Scalpers,
I would like to start a home for other scalpers to come and share their insights, trader knowledge, progress, and encourage one another.
Looking for traders who simply fit the following:
1. Use no lagging indicators but trade Price Action Only. (Note: Price action only can be viewed by multiple tools. Many use the Rainbow, or Candlesticks, or Line tick charts, or Heiken Ashi bars, etc. none of these are lagging but are pure price action)
2. Entering on 5 min. time frame or less. (May use higher time frames to check trends, S&R, etc but trade entry is 5 min. or less.)
3. Using a scalping trade style of getting in and out of market fairly quickly (ex. 10 sec - 30 min. depending on Time Frame used)
4. Making only S&R, Trends, Channels, Fades, 00's, Fibs, & of course, Pure Intuition Trades based on much screen time.
If you fit this script then it would be great to have you chime in and share how you are doing and any tips you can give to others starting this journey.
We have two great things going for us:
1. Scalping is the most profitable and has hope for the greatest returns if one can master it. This is because if you have two people trading with a R/R of 1:1 with 1% risk each with both profiting on 70% of all trades. Then if one is trading 5 times a week and the other is trading 50 times a week... Well, you do the math
2. We have come to the great realization that indicators are more of a hindrance than a help to us. By waiting for these to all line up we more often than not miss the move entirely. By going with PA alone we are able to use our intuition and get in at precisely the correct moments giving us the highest probability for return.
I will be posting again shortly.
Sincerely,
Mike Lewthwaite
I would like to start a home for other scalpers to come and share their insights, trader knowledge, progress, and encourage one another.
Looking for traders who simply fit the following:
1. Use no lagging indicators but trade Price Action Only. (Note: Price action only can be viewed by multiple tools. Many use the Rainbow, or Candlesticks, or Line tick charts, or Heiken Ashi bars, etc. none of these are lagging but are pure price action)
2. Entering on 5 min. time frame or less. (May use higher time frames to check trends, S&R, etc but trade entry is 5 min. or less.)
3. Using a scalping trade style of getting in and out of market fairly quickly (ex. 10 sec - 30 min. depending on Time Frame used)
4. Making only S&R, Trends, Channels, Fades, 00's, Fibs, & of course, Pure Intuition Trades based on much screen time.
If you fit this script then it would be great to have you chime in and share how you are doing and any tips you can give to others starting this journey.
We have two great things going for us:
1. Scalping is the most profitable and has hope for the greatest returns if one can master it. This is because if you have two people trading with a R/R of 1:1 with 1% risk each with both profiting on 70% of all trades. Then if one is trading 5 times a week and the other is trading 50 times a week... Well, you do the math
2. We have come to the great realization that indicators are more of a hindrance than a help to us. By waiting for these to all line up we more often than not miss the move entirely. By going with PA alone we are able to use our intuition and get in at precisely the correct moments giving us the highest probability for return.
I will be posting again shortly.
Sincerely,
Mike Lewthwaite