Do you think that scalping like the guy in these videos is better than using a more position/swing-trading strategy? Is scalping possible with a hard stop loss order and not exiting a loser by hand?
For me, the shorter the time frame/ average time in trade, the better. I like it that way, it is fun, you have very limited stress, you can get very consistent results. But for another trader, it might be different. There is not THAT best way. There is only a best way for YOU. You can scalp with a hard stop, but I prefer to get out of a trade with discretion, for several reasons. One of the reasons is described here by Tom Baldwin, legendary pit trader, one of the biggest scalpers in the bond market ever: Tom Baldwin: "That is the key thing, it’s emotional. The bond market, because of the liquidity and way it trades, if you are unemotional and you pick your right spots with timing you’ll be able to execute your trades at better prices than if you are emotional about it. You would then save the kind of money you are talking about. I’ve always found that when I’m in a losing trade, I would like to get out but I know the liquidity isn’t there, it’s not offered, nobody want’s to take the other side of the trade to let me out. So I need to pick my spot where I’m going to get out of my trade rather than just throw up my hands, I can’t take it anymore and bid 4,5,6,7,8 and then throw up my hands and take my loss Every time I ever done that the market went my way then immediately went down the other way. I often found that by staying calm and getting out with resolve, continually buying it with patience, which is hard to do when you are losing money. Its not that this is easy."
Too many last ditch spikes to take out SL levels, which hit you SL before reversal, only use SL as far away big move protection, even then they generally slip so hard, it gets me out the bottom way beyond the SL. Depends on your setup and market and time mind.
I don't use, mainly I'm in and out to quick and setting a SL takes too much time via mt4, i just have the exit 1 click away.
How can i get SLd out without an SL lol The odd moderate loser is worth it for a 90% win rate, better thsn many small losers which could of been big profits, tricky balance mind, my current struggle.
You said you stopped using stop losses because you got stopped out by spikes, using stop losses is extra important if you are trading shorter term with higher leverage. What happens if you’re caught on the wrong side of a large move and your power cuts or internet goes down? Those one time occurrences can wipe out a lot of work.
I will add to my question - do you use any charts for scalping? Or just the ladders? I noticed there is some kind of negative bias towards using charts in scalping as it is seen as not professional
I can close orders on my phone, i trade more via ipad, but if on the pc ipad will be near and has 4g. Lost 3g on holiday last week, 4mins before i got it back, closed immediately up 200bucks, can work for and against you.