Guys, thank you so much for the replies to my question! I quickly got myself going with scalping. Like expected, it was… some kinda ride! Still is! But I wouldn’t recommend it to beginners like myself either. Early doors weren’t that good.
I tried Lang15’s method, it wasn’t easy to understand at first as I didn’t know much about indicators such as MAs and stochastics etc…did it anyway then I realised my broker wasn’t the best to try it on. So I tried MT4 and 5 as my platform and it worked ok, but I made more losses then I did wins. I also thought there must be other people Scalping with great success, so of course, I watch them on youtube and turns out I really didn’t learn much from them about Scalping…
What I DID learn is that these guys (and like most if not all of you who replied here) are experienced traders, who have been trading part time or full for a LONG time and established their own distinct set ups to be successful with such strategy, know the more fruitful markets, and have that mentality that requires no or minimal emotions.
So, as expected for a beginner, I was not as successful.
But what did I learn as a whole???
Well, I learnt more about myself while scalp trading.
- I didn’t have a proper set up. I’d normally wake up a little earlier than my own little ones to try and study as well as start scalping, but without having my own proper set up I would always be interrupted by the kids, or other things would require my attention. I would try again numerous times throughout the day but there would be something else that would come up or distract me and my initial trading thought would get broken and loss trade - multiple trades!
- Still a beginner! By the time I started scalping I still didn’t know much about indicators! so already I was in more of a disadvantage. Don’t forget choosing the better more comfortable platform!
- Emotions!!! There were definitely lots of highs and lows, more so frustrations more than excitements though! This was due to several factors that were running through my head when entering and staying on a trade. Thoughts like
“Did I have a good entry? oh no, I didn’t! Or maybe it’s just going against me!”
“Ok, I should have gone short, not I’m stuck! should I wait… How long much longer should I wait…??!”
these are just a few thoughts… I’m sure some of you guys must have had similar thoughts in the past…
Anyway, moving on I think, as a beginner it’s safe to say I still have a lot to learn before I properly try again. I’ve got my own homework to do (learn the indicators!). Scalping does give you such a rush, hence a popular approach. But Lalbine is correct to say “risky enough”. Like all normal trades should have, grimesmorgan have reminded me to put on my TP and SL. Although it wasn’t always easy for me to put them on during scalping, I should at least have a veiws as to when to Stop, Keep going, or close trade! I always did put my minimum during each trade (Maverdana) as I knew I not to risk a lot. In the meantime I am certainly not in a position to suggest Scalping to any beginners as mentioned by Butter_Kiss!
guys if you have anything else to mention (suggestions, criticism, recommendations, videos, etc) please do mention. I am still learning as much as I can, but it is a slow process for me.