It is possible to make a consistent profit from scalping and get rich, but the process is not straightforward.
In any financial trading strategy, traders should have strong knowledge about the price behaviour and context. Moreover, institutions and successful traders usually trade on higher timeframes. Therefore, people often consider that it is impossible to get rich scalping, which is absolutely wrong.
Scalping is not a guessing game. Like other trading strategies, it is a systematic approach to making money by following specific rules. However, most of the traders lose money in scalping, but why?
If you go to a lower timeframe and starts trading, you can call yourself a scalper, but it will not make you rich. Getting rich scalping is a process where traders should ensure profitability in every set of trades.
For example, If you have $200 in your trading account and make 10% profit per trade, it will take 20 profitable trades to make 600% profit. Let’s see the performance in a table:
The above example is the theoretical view regarding how you can get rich scalping. But in actual trading, the scenario might be different. There is no guarantee that you will make a profit in every trade. In that case, it may take 30 or 40 sets of trades in actual trading instead of 20, but still, it is worthy of following.
So, in order to get rich from scalping, stop random trading and find a scalping strategy that includes the market context. Practice a lot in a demo account until you find yourself profitable in every 20 trades.
After that, apply the strategy in the real chart but with a smaller deposit. If you are making money from it, you are ready to get rich scalping.
Lastly, one thing that can ensure your profitability is your trade management skill. The financial market unpredictable, and if you can reduce your loss and maximize profit, you can earn a lifetime profit from trading.