Disliked{quote} MM is def as important as the strategy. For me I find entering a trade super easy , in fact my entries tend to be impulsive and poor (which is an embarrassing admission and one I am working on) . For eg confirmed 5min full candle break out boom enter trade when if I wait for a few minutes there's bound to be at least a partial retracement which could possibly mean the difference of 1pip to my trade. So most of my stress is then waiting an extra 15min-30min for 3-4 pip move in my favour before I can tighten my SL to say 1pip in loss and then...Ignored
Thanks for replying.
Thanks also for being candid and honest. We could use a lot more of that around here. Now scalping is not my thing anymore. I will say I did used to scalp for about a year. For me, the stress was way high. I was running about a break even on a ROI basis during the last several months of scalping but man that stress was killer and I just couldn't take it. Everyone has to find the right fit in trading. For me scalping was not it LOL. Not saying your wrong just saying for me, I cant hang. I know some scalpers who love it and do well. They laugh at me and call me old man because I trade daily charts LOL.
I agree that in scalping, retracements are the death of a trade. My scalping was based on market opens. Each time a new market would open, I would try and take advantage of 10-20 pip average spikes in the first 2 hours (at the time in early 2004) of USA, JPY and GBP market openings. My money management skills where not like today however. Basically I used to risk 7 + spread to capture 10 + spread. It was hit or miss. Like I said I ran about break even for most the time. My issue was feeling like I had to take a trade or I missed my opportunity. I came to realize that feeling was baked into the "strategy" I was using.
Never stop learning or trying different things. You never know what you might find you are better at.
Thanks again,
- Ric
Be humble or get humbled
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