QUOTE=n_aftab;3162]do you have a plan that your willing to post?[/QUOTE]
Great advice. You can make money scalping it’s no harder than making money swing trading. You apply different concepts. But one is not harder than the other, there all hard. Think of it this way; no matter what shortcuts, easier, skips you think or hear of. They have all been tried before. If there was one set strategy that was 100% , we would all be using it.
Whether you scalp, day trade, swing trade or position trade. It’s the same and no matter which way you decide to go, the path is the same, if you want a chance at long term success. You make a plan based on your personality, the money you have available and what you are trying to achieve trading and you need to write it down so you can refer or tweak it as neccessary. Your written plan should outline your trading method, your money management and the rules for both. After you do that, you work your plan using patience and discipline.
Trading Method. Rule of thumb: the shorter the time frame the more precise your entries and exits have to be. No matter what method you decide to use you will need a set of rules to trade by. For example; Start by defining what scalping, day trading swing trading or position tradings means to you . Not anyone else. For example my definition of scalping is trades that are opened and will most likely be closed by the end of the London session. Another trader may have a different definition. Figure out yours.
Rules. Your rules need to be very specific, again the shorter the time frames the stricter the rules. A couple of my scalping rules. Only trade between London NY overlap. Only enter on a simple moving cross, when shorter period is above the longer period, trade will be long, when longer time period is above shorter go short. SMA must line up with Stochastic. Trade must be verified with support and resistance etc.
Money management. You base it on your situation, your goals and your personality. Example, some traders can’t sleep if they have to hold a position over night or over the weekend. Some traders set and forget. Some traders use stop losses, some don’t, some base money management on building a bankroll some to conserve.
You need to make a plan based on your situation, personality and goals no matter what type of trader you are. As far as posting for other to see. Great idea. I did not post mine on any forum but instead I had a successful trader (my definition of success) review my trade plan and discuss any changes. Good Luck
Gp