What did you do when you realised you were a scalper?

[TraderSan]

So I have realised the way I trade is scalping...

I have spent weeks denying this, because it sounds so risky.

However I am able to make 20+ trades a day with 90% or so win rate.
My stop losses are dynamic and generally I am either right or wrong, and if I am wrong I exit with a 1 or 2 pip loss.

Sometimes I get greedy and once my stoploss is at breakeven Ill setup a trailing stoploss however still working on rules for that...

My main question is, are there professional scalpers and if so when did you realise scalping was for you?

[purplepatchforex]

Sorry, but that sounds more like Pacman than scalping to me!!

What you are doing is studying very short term price action and benefiting from it, not a sustainable strategy in my view, scalping is more about taking a slice of something.

[HDvision]

Hi, as long as he is getting money from it, where is the problem. maybe he will offer his strategy to us. would be nice to hear how it is working.

i mean there are so many different kinds of trading forms/styles but not every style is for every trader.

[huchonok]

i don't think that scalping is bad idea. the main aim is to make profit, so you don't need to name your way of trading if it is working for you.

[Jezzode]

Sclaping can, and I regret to say, be profitable.

But ask yourself this. Why go for one slice of the cake when you could work a bit harder and take the entire cake in a single trade. That single trade not only costs you one round amount of spread, but also reduces the risk significanty as your not trading 20 times in a single day. Just imagine, your trading 20 times, paying 2pips spread per transaction. Thats 40 pips you paying out in a single day. Thats alomost as much as I aim for in a single trade. Your broker will love you, I would love you if i was broker, the word love in the dictionary would have your name next to it!

Just take it easy, stop looking for a fast buck in quick fire trades, and perhaps learn to take the bigger ride. Just imagine how less stressful you will feel when trading once or twice a day as opposed to 20 times per day?

[Tansen]

I cut myself

Off from everything; Eating, talking to people, even going to the bathroom in a few occasions.

Course naturally I got lazier and I wanted a big return in one go.

[MeiHua]

I really think there is a huge bias in this forum against scalpers. I personally know some very successful scalpers. I would say some of the most profitable traders I know who have been trading successfully for over 10 years are scalpers. There is no reason to deny your scalping, remember trading is a very personal journey. If your staying disciplined and following your rules, which in your above post sounds like you break sometimes. which is bad will ruin you as scalpers need much more internal self checks because they are making more decisions with less time as opposed to swing traders. Most newbies fail as scalpers because they a) don't have a successful system b) don't have the mental discipline c) do not have the proper psychological/internal self checks. if you can bring those elements to any trading system you can be successful. Just remember this, a majority of the successful pit traders (locals) were a scalpers or market makers, so saying it doesn't work is BS.

[MoneyNVRSleeps]

I agree Mei,

I cant remember where I read it, but its being said, Long term Traders, are Slow bleeders.. Because the Market moves so much, you can sit on a trade for days, while profits are slipping away. But also, it depends on your income expectations, and time you have to commit to the career.

Thats the gray area, of being fulltime, or parttime. If your fulltime, is that 40 hours a week, Im which case, scalping your way to mega millions? Or part time, just getting larger chunks, but less risk with higher margins, and longer chains, which, down the road, = MAYBE, not so much.. lose 20, win 2, but still up, Mehh, not me..

I have time to scalp, so I scalp.. If I had only 10 mins a day to look at the charts, then, of course, I dont have time to scalp, so it would be longer time frames, and wider ratios for SP and TP..

Isnt this fun?

[MoneyNVRSleeps]

O, and I want to add this, while we are at it,

Newbies are master scalpers, you know why?

Take a guess, I will post my answer at 3PM, est

Im curious as to why this is, or why I think so anyways..

[MeiHua]

O, and I want to add this, while we are at it,

Newbies are master scalpers, you know why?

Take a guess, I will post my answer at 3PM, est

Im curious as to why this is, or why I think so anyways..

Oh god tell me! The suspense is killing me.