Hello everyone,
I am looking for the most profitable (when risk is taken into consideration) scalping method that is available on these forums (because obviously it is free here). I am sure someone has experience with multiple methods and I was hoping that you could give me direction towards which threads I should be looking at.
Also, if you could tell me which method you prefer over the other, or rank the systems in order of preference I would be most happy.
since i already know its coming ill just post it, on this same forum look for a thread called madscalper, i heard it works pretty good and its easy to follow
Yes, this is the only method that I have actually looked into so far. I was just wondering if anyone could direct me to any other methods that could potentially be more successful than this method.
In the end I will most likely try all of these methods myself, but I would also like to gain a good foundation on all of them. Thanks!
This part is up to you not the system. The thing that will kill you scalping is big losers. To avoid that you need some discipline. I feel the particular system you chose to use is not as important as your execution. I know that does not answer your question but if you cant manage your risk extremely well you will get into trouble fast with any scalping system.
Most people will tell don’t wast your time scalping. I say try it if you want its not easy but it can be done and if done well the profit can be quite good. If done bad it can wipe out your account fast! Keep that in mind when a trade starts to go bad.
Hmmm, you make an interesting point. I was always under the impression that scalper’s made the most profit because they get to ride on more cuts and curves than swing traders.
I think I have pretty good money management discipline so this should not be a real problem for me at least.
So, you want something for free, because it’s obviously free here.
Here’s free.
Study your charts.
Learn to recognize patterns.
Drop your stop loss to almost nothing.
If you can’t get in at your planned price, pass on it altogether.
Buy a toupee, you’ll be the one scalped.
The guys that post their systems on here are a benevolent bunch. Most others are not that giving, being they’ve probably spent thousands of hours learning to do just what you want for free.
Spend the time to learn it for yourself. It will mean more.
I guess you are correct Master Tang. (Sounds kind of funny to say it in this sense)
I guess I am here hoping that someone will put me on the right track for scalping. You mention looking at patterns, other people use pre-made indicators or customized indicators while others use something else.
If you think patterns are the way to go for scalping then I shall give it a shot as well.
I’ve been trading many different styles and strategies since 2005, since I’m a firm believer in diversification.
To scalp, since this is what seems to interest you most for now, my Tp is always spread*3 or more and my SL is always about same amount + spread. Just gives an example…
One caracteristic of my scalping system, which has enabled me to stay above water even on harder times, is the fact that the same strategy base is used for all trade posibilities : trend trade, counter-trend trade, and range trade.
Now for all three, a different approach is used for each, but the basis of the strat stays : same indicators, same trigger. Of course, TP and SL are never static, never fixed, since momentum and volatily always changes.
And no, according to my little experience, scalping is not more profitable than intraday, swing or position.
Hope this helps a bit! Good luck in your studies !
There is obviously not ‘‘a way to go’’ in scalpin or any other style of trading. There is only ‘‘a way to go’’ which works for YOU, with your temperament.
So keep your mind open and be curious. Youll have more chance finding ‘‘your’’ way to go.
I think you’ve got the wrong impression, though don’t feel bad about it, when I started trading forex I had the same thoughts. You’ll realize why once you start scalping but here’s the idea.
A scalper has a different mind set. Smaller targets and stops due to a shorter timeframe. A scalper may take ten 3pip trades for a total of 30pips. Good for him/her, 100% win ratio and yes maybe he or she has great MM; now look at the day trader:
Day trader looks at his charts, places a trade that fits his plan/method/system, goes to sleep and wakes up with 30pips.
One is more work, though depending on the personality of the trader, one may wish to be in the markets more. I tend to be the second trader example now. Scalping lost it’s interest after a string of losses and time constraints. Now I just turn my charts on for 7 minutes a day and the system pops out 30 pips by the morning.
I’ll hopefully be posting the system to the forums soon however it needs some refinement.