It also tends - especially in inexpert hands - to have the most wildly fluctuating and inconsistent success-rates. and it very clearly has the highest overall dealing-costs, in proportion to its returns. I’ve seen many people getting into trouble because they start off by trying to scalp, rather than trading methods based on higher win-rates, larger moves and lower trading-frequency.
If your working capital is a little less than you’re fully comfortable with, I’d suggest that scalping should perhaps be the [I]last[/I] thing you look at, at least until you have both more capital and more experience.
That’s a reason to indulge in more trading education, not in more trades.
I use a trailing-stop for only one of my regular trading set-ups, and for that one only because extensive backtesting and forward-testing have proven that it makes a little more overall profit, that way.
Trailing stops [I][U]look[/U][/I] very attractive. In reality, they [B]often[/B] produce situations in which the price moves something like three quarters of the way towards your target before dipping just below its opening-level (hitting the TS) then fairly quickly to reverse again and hit the target. This is “normal”.
Before being willing to use a TS to trade a particular method, I need to see [B][U]very[/U][/B] convincing, statistically significant proof that it produces more overall profit.
I strongly suspect not, James. “Automation” is typically a very inappropriate and misguided approach to finding successful methods, and if you have so much time available, then in contrast to many people trying to become profitable traders, it’s something you can afford to leave alone.