Popular approach, though risky enough. So be careful, but we certainly expect positive results from you, it is good that you have created such a discussion, it will be an additional motivation for you.
All right, to understand yours or not, you need to try everything in practice, and then you will know exactly what it gives you. I think you can do whatever you want, just don’t forget about risk management and proper capital allocation.
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.
Trading212 is not for scalping, trust me. First of all it’s not allowed by user agreement. Up to date info says that opened positions should be held for at least 5 minutes. While, i have no clue how serious they are about this statement, but better safe than sorry. Addition to that, spread is awfully horrible. Which means you’re gonna get 0.011p difference in let’s say EURJPY in good conditions while usually it’s gonna be around 0.03-4p range. It might sound ok, but compared to other brokers it’s very noticeable and makes it harder
Learn the no nonsense forex way. I did and it does work. Go to https://nononsenseforex.com
You have to put a lot of work in and there is no instant gratification. but once you have learned, it feels good to be in control and you only need an hour a day once you’ve learned the basics (in one bracket) and dont revisit til the next day. (You will never stop learning it though) plenty of time for your children. its fun to learn and start from the beginning. put your real cash down for 2 years and just demo. best wishes
Hows this been working out for you?
Ive been on demo now for a few weeks.
Financial channel advertising channels on YouTube. I think if you apply them, you will hardly be able to profit. There are only a few things to learn within that method.
I like it. It is a different mind set. my screen has 3 indicators on it and 2 more on the price chart. Looking at Price action is almost irrelevant. the buy/sell triggers are in the indicators with the baseline determining the direction you’re going in. you need to watch every video and listen to every podcast as he drops little nuggets of gold in places you don’t expect. For example, my baseline is 1 line from the ichimoku cloud which I have totally pulled to bits and found my own setting. It has allowed me to not be one of the crowd as its not ‘out of the box’ like a moving average. you would only think of doing something like that if you watch the video on ichimoku. just 1 example. It works best on the daily time frame so You only need to spend an hour a day when the charts change. the rest of the day can be dedicated to finding a better indicator, learning more or going fishing or to work.
I have been trialling on the 4 hour chart during Covid lock down. Its OK but the gains are small but has got me into my normal daily entries earlier but takes a massive chunk of your day away if we weren’t locked down. not going there but a day trader could.
Give it a go, the videos are fun. especially the dirty dozen where he gives it to every popular indicator.
Been doing it on demo for 2 weeks, still waiting on all indicators lining up though, I saw on dicord someone mentioned that its not a good time to enter NNFX trades at the moment, due to low volume and $EVZ always seems to be under 8.
Not a good time as NNFX is a trend following system and too much whipsawing. But there is still some good trades and the system doesnt allow you to lose too much. is a good time to backtest. My set of indicators has still been giving signals but the runs are small. test new indicators until you find good ones and a good combination. it’s taken me a year and a half to find ones im happy with. Use ATR to set stop loss and targets. If the trade only travels 1 ATR before being stopped out, then its successful. It is good practice of money management which is half of the NNFX way
great videos though, hope he made lots from them. learning a few things is good. un-learning things was equally as good.
lol yeah, I learnt that the first time around but my scalps were over 5 minutes at a time, however, there were times when I was actually able to close before 5 minutes. I guess they have to allow for trades mistakenly taken…? I’m on MT5 and demo on MT4. I hardly use 212 right now, only when I think that there might be a nice trade that would be over a day or so =)
Hi thebrettski2, you know I actually came across their Big Banks video not long ago and have been following them since! I haven’t watched all of them, as I am taking my time. Currently taking notes on half of the Dirty Dozen clip but I feel like I still need to actually practice some of the tools to understand them. I have also listened to some of their podcast which is helpful. how far are you into in now? Still on demo too?
Btw what’s NNFX??
I am also trading almost scalping. Scalping needs to know how to choose a broker
NNFX = No Nonsense ForeX
I will stay on Demo for another couple of years. Sometimes people learn something for different reasons. I had a brain heomorhage. I used to be a good guitarist and forgot everything and my left hand is too weak to cut the strings off on the bars…poo. I was awake for half an hour a day. I always remembered chart patterns like bats and butterflies, sharks and other animals and decided to learn elliot wave where the animals all came from. great for brain power and now back to work and semi normal (no guitar though). I learned how fibbonacci tied in with it. bats and animals cant be backtested coz you can only see them once formed. Then I found this VP dude and he was bagging every known indicator out there including fibonnaci but never elliot wave and some of his examples followed elliot wave to the letter. I was interested and did what he says and start at the beginning.
He asked us to search for our own indicators but as i previously mentioned, he drops little gold nuggets every so often.
I use 7 indicators as he says to use and the ones I use he gave us. I didnt have to search. I did watch and listen to all the material though and they are all there.
Sometimes you’ve got to pull things to bits e.g. the ichimoku - but he says to do that too. aroon up and down I use but have modified it. he didnt say to do that but a little latteral thinking and backtesting will show things. he gave us the REX. brilliant for exiting and if in the right place, brilliant for confirming a trade. only work with things that can be backtested before forward testing. staying off the radar as he says is paramount for example i learned that the 61.8% retracement is self fulfilling and is closer to 66% coz you get hunted by the big boys. so you go to 66% retracement and 70% will become the new normal. My baseline formed from a deranged ichimoku is very similar to a 20 dma but not quite and no chance of being included in an expert adviser or trading robot.
And VP is not the golden goat to worship. example he sort of dislikes moving averages but i use a 200 dma and if i get a buy or sell signal anywhere close to that i opt out coz 9 out of 10 times its a loser. the 200 dma is a wrecker. It’s good to take a trade but your limit must be your side of it.
sorry for the big rant but hope you get something out of it.
deally brokers based in the UK and properly regulated. Of course I’ll be imitating my real deposits on demo accounts.
Any feedback would be awesome guys, and I’d like to share my feedback as well, once I’ve done my own scalping experience!
But the conditions on the demo mode are different from the main account, aren’t they?
No different. Only in your head. You can be a gun on a demo account but when you add your own money, your emotions go to new levels and you may get spooked by trades you wouldn’t worry about in demo. eg draw down. you could easily intervene if losing real money, only for it to come right once you take your loss.
Dude, sorry to hear about your unfortunate situation, but hopefully you manage to see the upside of it as I can see that it’s doing well for you with FX. Great to hear how far you’ve come from as it gives me (and I’m sure others, too) more hope with sticking to the education. I always thought I wouldn’t be using all the tools, here too but still good to know what they are, right?
I can’t and won’t give up on the school of pipsology as he mentions it as a starter point. I’m also enjoying it so no reason to stop now!
Powter - I’m with Vantage FX at the moment bud. They’re based in Australia with decent and fairly quick customer service. Spreads aren’t too bad. I know you can also get better ones but some do ask for a bigger deposit. One thing I’ve been trying to scalping with it Gold - where do you scalp?
Salaloyul - with Trading 212 their demo was ok. FX is only monday-friday but they also is the pairs going over the weekends as stimulations if it helps. I know some would also do the same though. Any other differences wouldn’t be too distant otherwise, there would be no point being on a demo if it didn’t reflect live accounts, right?
“I can’t and won’t give up on the school of pipsology”
Sound logic… By doing it you are also learning discipline and patience as well as what your competitors are doing. That’s a huge edge - Our national rugby team in Australia, The Wallabies went to England in the mid 1980’s and won every game. The final game was to be against the Bavarian’s, a collection of the best from Great Britain and France. Every TV frame of the Wallabies on that tour was studied and it was a given that the Bavarian’s were going to beat the Wallabies. Out of respect for his players, the coach Alan Jones played ALL of his bench & reserve players that hadn’t played a game over there. The Bavarian’s hadn’t and weren’t able to study their enemy and got thrashed. Knowledge is power.