Infinity Scalper is a new forex scalping indicator to hit the market. Infinity Scalper has been developed for M1 and M5 timeframes. There are many traders who love to do scalping. I don’t like scalping. It is tiring and risky. With the same level of risk you can can much more pips by swing trading. But if you are bend upon scalping the market, then you should rely on an indicator that will do the task of monitoring the charts on your behalf. Of course you need a good scalping indicator otherwise you will end up wasting your time and money. Take a look at the following chart.
Above you can see Infinity Scalper in action. In 3 trades it made a total of 22+85+25 pips=132 pips which is not bad. Now the developers have not shown whether they really made the trades or not. They have just shown the chart and the possibility of Infinity Scalper making 132 pips. You will need to test this indicator yourself if you want to check out how good this indicator is.
Above is another chart showing Infinity Scalper in action. This time the developers are claiming their indicator made 140+26+32=198 pips. You can say almost 200 pips which is not bad performance. As said you need to test this indicator. Otherwise you don’t know whether it is good or bad.
This is how you are going to test this indicator. Daily you should make 150 pips with this indicator. Install it on a number of charts on your demo account. Take the trades as soon as you get the alert. Make a trading journal in which you enter each trade alert. Also mention whether you took the trade alert or not and what was the outcome. After 30 days, check how many pips you made daily and how many pips you lost daily. If you are making 100 pips daily with a small loss you have found Eldorado. The chances of this happening is little in my opinion.
In scalping, you need to make sure that your risk is lower than the reward. You should at least have 1.5:1 Reward/Risk ratio otherwise you will get clobbered over time. This is why I don’t like scalping. Most of the time you are wasting time on low quality trades. What you need to learn is somehow find the big trades. These are the trades that make 100-200 pips with a small stop loss of say 10-20 pips. I am working on my indicator. The aim is to develop an algorithm that can alert you with trades that have a small stop loss of 10-20 pips and big profit of 200-300 pips. I am focusing on using machine learning and artificial intelligence in my indicator.
I don’t know what algorithm the developers of Infinity Scalper used. They are known to me sort off. After every six months they launch a new indicator. I suspect most of the time they just the change the name of their indicator so that they can sell it. I have this suspicion. Anyway test of a pudding lies in eating it. If you test the Infinity Scalper and the performance is bad then that means that the developers don’t know how to develop indicators. On the other hand if the performance is good than of course you have hit a goldmine. The chances of that I have said above are low.
So first test this indicator thoroughly on the demo account. As said, testing means you should make at least 100 trades with it. Never ever start trading live with an indicator without first testing it thoroughly on the demo account. Make a Trading Journal. Make a few columns in it. The first column should be date ( simple). The second column should be time. Currency market depends a lot on the time of the day. Best trades can be found during the New York Market Session and the London Market Session. Asian Market Session is mostly dull. Don’t trade during that time as the market lacks high volume during this time. What this means is that most of the time the market lacks momentum and the trade will fizzle out without making you big pips.
So noting the time of the trade is important for you. Everyday economic news is released. This moves the market most of the time. So you should note down the time of the day. after that note down the currency pair. The suggested stop loss and the take profit target. The next column should indicate did you take the trade and whether stop loss was hit or take profit target was hit. This is how you are going to make the trading journal.
After 30 days, sum up all the trades and check how many pips you made and how many pips you lost. This will tell you whether you have bought a good indicator or not. If the performance is not good. Forget about ever trading live with this indicator. However if the performance is good, you can plan to start trading live with Infinity Scalper. Make sure you have a trading plan with you. You should have a fixed target something like making 100-200 pips daily. Don’t try to tire yourself everyday because trading is a game that requires a long inning to play. Good Luck!