Scalping can be very profitable for traders who decide to use it as a primary strategy, or even those who use it to supplement other types of trading. Adhering to the strict exit strategy is the key to making small profits compound into large gains.
Trade using a suitable and reliable strategy, it is possible even to make consistent profits in forex. Since I'm still at a beginner level, the only strategy I use is the pin bar.
Can I have recommendations on any other good strategy with either a video tutorial or a clear explanation on how to use it?
If you want to trade Forex, you have to have the right strategy. Profits cannot be made if the strategy is not properly implemented. I do scalping with market context, level, and price action.
Leveraged trading is used in the best forex scalping strategies. Leverage in forex is a strategy that allows traders to borrow capital from a broker in order to gain more exposure to the forex market while only depositing a small percentage of the total asset value.
As per my opinion, those who choose to scalp frequently use extreme leverage, typically between 1:1000 and 1:3000, opening low spread trades on pairs and setting small pip targets to compensate for the high exposure level.
Forex scalping requires a lot to be right. If you cannot get them all, you cannot be completely sure that your strategy will work.
Scalping is perhaps the most demanding of all forex trading strategies. Without the essentials, it's like skiing without skiing equipment; it takes a lot to be fully equipped and ready.
I use maximum 1:500 leverage. I scalp forex currencies pairs with low spreads and aim at small targets in terms of pips which compensate for the high risk exposure using strict stop loss.