (Crash buy and Boom sell), the better for you. So that consciousness always make me to re-think my position and calculate my risk before placing any trade.
Let me illustrate a little; take a look at the screenshot below:
I bought Crash 300 this morning around 3762, put a stop loss at 3732, then put a TP at 3918. My stop loss target was 30 Pips, while my Take Profit target was 156 pips, the trade closed in profit, giving me a total profit of 156 pips. I entered another position at 4014 with stop loss at 3990, but the market crashes and hit the stop loss at 25 pips negative. So far today, I have made 131 pips remaining 69 pips to hit my daily target of 200 pips.
The First trade of the day is very important, it will determine your trading mood for that day, so I always take my time to analyze, check and crosscheck before placing it.
The Method I Use in Scalping Boom and Crash
If you look at the Screenshot below, I have Simple Moving Average 10 apply to Low which always serve as my market momentum guide. I use M15 to place trades, because even if I am scalping the market, I always want to take higher probability trades that will enable me to stay in the market for up to 15 minutes. Which means even when I placed a trade that can last for 15 minutes, I will be jumping in to pick $3 dollars at intervals to ensure I meet my target faster.
I trade based on Support and Resistance, Double Bottom and Double Top plus the market momentum. If you look at the place I circle on the chart above, the first price movement created a rejection wick which means there was a strong buying pressure in the market, immediately it bought up and sell down again to that support/resistance zone (depending on how you look at it) I placed a buy and put my stop loss slightly below where the first price movement had a wick rejection, put my TP and close the chart.
If you notice, the market attempted to sell down after buying up a little, before finally buying up to my TP, one thing I have learned from top traders over the years is that once I place a trade, I will allow it to it either stop loss or take profit. I analyze before I place, so I allow the market to close for me. The only one I close myself are those one I enter in-between with a target of $3 per movement.
In Conclusion, stop looking for a fail-proof strategy, you won’t see it. There is nothing a Forex guru will teach you that you don’t already know (except you are a complete novice). Don’t spend money on Robots, and signal groups. But you can join a community of like-mind traders to share ideas. Learn how to spot resistance and support level, HH and LL, work on your patience, psychology and risk management and you will win in the market
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