Scalping a few pips at high leverage is really hard, every up and down cost/gain lots of $, puts one constantly under pressure.
in james16 thread I find trading higher time frames safer and more predictable in terms of S/R... he suggest to always use daily and weekly, I'm using H1 and feels much better than M5 before... those noisy walks are gone basically travel between S/R and that's it.
and today I plan to even drop position size to 0.1* acc size (no leverage),
so every 100pip is only causing 0.1% of acc up and downs in a day...
to play this game long, I think we need to be able to face market calmly,
in a few days I trade with 10x leverage I cannot sleep well with a position open, I must watch it close at t/p or I just stay-up... it's stressful.
and you need to figure out a way to control risk for yourself.
for me I stops scalping and will move up to H1 till H4 time frames, and will keep every day market move only impact <1% of my acc.
last but not least thing is to be paranoid, many things are not as easy as claimed, and everyone learned how hard by hard lessons...
for most people this is a balance between risk and award,
if you choose limited risk and effort, then the profit goal needs to be reasonable, with a reasonable profit goal then you know how much you can expect for a month...
for me 1% a month is good, better than savings.
so open a position small and allow for noises on M5 chart...
no pips is as easy as claimed and risk free... and you need to make your own judgments and discipline, instead of follow & execute.... it's all hard-work.
I even feel I work harder at forex than at work... eventually we need to peace down. set a goal and build your basis... I'd suggest higher time frame low leverage to start with you can refer to james16 guidelines...
keep up your spirit my friend.
in james16 thread I find trading higher time frames safer and more predictable in terms of S/R... he suggest to always use daily and weekly, I'm using H1 and feels much better than M5 before... those noisy walks are gone basically travel between S/R and that's it.
and today I plan to even drop position size to 0.1* acc size (no leverage),
so every 100pip is only causing 0.1% of acc up and downs in a day...
to play this game long, I think we need to be able to face market calmly,
in a few days I trade with 10x leverage I cannot sleep well with a position open, I must watch it close at t/p or I just stay-up... it's stressful.
and you need to figure out a way to control risk for yourself.
for me I stops scalping and will move up to H1 till H4 time frames, and will keep every day market move only impact <1% of my acc.
last but not least thing is to be paranoid, many things are not as easy as claimed, and everyone learned how hard by hard lessons...
for most people this is a balance between risk and award,
if you choose limited risk and effort, then the profit goal needs to be reasonable, with a reasonable profit goal then you know how much you can expect for a month...
for me 1% a month is good, better than savings.
so open a position small and allow for noises on M5 chart...
no pips is as easy as claimed and risk free... and you need to make your own judgments and discipline, instead of follow & execute.... it's all hard-work.
I even feel I work harder at forex than at work... eventually we need to peace down. set a goal and build your basis... I'd suggest higher time frame low leverage to start with you can refer to james16 guidelines...
keep up your spirit my friend.