Scalping strategy

Advantages:
No need to pay attention to technical, fundamental or any other analysis.
Disadvantages:
Spreads eat a big part of profit.
Reward/risk ratio is usually too low.
Not all Forex brokers allow scalping.
Requires a lot of time for trading and monitoring.

How to Trade?

Currency pairs with a lot of intra day volatility but low spreads are recommended (EUR/JPY, GBP/USD, EUR/USD and USD/JPY are good examples).
M1 time frame is optimal.
Optimal trading time is during the Asian trading sessions intersection.
Prepare to enter the positions by closely monitoring the market activity for 5–15 minutes.
When you think that you "caught" the current short-term trend, enter a position.
Set stop-loss to about 10 pips.
The general rule for target profit is one or one-and-a-half spreads.

Example

You open Long position on EUR/USD with 10 pips stop-loss and target for 4 pips of profit. After 20 second the position reaches 4 pips of profit and you close it.
You open Short position on GBP/USD with 10 pips stop-loss and target for 4 pips of profit. After 3–4 minutes the trend unexpectedly reverses and the position is closed by stop-loss.
You open Short position on USD/JPY with 10 pips stop-loss and target for 3 pips of profit. After about 1 minute the position reaches 4 pips of profit and you close it.
You open Long position on EUR/JPY with 10 pips stop-loss and target for 5 pips of profit. After 5 seconds the price spikes and the position reaches 12 pips of profit and you close it.
That's 10 pips of profit in less than 6 minutes. Of course, it's purely hypothetical.

Read more:

• The Amateur VS The Professional; The Difference is in The Mind
• A story of a trader: ‘Trading can take over your life – but only if you let it’
• How to Filter Good & Bad Price Action Entry Signals
• The smartest way to invest your first $1000
• Should S&P500 be afraid from Friday 13th what the statistics look like