Scalp/Day Trading Tips for Success | Forex Factory

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Scalp/Day Trading Tips for Success

  • #1
  • First Post: Jul 12, 2021 7:25pm Jul 12, 2021 7:25pm
I am a higher time frame trader. I've always been that way. Look to the Daily chart or Weekly chart for direction, and when you get a signal, drop down to the 4HR chart to enter a trade. That's how I was taught to trade. It worked for a time. But it is becoming increasingly difficult to trade like this in today's messy market.

I have come to the conclusion that scalpers and day traders are likely making more money trading than swing traders. I want a piece of that action. But because I am not that kind of trader, I am in need of advice that will help me to become a successful scalp/day trader.

I am inviting people who have experience scalping and day trading to share words of wisdom to help people to transition from trading higher time frames (4HR chart and above) to successfully trade lower times frames (15 minute chart to 1HR chart).

This thread is not for people to debate. Please, no arguing. Just share your tips for scalping and day trading. Thanks!
Learn from your mistakes and march on.
  • #2
  • Jul 12, 2021 10:47pm Jul 12, 2021 10:47pm
I would say trade the London session mostly. but depending on your setup you can possibly trade from Tokyo to London and quit before rollover. Im trying that out on M15 now
  • #3
  • Jul 12, 2021 11:02pm Jul 12, 2021 11:02pm
in earlier times, price can run more than 100 pips in trend frequently almost everyday.
then came the mm and algro stuff to stop hunt.

i would say use break, pullback, continue method to trade.
depending on individuals, can also do mtf.

3 pillars of trading:
1. capital preservation
2. position sizing
3. risk n money management (risk mgt in case of loss n money mgt in case of in profit)
ITB - Seeing Orderliness amongst 'Randomness'
  • #4
  • Jul 13, 2021 2:21am Jul 13, 2021 2:21am
Quoting here2there
I am a higher time frame trader. I've always been that way. Look to the Daily chart or Weekly chart for direction, and when you get a signal, drop down to the 4HR chart to enter a trade. That's how I was taught to trade. It worked for a time. But it is becoming increasingly difficult to trade like this in today's messy market. I have come to the conclusion that scalpers and day traders are likely making more money trading than swing traders. I want a piece of that action. But because I am not that kind of trader, I am in need of advice that will...
Hi here2there!
I know few traders who failed to change their preferred approaches and became successful again only switching back. But it is hard, because you can forget how exactly you were trading. For example one guy was trading pullbacks on 1H-4H tfs from 50-100-200 EMA. Only that setups. He tried to add RSI, change timeframe and so on. So if you are good trading higher timeframes just trade it.
Observer effect
  • #5
  • Jul 13, 2021 2:48am Jul 13, 2021 2:48am
Quoting here2there
I am a higher time frame trader. I've always been that way. Look to the Daily chart or Weekly chart for direction, and when you get a signal, drop down to the 4HR chart to enter a trade. That's how I was taught to trade. It worked for a time. But it is becoming increasingly difficult to trade like this in today's messy market. I have come to the conclusion that scalpers and day traders are likely making more money trading than swing traders. I want a piece of that action. But because I am not that...
here2there,

make sure the data you get is valid, many members out there are just scammers, just a reminder
Daddy, Brother, Lover, Little Boy
  • #6
  • Jul 13, 2021 2:54am Jul 13, 2021 2:54am
Quoting Mr.Burger
{quote} here2there, make sure the data you get is valid, many members out there are just scammers, just a reminder
Agree. This is my stats for 10 days (it is daily profit in %)

I'm trading at 1m TF, there are in average >50 trades daily. One trade in average gains +0.005%. Commission paid is about 50%.
Do you still think trading lower TFs is better than higher? Remember there are no 5-6% daily like many gurus claims.
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Observer effect
  • #7
  • Jul 13, 2021 3:04am Jul 13, 2021 3:04am
My personal experience is progressively going from 5m -> 4h charts.

Batting average went up due to much less randomness.
  • #8
  • Jul 13, 2021 4:49am Jul 13, 2021 4:49am
My tip would be :

HAVE A PLAN.

It's easier to trade your emotions instead of the market in shorter time frames. So build a strategy, make sure you've got an edge backtesting it and day trade it focusing only on process (not on your P&L).

Focus on process, profits will come.
  • #9
  • Jul 13, 2021 5:56am Jul 13, 2021 5:56am
I faced exactly the same problem as yours. I realized that long-term trading and my trading system did not bring me the desired result. I started developing a new system for medium-term trading. It was not a difficult process, because when there is an understanding of the basic market processes and a vision of what you want to get as a result, the process of metamorphosis will not be painful. Gradually, you will get used to more intense trading. I started using additional indicators MACD and EMA, which later became the main source of signals.
I advise you to practice right now, when there is ground for strong impulses, this will give you the necessary experience of survival.
Look for trends within trends, track patterns and follow a clear trading plan.
As for scalping, this trade is inconvenient for me and I will hardly ever scalp.
  • #10
  • Jul 13, 2021 6:19am Jul 13, 2021 6:19am
Quoting WWTrades
My tip would be : HAVE A PLAN. It's easier to trade your emotions instead of the market in shorter time frames. So build a strategy, make sure you've got an edge backtesting it and day trade it focusing only on process (not on your P&L). Focus on process, profits will come.
RED = SELL

GREEN = BUY

keep it simple they said



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It takes a lot for me to IGNORE you, but you can try.
  • #11
  • Jul 13, 2021 6:32am Jul 13, 2021 6:32am
Scalping and day trading can be made with simple method like support resistance bounce. The name of the game is much more about self control and discipline. That's why everybody fail and get their account destroy quickly. Make some research about willpower, you will find plenty of greats tips to help you stay focus with daytrading.
You got to strike when the moment is right without thinking
  • #12
  • Jul 13, 2021 3:57pm Jul 13, 2021 3:57pm
Quoting Erebus
{quote} RED = SELL GREEN = BUY keep it simple they said {image}
Finally someone explains it simple...perhaps a bit too simple!
Thanks man! Darrell
  • #13
  • Jul 13, 2021 4:31pm Jul 13, 2021 4:31pm
I was asked about the Tradingview indicators, as per the chart



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It takes a lot for me to IGNORE you, but you can try.
  • #14
  • Jul 13, 2021 4:37pm Jul 13, 2021 4:37pm
Quoting DrDarrell
{quote} Finally someone explains it simple...perhaps a bit too simple! Thanks man! Darrell
But wait, there is more, here are 24 hours in the life of EURUSD

Booyah, 2 charts at the same time, Tradingview is so EASY

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It takes a lot for me to IGNORE you, but you can try.
  • #15
  • Jul 14, 2021 2:05am Jul 14, 2021 2:05am
Quoting Erebus
{quote} But wait, there is more, here are 24 hours in the life of EURUSD Booyah, 2 charts at the same time, Tradingview is so EASY {image}
can you open the indicator tree on the chart?
The biggest drawdown is ahead of you
  • #16
  • Jul 14, 2021 3:32am Jul 14, 2021 3:32am
Quoting amando77
{quote} can you open the indicator tree on the chart?
Sure, for you, anything...



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It takes a lot for me to IGNORE you, but you can try.
  • #17
  • Last Post: Jul 14, 2021 10:48am Jul 14, 2021 10:48am
Quoting beechboy
My advice for trading lower time frames is to not use market orders. Limit and stop orders only. This prevents overtrading.
I'd say over trading mostly comes from a trade methodology that takes every entry signal and has and no way of filtering them moreso than the type of orders you use.

My advice is to trade trends vs counter trends. Market usually moves further when you're not swimming against the current. But hey, some people like being the cool contrarian kids...
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