Hey guys, i was doing my research on youtube since i’m a begginer and i found this video!
Is this some good piece of advice or not viable?
Scalping is not a good idea for a beginner. Probably the quickest way to lose money, that’s why brokers suggest it
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Good points for new traders -
look at the wider perspective to indicate preferred direction, up or down
build a position with a small position to start with (“Entry 1”) but plan to add to it
wait for price action confirmation before adding to the position
Bad points for new traders -
confusing guidance where entry signals apply
no guidance on where to put initial stop-loss
vague guidance on adjusting or trailing stop-loss (“pivots”?)
vague on when and how soon to compound running winning positions
using off-chart indicators just adds confusing data, not helping decisions
3 MA’s, SAR, unusual candlestick setting and 2 off-chart indicators included in trade process without justifications
This isn’t a complete set of system rules, so don’t even bother trying to demo it just using the clip. But there are good principles in the clip and you should be able to build something just as good in a demo account but more consistent to follow.
(The presenter is relaxed and informal, but the clip is repetitive and therefore boring, with an unjustified familiar style and affected delivery, suggesting condescension: personally grating.)
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some brokers do not allow scalping, so doing this with the wrong broker may get your account frozen.
I heard stories in the past of plus500 freezing and closing accounts for excessive scalping, since it is or was against their terms of use
Yeah, some brokers don’t like it. Check the broker T+C’s before doing it
Scalping is for experienced and resourced full-time traders to do successfully.
There are scalping bots that trade probably better than most people could, those can be downloaded on the internet and run on a terminal for a retail traders account.
The appeal to scalping is the attempt to assure profits, and put your fears at ease. That’s understandable, and not necessarily a bad objective but it is for experienced and resourced full-time traders to do successfully.