Thursday May 17th

[Mins]

Quote from triggertrader:

ha ha. didnt mean to scare you off. maybe there are some people that have scalped and made money but i havent. i was a newbie once when i started it and made huge profits but then started to lose. it really depends what market you are scalping and also how much you're looking to scalp. then of couse the money management you are using to back it (where you place stops if any) work in conjunction to the system you are using.
what i would recomend is to paper trade and back test your scalping strategy if you can over a longer period of time. this would put your account in a safe zone and see if you can make money.
you mention you enjoy it. well that is important. it was too stressful to me. i can't get in and out 10 times a day and grap small ticks here and there. it was confusing and dangerous. sometimes i was in and out so many times i didnt know if i was long or short. i had to call my broker to find out becuase i was so confused with it.
one thing i can tell you. traders are diffrent. some people can deal with that type of style. some can't. it just didn't work for my personality and my bank account.

Thanks for the advice mate.

All my scalper strategies are based on pre-defined parameters for exit and entry. Each strategy has a target and a stop based on the market variables and the strategy which is in play.

Moreover, i am continually learning and trying to improve my strategy everyday: reading new complex books, learning programming and reading forums all over the net. I am trying to employ the same discipline towards learning that i did towards achieving my degree in Economics, hence, i would like to have deciphered as much information as possible and put it to use within next 4 years.

Regarding your point about too many things happening at the same time. I was just discussing this point the other day; i don't feel overwhelmed whatsoever, i currently have 6 screens setup and can view them for over 12 hours easily. This maybe due to the fact that i am young and moreover these types of fast moving data has already been embedded in my mind playing fast real time PC video games.

The movement in playing PC games and quick decision making can only be gained with years of practice, and i feel this really helps when it comes to trading. I know this sounds like a rather frivolous point but i really feel it has some merit. There are always some who get overwhelmed with real time strategy games due to the speed you have to play them, for veteran gamers this comes easy and processing a lot of information becomes easier. Sorry if you don't agree with this lame point.

Being a bit of a computer geek does not hurt either


Good luck with all your endeavors friend.