If you intend to scalp Forex, I suggest you thoroughly learn the trading terms of your Forex broker. Even if you find nothing being mentioned about scalping, do ask your broker next direct questions: "Can I scalp with your company?", "Do you have any requirements about minimum time one should hold a trade?", "Do you have any restrictions on scalping, anything I should know about?" and so on.
It is in your sole interest to know the Rules and restrictions on scalping Forex. Why?
If you make profits and a broker concludes that you have made it in unethical way, e.g. by scalping, which is not allowed (by this particular broker), you will be denied in withdrawing your profits and your account balance will return to the initial deposit sum...
Funny thing is that you can discover this only when you first time ask for a withdrawal. Which means that you can trade for several months in a row, putting your time and efforts to earn profits, and then once you decide to take the money out you'll learn that your trading style was not accepted by your broker... That's painful both: money- and time wise.
So, don't take it simple if you want to scalp. Not all brokers, but some may never warn you about unaccepted trading style of yours, because you may lose money and then there is no need to warn you.
If you are already scalping and not sure if you're allowed to do so, try to withdraw some money just to make sure everything is alright.
Good scalping everyone!
Sunday, March 15, 2009
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