i have my trading plan in place,i know my SL/TP how much I will risk etc etc and I will absolutely not move away from my trading plan,
However… after all my reading,iam stil needing tips on what indicators to use for scalping/day trading? I don’t expect to be spoon fed but I really cant figure out what is best for scalping/day trading,
Its not something I want to bring up but I do have memory issues due to mental health,i think I have read so much about trading I have a mental block on processing any more information,i I cannot figure out to save my life after two days of researching,what indicators would be best suited for these short to one day trades,ive even been over the education on here at least five times and nope,
I would genuinely appreciate help from somebody,even if I have to pay then I will, I don’t want to go hell for leather until I have this 300000% sorted in my head.
sounds like ur inviting the wolfs to dinner. do not pay any1 a cent. trading with indicators may work but u have to backtest them and find the correct values etc…may i suggest a price action aproach? meaning write down(if ur memory doesn t retain much) stuff like determining in which market condition u are… is it trending or ranging. learn to define those(which can be rather simple… trend higher highes and higher lows and range bound market when price is bouncing around 2 levels.) then look at some nice candle patterns like pin bars, engulfing, 2 and 3 candle pattern reversal and just use those to confirm a trade.u can add some emas for confluence(say price it s at top of a range and it s makin a pinbar or a 2 or 3 candle reversal and u also have the 200 ema on top, that s confluence(the more the better)).u can use divergence also to confirm etc. or fibs to determine areas where to buy the pullbacks in an trending enviroment etc…it s not that hard but u gotta know how to spot these things, choose the direction based on higher timeframes and then drill down to ur preffered timeframe to trade on around those higher timeframes levels and bias. u can totally day trade what i ve enlisted here. it all down to u but do not go an waste money on info that s free all around, they re just repackaging and selling 100 years old info.
hope this helps. cheers
scalping/day trading can be very profitable, but equally they can be very costly. It’s a difficult skill to master and starting out that way will very likely result in losing a lot of money.
I’d suggest picking out a good entry point on a higher time frame with a trade time of weeks to months as being a far more robust trading system. It’s less profitable in that you won’t make a lot of money quickly, but much higher percentage. Entry points can then become easy enough, draw support and resistance lines on weekly time frame, when the daily hits that line and goes back on trend (confirmation), then you enter back in the trend direction. Easy system, much more reliable than scalping.
Of course, right now you want to be nowhere near the market with that system.
thanks for taking the time to reply guys, I have taken note of what you have both said, I honestly don’t know how I can keep taking in this info,its looking almost impossible to me but Iam doing my best, i’m not chasing quick just prefer the day trading at maximum, anymore info or tips even on day trading would be cool, I have learnt so much but im struggling to figure out how to actually apply it to my trades, nobody said it would be easy I guess! Much appreciated!
i am day trading as well, or if all goes according to plan i ll close the trade on fridays, specially now with these gaps that we re having.
i dunno how much knowledge u have etc, but just pull up a chart, take a look on weekly, daily, establish a diection if any(look at the last 5 or 10 candles if they are movin or just sittin in a general area). draw closest relevant support and resistance(closer to price).
if u have a direction and lets say u are in an uptrend, on 1 hr for example u could look for a pullback to get in with that trend. u can draw a fib and if price retraces down into that fib area (50 to 618 most relevant area) and let s say there u get a price action pattern like a 2 bar reverse or a 3bar or an engulfing u wait for candle close, go long with stop loss just below the low and target atleast 1 to 1. this isn financial advise ,just telling u how i trade. it s not rocket science. u can also have some emas to use as support and resistance, confluence.
There’s so much said, but almost all strategies work better on longer time frames. The signals are more reliable and that’s ultimately where most indicators originated.
At the moment, moves during a day are big, but that’s not the normal situation. If you look at most charts, what you’ll see is that there’s one or two big candles during a day and the rest of the time it’s generally retracing what the last big candle did. You want to be on the side of the big candles before they happen, but that’s not easy to know when or which direction they’re going to go. However, if you open the weekly chart and price is heading down for many months. You can be pretty confident that it will continue going down generally. The key here is waiting for a good entry point.
Sometimes you get a day where the price heads in a direction and keeps going, but they’re few and far between. To make money out of the little moves, you need big lot sizes, but then you’re at risk of big losses if the market suddenly moves the wrong way.
Day trading can work for some people, but this is the way most people lose money. I’d advise looking at charts and trying to determine when you would enter (maybe start at some point in the past and scroll forwards one candle at a time). If you think your strategy would let you win on day trades, then go for it.
to be fair I understood most of what you have said apart from emas and 2 bars? should I have volume turned on in my charts? I understand trendlines how to spot them I understand support and resistance,fakeouts breakouts, I have general knowledge on candles but don’t know exactly what they all represent like head and shoulders and the stars n some others
. I understand how forex works,i’ve literally only been learning this year, I want to make the most of this lockdown to become the best trader I can be,im not lazy or anything I really do appreciate the help and you guys taking time to help, I have no job now due to this lockdown, I have had a real keen interest in this industry for years but didn’t have the balls to go forward with it,the more I learn the more confident I get, I feel some areas I don’t know as much as I should, but I will persist with this as long as my health allows me to concentrate fully, sometimes I can read for 20minutes and just end up doing something else
by all means am I not letting any health issues get in my way, It dosnt make me not capable of doing this,its just made it more challenging
as always I appreciate the time and knowledge you guys give me,
dude, if ur out of a job, do not trade with the food or rent money etc.
as for the patterns, do not pay much attention, sure it s good to be able to recognise them for a general direction, but i ve learned u don t need that.(or i don t need to look for triangles etc).as for the candle patterns, just look online for japanese candle patterns and u ll find them all there.about volume, sure would be good to know how to use it, but it will take u a while as there are a lot of things to learn and to take into accoun, anyways, u don t need volume necessairly to trade.
the 1s i look for the most are pin bars, engulfing, and the 2 or 3 bar reversals. but these patterns only work more then they fail if use them in conjunction with a nice support, resistance, area of value, confluence etc. like for example, u wanna trade barish engulfing when ur in a range and ur at resistance or ur in a down trend and price pulls back to a fib or an ema or trendline etc and gives u a bearish engulfing. u do not trade these blindly anywhere. anyways, i don t want to go in depth now about timeframes, or trading daily weekly or 1 hr or even 5m, which is better etc. but as a general idea, if u know how to draw trendlines, horizontal support and resistance, and at these areas u get ur pattern that it s more or less confirming ur bias, u execute ur plan. again, this isn t financial advice and u have to take responsability for urself and the calls u make, if not u ll never learn or progress blaming others. if u have any other questions, happ to help. cheers
Cheers for the help I have savings I will use to trade,its not a huge amount as iam not using all my savings, im not trying to make money from it to pay rent or anything,iam only doing it for the love of trading it would be nice to profit from it though,although ill expect that when the time comes,going to stick with the demo account I have and backtest backtest backtest backtest! I really do appreciate the information,it is all noted,i think iam merely making it more complicated than it needs to be. I have plenty of time to get myself to grips with it all,so iam spending every single hour awake on it
It’s not complicated at all. Most indicators “work”. If you add them and scroll back, you’ll probably see loads of occasions when you’d make money from a particular strategy. The problem is that without the benefit of seeing what’s about to come on the chart, you second guess a strategy and make mistakes.
The idea is to develop a simple system. Test on demo that it works. And stick to the rules regardless of what you think will happen. If the system works, you shouldn’t need to intervene
yeah I think iam over complicating things,over thinking,then losing myself in the world of trading,iam going to go over the full education section on here,and read repeat read repeat until its all drilled in my head, It is a goal to be able to do this as my job confidentally,professionally, I believe I can do it, persistence will pay off!
thanks again for the tips/advice, more than appreciated,
as far as I know trading indicators are mathematical calculations that are built as lines on a price chart and can help traders identify certain signals and trends in the market. There are various types of trading indicators, including leading indicators and lagging indicators.
I have just gone back to your original post and I see your initial request for tips on indicators for scalping.
I scalp and I only use what is basically a ‘pullback method’ with 8EMA
If you look at 1odi’s screen shot of USD you will see this working with his 14EMA on a 1hr
When price pulls back through the short EMA then goes back respecting the short EMA - this is a good entry. Crossovers are not too bad either.
Having said this, don’t just pile in blind, but you may find that this method helps you to get into the flow.
I use some custom indicators I created for scalping combined with some moving averages. They also work for day trading.
Crossovers does not work for me.
I have savings I will use to trade,its not a huge amount as iam not using all my savings, im not trying to make money from it to pay rent or anything,iam only doing it for the love of trading 
