im zhafran from MALAYSIA…i have big big problem to put my stop loss because im scalper,mostly my entry will close with pips but 1 2 entry will make me wiped out because of do not use S.L … please someone can assist me to improve my trade…i have no problem with entry but when we entry without S.L like as we head into the canyon…please … please…
How successlful are you in your trades? im about 85% wins, scalper like you, im trying to think of ways about stop-loss too, someone said to me do 10 pip stop loss, need to try it, most trades go my way but those one or two trades that dont can really eat your account without stop-loss.
I’m looking into working on a scalping strategy on demo… What’s are your current SL strategies? I was thinking of placing SL 50% of TP. That way, even if my success tanks I’ll be in profit in the long run. If the trade goes against me then it’s probably not a suitable scalp opportunity anyway.
now I managed to come out with 70% with pips scalp, but only a big deal because when waves hit when news comeout and anti trend, scalper will always follow wherever ur only going counterclockwise direction and between attitude … but 1 2 entry will be trounced daily wage, but not all…but till now i still find solution how to put S.L but im still train day by day but when im put S.L ,my S.L will hit not T.P…when without S.L im out with PIPS but sometime without S.l will blow out your account because there will be a sense of doubt to cut loss…hem
im scalp with use TIME FRAME 15,30,H1 … but from my research scalp with bias trend is danger but that is scalper alwaz want to follow the trend event it small trend they still want to foloow because they juz think bout pips…till now im succes with scalp …ive try S.L with 50% from my T.P or 100% from my T.P but lastly S.L will hit first…
I can see your logic there, just practise with it and see, im gonna practise with a ten pip stop-loss and three pip tp, lets keep posting here and inform each other how we are doing and hopefully learn from each other.
I always go against the trend, its pretty dangerous but kind of works.
Stops should be really tight… If anything, last high + spread, if short, or last low, for long trades
Also, want to throw this in there…
If you scalp, YOU MUST HAVE A PLAN, and follow it 100%
Its a MUST AND you MUST be perfect,
IMO
Absolutelly agree with you. It is very important to check results all time.
Ok… I used SL of 2*spread, TP of 3 times spread today. I wrote a helper EA that allows me to drag and drop SL and TP lines and am still trying to figure out the best way of calculating the SL and TP. I tweaked the location of SL and TP by drag and drop so they were placed nicely at the extremes of the channel. I got 6 winners and one break even (the channel was breaking down into random noise so I manually stopped out).
I was up 3% of my (demo) account, having risked about 0.5% on each trade. So far so good…
I was in such a good mood that I decided to have a go at swing trading and proceeded to wipe out all my scalping winnings in two bad trades on GBPUSD. Oh well, live and learn. I always said that if I increased my account by more than 2% then I’d stop for the day, I should have stuck to this.
ok …no problem if u want be a scalper for me,welcome to club…im happy as a scalper because everyday im out with pips without presure and sweating because of floating…last problem is S.LOSS and i try to develop new system and try error for SL …ok dude keep in touch …u can add me at FB or twiter juz find me … <[email protected]> easy for us to discuss
Thanks for advise I’ll try.
I prefer 9 pip stop loss and 15 take profit for scalping. It provides just enough room.
For a newbie you sound like you know your stuff, how long have you been trading? i normally wait for cci to go above +100 and rsi about 80 then sell short or cci over -100 and rsi below 30 and buy, simple but tells me when price will change, once the cci goes back above -100 or back down through +100 i look to get out the trade.
Your strategy seems similar to one that I tried. I had a pretty decent success rate, but I didn’t really know what I was doing.
As for knowing my stuff… I’m just starting on my forex journey. I’m happy to share what I’ve learned so far, but I also reserve the right to change my mind about things as I learn more. Take everything that I say with due caution, I’m still a beginner.
I’ve spent between 10 and 14 hours a day for the past month reading books, forum threads and web tutorials, watching video tutorials, staring at charts on demo accounts or writing some simple EAs to make my life easier. Occasionally, I sleep :D.
I stumbled across Al Brooks pretty early on. He scalps and swings on mainly the E-mini with 5 minute charts for a living and has been trading using various strategies for 25 years. I guess you could say he’s a “trader’s trader”. He uses an almost pure price action approach now, but with a single EMA because it tends to act as a dynamic support and resistance level. Occasionally he uses fibs. It’s all about spotting trends, ranges and channels. He defines channels as a kind of ranging trend (or a trending range ;)). He draws in the support and resistance levels, channel lines, triangles, wedges and stuff then uses the chart to provide context for “setups” consisting of candlestick formations. Every bar on the chart is important for him and has something to tell about the price action. One thing he stresses over and over is the impossibility of predicting what the price will do next. The best that’s possible is judging probabilities.
I’m kind of forming the impression that ticks are letters, the candles are words. Formations are sentences and the entire chart back to the beginning of records is the story of the price action for a given currency pair. Maybe it’s a bad analogy and I might drop it eventually, but I find it an interesting way to think about the market.
I tried various indicators and stuff at first, but it’s in my nature to try and understand what’s going on. Trading based purely on the crossing of lines just felt unnatural to me. I have nothing against indicators. Props to anyone who gets money out of the market in any way and “if it ain’t broke, don’t fix it”. I just feel more comfortable with a price action approach.
I’m just coming to terms with the fact that spotting entries isn’t enough. Exits are just as important, both exiting a bad trade early and letting a good one run as long as possible, but not too long so it turns.
I just got some funds in my first live account so I’ve been tuning up my assistant EAs and trying to get in a calm mood. I’ll see how things go tomorrow.
What time frames do you use for scalping?
same like me but now im still practice with 20pips SL …i dont care it will hit 1st for me it is a lesson next to entry at accurate place …day by day when SL u alwaz been hit then u will alwaz becarefull to enter…then T.P im set with 6 pips then if i can get more pips i will adjust n monitored ,but not max then 20 pips…
Hi Zhafran Aan,
Placement of SL is a personal choice but I will always place a SL for every single trade. I trade on much longer time frame H4 and I use ATR(14) to set my SL and TP.
My SL is always 3x ATR(14) and my TP is always 2x ATR(14).
I am not sure if this method of setting SL and TP will make sense for much lower time frame like M5, M15 or M30. You will have to test it out for yourself.
It works perfectly well for H4 as the SL is very wide, allowing the price lots of room to move.
i want to share…if using price action is the best way to scalp … price action VS prediction witch 1 eill win …alwaz remeber price action will win this is from my experience in scalp ,juz use price action ,fibo,melodic of candle in multiple TF