Newbie, gonna work on scalping

Beginner Questions
1

Hello, I started trading about a year ago. Went live with a $1000 in a micro account and quickly took it down to $90. Typical newbie trading as I’ve discovered since actually studying. In the last 6 weeks I’ve brought it up to $250 using small lots. Progress. I’m learning how I need to trade with my personality and lifestyle.

But it has been via swing-trading and I don’t like swing-trading. Preferably, I want to be done by the end of the day. I can’t really do day-trading because of my work schedule. So I’m going to try another style. Scalping for a few hours in the evening.

I don’t yet have a “system” with my swing-trades. I just trade by watching for typical technical setups and paying attention to market sentiment as learned from pipschool. For the most part, I think I’m mostly getting lucky. I have learned that the “professionals” are almost as clueless as I am as to where the market actually goes (IMO). So I have no problem deciding for myself and trading my own inclinations. So far, so good.

The big problem with scalping is, of course, the spread. But even with a significant portion of winnings being eaten by the spread some have managed to make consistent gains.

At first I had no interest in scalpling but after reading some of the success some have here I’ve been practicing the last couple of days with my live account. I think I can do this :slight_smile: So I’ve setup my trading station for one-click trading and preset SLs & TPs. Not that I use them but just in case things move too fast out of my trading range or disconnect/power outage etc. Been looking for 1.5-3 pip moves for TP with single lots. Naked, just watching trends and SR levels on a 1min TF.

I’m interested in hearing from any seasoned scalpers that may be able to throw some ideas my way. Thanks in advance!

2

I’m not a scalper (hourly mostly), but what I can tell you is that making almost 300% in 6 weeks means you are overleveraging and will cause the same problem that you had initially. If you consider those lots small, I can only imagine what you were trading in the beginning.

3

I get your point. :slight_smile: And I thought I was being more conservative than before. I’m going to seriously look at that, thank you. I’m in this for the long term. The first few years I consider as an education. Hopefully a not too expensive one.

4

If you are looking to do some scalping I’d recommend checking out the MadScalper thread in the free systems section. I followed that about 8 months ago with quite a bit of success. I just stopped by there again and it seems they are still taking down some pips with it.

-Brandon