DislikedI did the same thing as you. I moved a bit of cash to a new account and was bound to learn how to scalp. It's always a work in progress of course. I like the idea of getting 4-7 pips in maybe 6 quick trades a day. As time goes on maybe I'll do more.
What type of profit do you like per trade? I am interested to know your strategies as well.
Ignored
That is as aggressive as I go and I trade that way when I feel like I am on my game & have the highest level of focus & discipline. Otherwise I back off of that.
If I am swing trading, which I don't do nearly as well, I am trading at most half of that & typically even less. I persist in trying to swing trade because there are times when I just don't have the energy or frame of mind to do the intensive screen time needed to scalp. Its cool to pick a direction and look for a 50- or 100-pip winner with comparable sl's. This requires a different kind of discipline, though, and I have a lot to learn there - I almost always will cut in and close those trades b4 they hit the profit or loss targets. That is kinda like "scalper mind" interfering with "swing trader mind", I think. I know it is possible for a person to be effective at all forms of trading, but I also think she will probably excel at one more than others. Since I am still basically a newbie, I am trying lots of different things. Right now I am in a position trade on E/U that has been running since the beginning of the week short E/U from 1.4970 - I really thought that one would pay 150 pips this week, but no such luck...yet. So I'm short E/U now with three trades from average ~.4950. These are small trades and I still have plenty of margin to scalp at full size if I want to - the only problem is, I can't hedge in the OandA account so I am locked into short scalps. I need a separate (sub) account for contrary direction & will set that up soon, too...also a separate account for swing/position trading....
I do know this: if I can develop the discipline to just sit down at the computer for a couple hours a day and scalp in the ways I have shown I can in this thread, I can make a living doing just that. I am getting closer to that goal. I figure I need just a $10k account but $20k will be better, then 20 pips a day at 1 pip = 0.2% account value would do the trick at $800/day gross. Even half of that would be just fine.
There are several traders I have met here on FF who decided to settle for "less is more" and 20 pips a day is a theme that I have heard more than once. They don't post that much, probably enjoying a relaxed lifestyle that a 2-hr/day job affords.
Anyway, those are some of my realities and some of my fantasies, too.
Happy Trades!
"If The Fool persists in his Folly he will become wise." - William Blake