Scalping is absolutely the worst form of trading for a Newbie, it preys on our human need for instant gratification. If you are prone to impulsive or addictive behavior then scalping will have you up all hours of the night trading and trading during adverse market conditions which will over time bleed your account dry.
leave scalping to the professionals 
With your trading experience what are the best sessions for scalping?Many scalpers prefer European session.
I also prefer the European session, really, but can cope with the US session until about 4.00/4.30 EST.
Benifit,
Hit your daily goals before the storm, >Check
7am, est, Im done for the day.
Today could be a ruff one, so watch yourselves. Alot going on
1 Like
This is why I scalp, If I choose to take profit of 10, price goes to 9, retrace. If I choose to get 9 pips, price goes to 8, retrace, I want 8, price goes to 7, If I want 4, price goes to 3.99, retrace. Thousands of time this has happened, and exactly why I would rather take 2 pips, then add tight trails. I ultimately did cut this trade loss for a 11 pips loss, had too. And by the looks of it, good thing I did. Going to be a grind today fellas…
youre using Heikin Ashi? youre the first person i ever see using Heikin Ashi!
why are you using heikin ashi? any specific reason?
Hey Turbo, I just use it on my Tablet, for bar representation. Easy to see on my tablet. Its not part of my system.
If I would of held out with a 20 pip drawdown, and like usual, it comes back down to my entry price of .7973 then whips right back up 20 pips, ahhhhhh, got to love forex huh.
Scalping as a beginning of your trading career wil be a really bad start. Expert advisors have such and advantage in scalping trading.
A generic but sobering slam-dunk put-down for all of us dreaming of easy gains day-trading from home:
Here’s What Day Traders Don’t Understand - Business Insider
He has a point, though :S
Yes, there is a lot of sense in what is said here, but I find it strange that in evaluating day-trading success they seem to also be including time spent on analysis etc as a “cost” factor! That to me is a strange approach:
“The average stay-at-home day-trader, meanwhile, trades his or her own money. And while many of these traders do fine on a gross basis (before costs), once the costs of this trading are deducted (commissions, taxes, research and information, time), their performance is usually downright awful.”
I dont really see how research, info and time are relevant in assessing whether day-trading is profitable. Having said that I do agree that for most people day trading will be a looser. In a crude way, I think this is readily apparent in the noticeable absence of threads on this site concerning, for example, taxation matters, cost/overheads management, pension scheme contributions, savings and investment, or any other topic concerning the handling of actual [I][U]profits[/U][/I].
I think one of the biggest problems for day-traders is overtrading and lack of patience. By definition, most day-traders will spend a lot of time close to their screens watching for signals and acting/reacting to news etc. It is difficult to restrain an ichy finger that hasn’t yet found a trade after several hours and it is too easy then to anticipate a signal rather than wait for it - often with sad consequences.
There are many pressures in day-trading which become greatly intensified if one is trading for a living. For example, if the day starts with a loss then it will affect subsequent trades which become attempts to make up the first loss rather than as independent trades. Any losses have to be covered before one starts to earn anything - can anyone take that kind of pressure constantly day after day, year after year?
On the other hand, day-trading for [I]additional [/I]income and/or capital growth can be a delight. There is no pressure to perform, one only needs take the trade set-ups that are really good, one can pick and choose when one wants to trade rather than having to, one does not need to carry open positions long-term if wanting to go away for a holiday or a break or whatever.
Day trading CAN be profitable, but it requires discipline and very good money management and preferably without the pressure of required performance in order to pay the next month’s bills.
That’s what online backgammon sites are for, I think.
I agree with everything you mention above, needless to say.
EXCELLENT POST,
Manxx
EXCELLENT!!
100% agree!
what the author in business insider meant with time spend factor is the 24/5 monitoring of the screen which you aswell described very good in your post has results of itchy fingers and overtrading etc and cost simply many trades many fees.
a long term trader pays spreads twice. a scalper pays spreads and fees up to 10 times a day and to gain minimum profit so a spread/fee cost can easily sum up to cost him 25% of his daily profits and therfore lower his entire profitability (this is all good as long as you win as you stated in your post, but when you loose this adds to it again) while a long term trader calucated on his gains pays 0,0something% on a several hundret pips gain
Yep.
Also, time is …
THE ONLY NON-REFUNDABLE COMMODITY
in our lives…
Once you give it away for free, that is it…
So…that is why the old saying, however tired and a bit of a cliche’, is still true:
TIME IS MONEY
Scalping is profitable ,you just need to know how to deal with dangerous stuff in your hand , the weapon is dangerous , only the time you don’t know where n when you shooting , so explosive thing can be helpful sometimes
[B]One more reality check for the Scalper Enthusiasts out there,
and then I will go back to my quiet corner (I promise)!
[/B]
[B]It’s fascinating, that you meet so many amateur wanna be traders in this forum, with so certain beliefs In reality they have absolutely no condition to think and say anything about trading at all …
[/B]
Description extremely stupidity for all who are interested to learn something about trading.
I think many mixes active day trading with scalping.
For me scalping / daytrading is a part of the toolbox that is good to have, when opportunities present themselves.
As well as a good exercise to develop your technical at entry and exit. not least maintained the focus and concentration during a trading session.
Let take a look what at pro saying about scalping.
[B]The Pros and Cons of and Keys to Scalping[/B]
Mike Bellafiore
In this post we will address the pro’s and con’s of scalping, what is needed to successfully scalp, and who should and shouldn’t consider scalping.
[B]Pros of Scalping[/B]
You do not get caught in reversals.
Stocks that trend in one direction and then head in another. $TSLA seems to reverse on me often.
Your win rate, percentage of successful trades, will be higher. A good scalper might have a win rate of 80 percent on all trades.
Trader does not need to know much about the stock. Some scalpers scuff at the need to know the fundamentals of a stock. What was that news in $AAPL? not required.
Breeds very consistent traders who may see few-zero losing trading days.
One trader we trained to scalp, Z$, was positive everyday for over a year.
Requires very little trading capital.
This is very efficient way to trade.
Holding $NFLX overnight is expensive.
Can be a very profitably strategy- seven-figure traders.
[B]Cons of Scalping[/B]
Trade precision is required. You may have to enter to the penny on the right entry price.
Subject to responding to too much noise in the markets. Every tick may manifest a trade decision.
Commissions can add up. Scalpers can trade as much as 300-500k shares a day on average.
Trading for crumbs and not the “real money”. Forex Guy wrote, “Swing trading allows you to catch the ’meat’ of the move by generally holding a position that can last anywhere from a few days to a few weeks, sometimes months. Much better than day traders and scalpers who spend hours in front of the screen to pick up breadcrumbs.”
As Trader Amy notes above, scalping can be exhausting. I remember trading in my 20’s utilizing a scalping strategy and being so tired on Friday’s that I would almost pass out from concentration exhaustion after the close.
[B]Keys to Successful Scalping[/B]
Reading the Tape skills
Screen time
Great connectivity to markets
Psychology to be wrong and move on
Quick thinking
Lightning fast execution skills
1m and Tick charts
Numerous routes to execute your orders
Patience to wait for edge
Sniper’s mentality to strike and move on.
Well, my scalping days are over. I spent the entire weekend learning ICTs logic.
This 50% in, 60% out stuff isnt working for me.
If scalping did anything for me, it was definitely, ummmmm, nothing really, lol…
Focusing on double digit TP now.