Trading What I see !?

[goat68]

9th scalp, -6ticks, **** !!

[jamesg46]

Better start today was trading a single "setup", 7 wins in a row, but only 1 tick scalps, however then my last 8th scalp rushed in the wrong direction for a 9 tick loss,

What markets are you attempting to scalp? Hcaps, Grp, Mdn, Nvc etc & what sort of scalping? Is it directional scalping, stable scalping, crossover scalping?

[goat68]

Hcap's, directional bottom/top of range

[jamesg46]

My advice is to go through the shared automation files, see the files that Dallas has built, dig inside them and take a look at the rules then try and match them to specific scenarios. You can then manually put yourself in to them scenarios.

Dallas sometimes links YouTube videos to those files where Peter gives an explanation... there is plenty to go at & imo its better than just chucking a few quid at the market blindly.

They haven't built these files because they have nothing better to do on Saturday nights so imo its like a free look inside the minds of professionals.

[jamesg46]

Hcap's, directional bottom/top of range

im not really a fan of scalping tops and bottoms of ranges, for one I think its a waste of the traded range, surely when it gets to the top, if it was to reverse and match your scalp then it has a chance of moving back down towards the bottom of the range, if it breaks out then every man and his dog is going to want to exit so it can lead to a bit of a rush. I can't tell you the perfect place to take a scalp, there is more than one way but if you're looking for a decent place then when you look at the traded volume column if you can picture it as a bell curve then the centre is a pretty decent place.

Anyway, we all have our preferred places but just my 2 pence worth.

[goat68]

Hcap's, directional bottom/top of range

im not really a fan of scalping tops and bottoms of ranges, for one I think its a waste of the traded range, surely when it gets to the top, if it was to reverse and match your scalp then it has a chance of moving back down towards the bottom of the range, if it breaks out then every man and his dog is going to want to exit so it can lead to a bit of a rush. I can't tell you the perfect place to take a scalp, there is more than one way but if you're looking for a decent place then when you look at the traded volume column if you can picture it as a bell curve then the centre is a pretty decent place.

Anyway, we all have our preferred places but just my 2 pence worth.

Not sure I've got the patience for this any more, maybe I'll just stick to my day job!
I might sound like a newbie, but I've actually been dabbling in trading in one form or another since 2005, consistently lose then give up again, then get the 'bug' again, "rinse & repeat" ...!

[jamesg46]

Hcap's, directional bottom/top of range

im not really a fan of scalping tops and bottoms of ranges, for one I think its a waste of the traded range, surely when it gets to the top, if it was to reverse and match your scalp then it has a chance of moving back down towards the bottom of the range, if it breaks out then every man and his dog is going to want to exit so it can lead to a bit of a rush. I can't tell you the perfect place to take a scalp, there is more than one way but if you're looking for a decent place then when you look at the traded volume column if you can picture it as a bell curve then the centre is a pretty decent place.

Anyway, we all have our preferred places but just my 2 pence worth.

Not sure I've got the patience for this any more, maybe I'll just stick to my day job!
I might sound like a newbie, but I've actually been dabbling in trading in one form or another since 2005, consistently lose then give up again, then get the 'bug' again, "rinse & repeat" ...!

There isn't & never will be any consistency when dabbling, if you give up when you lose then you'll never see success, we all lose, the difference is sticking around long enough because you know you're going to win more than you lose.

[alexmr2]

no, I SAW that the market was going lower, so I traded that momentum, it wasn't "feel". However, it seems I am always late on the momentum, and it turns by the time I get in!

Not all markets have enough momentum to be forgiving enough to jump on "too late" and still make a profit

Just think of this, the traders who anticipated the move and got in at the beginning of the swing are now taking their profits (against you just as you are entering). It may surprise you that not everyone is taking 10 ticks every trade, they may only be taking a few at a time

Just my two cents as I found myself failing miserably whenever I try to get unrealistically big swings on every trade

[iambic_pentameter]

Hcap's, directional bottom/top of range

Scalping at these points in the market is very dangerous.

The markets are more volatile generally these days as well, so you need to pick your scalping battles carefully.

Iambic

[Kai]

Hcap's, directional bottom/top of range

Scalping at these points in the market is very dangerous.

The markets are more volatile generally these days as well, so you need to pick your scalping battles carefully.

Iambic

+1 Although probably scalping everywhere is dangerous at that phase.

Sorry to hear you're giving up so soon Mr Goat.

Scalping may look simple in videos but it's an advanced skill imho. Because not only do you need to know how to scalp (which everyone more or less knows), but also when and where as well which is far more important, like you've probably experienced firsthand

[goat68]

Hcap's, directional bottom/top of range

Scalping at these points in the market is very dangerous.

The markets are more volatile generally these days as well, so you need to pick your scalping battles carefully.

Iambic

+1 Although probably scalping everywhere is dangerous at that phase.

Sorry to hear you're giving up so soon Mr Goat.

Scalping may look simple in videos but it's an advanced skill imho. Because not only do you need to know how to scalp (which everyone more or less knows), but also when and where as well which is far more important, like you've probably experienced firsthand

I had a bad day yesterday, was in a bit of a grumpy mood, compounded by a good start!
I should not have been trading in that mood...
So give up was a knee jerk.... I shall continue on my small stakes.
I'm routing around these forums, there's lots of awesome information which helps put into better context all Peter's videos.
Mr Goat

[Euler]

It's best to start with a base strategy and expand from there once you feel you have mastered things.

So, for example, I'm going to look for a drifting favourite. These are the things that will cause this drift that I am looking for. I expect it to start drifting roughly here and I will get out of my position here.

Then hunt for those opportunities. If you don't see them, then don't trade. Just wait for one to come along.

It's all about putting some structure into your trading.

[TraderFred]

Just say what you see.

Once you progress, and get good at it, you then advance to the Ready Money round.

[wearthefoxhat]

It's best to start with a base strategy and expand from there once you feel you have mastered things.

So, for example, I'm going to look for a drifting favourite. These are the things that will cause this drift that I am looking for. I expect it to start drifting roughly here and I will get out of my position here.

Then hunt for those opportunities. If you don't see them, then don't trade. Just wait for one to come along.

It's all about putting some structure into your trading.

That's golden info right there...simple but effective.

[goat68]

It's best to start with a base strategy and expand from there once you feel you have mastered things.

So, for example, I'm going to look for a drifting favourite. These are the things that will cause this drift that I am looking for. I expect it to start drifting roughly here and I will get out of my position here.

Then hunt for those opportunities. If you don't see them, then don't trade. Just wait for one to come along.

It's all about putting some structure into your trading.

I'm going to work at this sort of structure, however one thing I struggle with is not understanding what causes a drift...?!
I am going to define a set of rules to myself of what setups might lead to a drift, eg. Fav stuck at top of range, near odds boundary, and 2/3rd favs are trending lower.
Get out if 2/3 rd don't support move.
Something like that maybe..?
Thanks
Euler