Registered: Aug 2007
04-16-12 01:07 AM
Quote from oraclewizard77:
Well, you would need an edge. For example something that has a high win% which suggests with high probability the direction of the market over the next 10 min or so.
Now, its very unlikely that someone who spent many years and money finding this edge is going to tell you what it is for free.
However, remember the edge is only 25% of what is need to win at trading. You need to determine how much to risk vs reward for each trade, be able to not over trade / revenge trade. Have a trading plan, and keep at least when starting out a journal of your trades to be able to review and see what you are doing right or wrong.
Actually, scalping is concentrating on extremely low losing percentages, cause one adds on at every tick against the position so that brekaven trades on original entry is huge winner on all the better add-on prices. On days where the original entry is breakeven all day long is perfect for me cause of averaging down at all Dom levels and getting out at the original entry price, I have cleaned up.
Yep, you have it right, a great trading plan, well backtested.