EUR/USD has fallen from 1.60 to 1.27 since July and nothing seems to be able to stop it from falling even more. Today I tried trading EUR/USD by scalping and having a stop loss at 10 PIPs. My bankroll in OANDA, which is the forex platform I use, is just $330 but managed to make around $150 in 3 hours by following easy rules and making good use of the charts.

My account's leverage is 20:1 and I decided to use a stop loss at 10 pips while trading 10,000 units each time. That meant that each PIP of EUR/USD would be equal to $1 for me, so I was risking $10 per trade in the worst scenario. For those who are not familiar with currency trading or forex in general, a PIP in EUR/USD means for example a price change from 1.2900 to 1.2901. However, I didn't let the price hit my stop loss often and traded out when there was inactivity for more than 60 or so seconds. Of course, there were those times when it was inevitable the traded price not to hit my stop loss.

I made 82 trades in 3 hours' time and used my knowledge on technical analysis to enter and exit my trades. It was nothing fancy, I used 2 moving averages, one stochastic and RSI - Relative Strength Indicator. Of course I used candlesticks and I had 3 charts visible at once in my 2 monitors. While I was trading the chart of 5 seconds, 1-minute and 15-minutes charts provided me with additional information.

In the end, I made about $150 although I took a couple of big hits towards the end of my trading. My bankroll saw a 50% increase and maybe I will look into forex some more tomorrow. The reason for starting up again trading forex is that I want to take advantage of my blog's earnings and OANDA accepts deposits via Paypal. But first I want to make sure I can be profitable there too.