Scalping Entry Signal
- Thread starter kyamato
- Start date
use the smallest liquid time frame.
I actually swing using M1 which most traders may call scalping because i close quite soon usually.
I use huge positions and when i say huge, i mean HUGE the max.
i also accept that it is not possible to catch the ,low or high, so i use wide stops.
would advice approach scalping, the same way you would approach a man eating lion: with extreme caution ; it can kill you very fast
I actually swing using M1 which most traders may call scalping because i close quite soon usually.
I use huge positions and when i say huge, i mean HUGE the max.
i also accept that it is not possible to catch the ,low or high, so i use wide stops.
would advice approach scalping, the same way you would approach a man eating lion: with extreme caution ; it can kill you very fast
fordewind :
what do you trade? M1? what is the average volume in usd in a liquid contract like ES?
I trade CFDs on indicies.Didn`t get your second part..
More likely you`ll fail.On 5 min you can tread water at best, if you have little experience, while 1 min will whipsaw you to death.You can try 1 min where liquidity prevails - on open/on news/events, for e.g.
if you look at M1 then only look at eurusd
Gut..feel... bias... sixth sense. = machine learning using your brain over 10,000 hrs screen time watching ticks fly.. price is multi dimensional in its indications and movements.
It took me a solid 7 years just to get profitable scalping and another 7 years to get very good at scalping, it is not so much as the entries, as it is of knowing charting like your heart beats and you don't control this function. It truly not a road you want to venture down unless you want to lose your mind. Except for several months, I have never had to trade for a living as I trade for my 401k, so this really helps on the stress. You have to concentrate strictly on risk management constantly, you have to get risk of losing under 5% if you planning to make any money. I never learned back in early 90s to day trade well enough, I should have stayed try to do that, but it only took 39 years for me to develop a scalping/day trading system that hardly loses, 100% based on charting first, 40% based on indicators but they are chart produced and all risk management comes first. So take 14 years or so and learn charting, then you can trade anything.
I can't say enough nor recommend to anyone to learn how to scalp, you have to be a glutton for pain or you don't need the money and love challenges like me.
It does change your personality as well, you become more humble, more quiet, patience increases and very disciplined.
Adios