Quote from SethArb:
if you change your size on days like this
for scalping ? maybe less size or take less profits or cut losses shorter ?
Yihaaa!
Of course I change my size ...
I almost pissed my pants on this one!
I normally do incremental averaging on trades - but like now I went half my normal max-size immediately - then tripled that into big-size. Therefore I don't reduce size on scalps - since I increment the trades normally - on a discretionary basis. I do scale out if I have the sense to do so - and not at least the perceived time to do so.
I was getting eaten by ants in my pants because of my advice here, and not taking a position myslef. With the sentiment clearly showing itself here I added to my position 3 times all within a range of 2 ticks from the recent top ...
I set in an "adaptive stop" - but could bearly watch as 10s of Ks were flying up and down ... it was insane - but I knew I wouldn't take a very tough beating - since my stop was below 1.3380 - and very tight. Then I set my initial target to +20 ticks .. but then sent it further down after adding and seeing the forces in play .. I just got a nice juicy +26 ticks.
I only adjusted my stop once - to 1.3365 after it fell to mid 50s to at least be sure of roughly 5 ticks. Phew, I think I will go and clean my pool a little now. What a cliffhanger. Some big players moved on that one.
I still think we will see a range below 1.3350 for the end of the day - and possibly a close below 1.3300.
I just am shivering and jumpy on this one - very heavy leverage and close to maximum luck with the target ...
I guess I could do this professionally - and not recreationally like now - but I will never work for anyone anymore - done it a few times - but I always liked to be my own boss. I guess I can do position-scalping like this whenever the conditions are right ... I thought it would be much slower and needing to adapt the stop a lot - but, hey presto! and with some juggling it jostled it's way to my target.
It's only now I feel the pain in my fingers - probably cramped by the tense action and this fast typing.
