scalping is tough, very few can do it well. Those that can, god bless them. Look to trade longer term. 4 hours + hold time. My average hold is 8 hours up to 3 days on my shorter term systems. I have longer term systems too. My two cents, it's more difficult to trade shorter term than longer term.
let us decide that: this is a forum to discuss and exchange ideas with the help of charts. i agree you are are the best trader in the world who uses neither technical analysis or any analysis at all- you must guess well. so you do not need to be-we need others help. why are you here?
Market trends and ranges. Profitable traders know to pyramid into trends and stay out of chop. If you don't pyramid into a trend (make the most of ur winners) you will lose over the long term If you cant figure out how to stay out of chop you will lose over the long term as your account will quickly erode You must do both Start with a journal. Start with one instrument. Use three time frames. 1 minute 5 minute 1 hour. Record ur performance every day. Each new trading day record ur observations, trade rational, profit or loss on the day, the session price range of the instrument traded and whether it was tradable or not during that time u were in the market (ie not a news spike) So for tight range days u want to see in ur journal u put on a low number of trades. And took a small loss. If ur trades per day are high and ur taking large losses during range days u need to focus, clamp down and figure out how to stay out of the chop as it's killing ur account Same with trend days. Record all info. Session range etc. If ur not capitalizing on trend days with more positions on during the ride u will lose over the long term. If u don't see this in ur j Journal then u need to figure it out
This is true. Ideally us human traders should all be day trading our entries and swing trading our exits. Iow minimize risk and maximize profits.
i know, how i should trade, if i want to make a living. but i just do not have the capital, i need to trade for a living, like a pro:so i trade like an amateur; i trade with lunch money with large leverage so ...i keep blowing accounts. i do not blow accounts because i do not know how to trade.
if the market, is like in the live chart [below] of eurusd, why on earth, would anybody scalp:it is only when the market is volatile in a range then scalp is an option
Two big reasons: 1) Trading psychology. Some traders ego get in the way. The friend I was teaching to trade, she had a huge position on VRX then, in a downtrend. She bought call options. I told her she was trading against the trend. I told her to buy put options to recoup her losses. You know what she did? She bought more call options, adding more and more losses! Ego got to her. She cannot believe she is wrong when the stockchart clearly shows the trend is down! Like running towards a tsunami and not away from it which is the correct decision! 2) Risk Management, no matter your account size, you must not risk more than 2% of your account in any trade. If you do not follow that, you risk blowing up and losing all your monies! So, if you have an account size of $2,000, you cannot risk more than $40 per trade. If you have an entry of $20.00 and stop loss at $18.00, total risk is $2.00 so, how many shares should you trade? $40/2 is 20 shares@$20 is $400.00 allotted to that trade.