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Scalping is the doorway to real trading

  • #1
  • First Post: Dec 24, 2005 8:59pm Dec 24, 2005 8:59pm
It took me awhile to learn that but I'm believing it more and more each new trading day. Now scalpers dont get me wrong scalping does work and I swear by it, but following longer trends seems to be netting me more money from the market. Put it this way if I dont know what the markets going to do I scalp for 2, 3, 4, pips a pop, but if I have a deffinatly good good feeling about a long term position I can take the market for 100 pips at a time (happened twice now).... so there we go my new view on Forex...


Scalp when in doubt
Hang tight when your right...


little more to it than that but thats a good jist...


Mike...
***Building an EMPIRE one pip at a time***
  • #2
  • Dec 25, 2005 5:30am Dec 25, 2005 5:30am
I am in a similar boat. I am gradually moving from short time frames (my average trade used to be 10 to 20 pips) into larger time frames based off the 4H and Daily charts because the ratio between the stop loss and the price target in the very short term charts was just not appealing enough to me.
  • #3
  • Dec 25, 2005 5:36am Dec 25, 2005 5:36am
Me too, I gradually changed trading style, I look for more swing trades. I take 150-300 pips a week or lose 50-150. I have more free time to share with my girlfriend and I monitor trades by mobiledevice and place orders or cancel them. I think professionals are all long or medium term traders.
kiss the trend
  • #4
  • Dec 25, 2005 10:09am Dec 25, 2005 10:09am
Quoting Gyva
It took me awhile to learn that but I'm believing it more and more each new trading day. Now scalpers dont get me wrong scalping does work and I swear by it, but following longer trends seems to be netting me more money from the market. Put it this way if I dont know what the markets going to do I scalp for 2, 3, 4, pips a pop, but if I have a deffinatly good good feeling about a long term position I can take the market for 100 pips at a time (happened twice now).... so there we go my new view on Forex...
If you are a real scalper; long term is a cake walk (depends on which time frame you have settled in for; from 1M/5M scalping)... ForEx is an ideal market to grab those 100s and above... Currencies that gives more average PIPs range per day gbp/chf (150) > gbp/jpy (145) > usd/chf (117) > gbp/usd (112)... (02:00 - 12:00 EST) -- Happy trading Gyva....

Cheers,
  • #5
  • Dec 25, 2005 6:01pm Dec 25, 2005 6:01pm
linuxtroll

Such a huge range for GBP/CHF. But the spread offered by many broker are so wide like around 8 pips average. With a huge range cant expect to put a tight stop loss.

If you are on the wrong side of the market it would be expensive to reenter the trade. Stop loss plus spread would be very costly.

Many broker offer 2 pips spread for EUR/USD which many used for scalping. If you treat trading as a business you would like to have the lowest cost for operating the business.

I'm not familiar with any Cable pairs. Would you please share the trading approach with the consideration of Cable wide spread.
  • #6
  • Dec 26, 2005 12:15am Dec 26, 2005 12:15am
Quoting azmi
linuxtroll

Such a huge range for GBP/CHF. But the spread offered by many broker are so wide like around 8 pips average. With a huge range cant expect to put a tight stop loss.

If you are on the wrong side of the market it would be expensive to reenter the trade. Stop loss plus spread would be very costly.

Many broker offer 2 pips spread for EUR/USD which many used for scalping. If you treat trading as a business you would like to have the lowest cost for operating the business.

I'm not familiar with any Cable pairs. Would you please share the trading approach with the consideration of Cable wide spread.
If you read carefully... Gyva is talking about long term position approach (not scalping)... 8 pips is nothing compared to 150 pips you may get per day...

http://img498.imageshack.us/img498/2...nbowsig7ds.png
  • #7
  • Dec 26, 2005 9:13am Dec 26, 2005 9:13am
WOW at that screenshot. Have we entered a time loop into the 60s or something?

Just kidding mate!
  • #8
  • Dec 26, 2005 9:22am Dec 26, 2005 9:22am
Hey Linuxtroll, do you use this multi moving average technique for the forex??? I used to use it for stocks before just over indices to determine the long term technical overview for the whole market, but I stopped it because almost all charting services for stocks only allow me to deploy 3 or 5 MAs max...

from the chart you posted, I can see that the pair is still going down all the way...Am I correct ?


Thanks,

Nader
  • #9
  • Dec 26, 2005 9:37am Dec 26, 2005 9:37am
You lot are so lost with scalping its unreal, i'll give you an example:


I bought GBP/JPY at 193.42, took it all the way to 210.75, then bought it back at 207.33, i'm doing 792 pips a year on the tomnext, whats my new average on trade? 193.42 - 342 = 1.90

Only muppets scalp!!
  • #10
  • Dec 28, 2005 1:54pm Dec 28, 2005 1:54pm
this thread is again open for business
Relax and be happy.
  • #11
  • Dec 29, 2005 1:09pm Dec 29, 2005 1:09pm
I guess I'm a scalper too, but I regard myself as a tape-reader but I guess there's no really big difference.

My question is: How long do you general scalp? How long is your session. And how long do you wait to get this 'feeling' when you know it's a good time to stay in your trade and wait for the longer trend?

I tend to be in the markets in the average of 30minutes to 1hour
  • #12
  • Apr 28, 2006 7:37am Apr 28, 2006 7:37am
Quoting linuxtroll
If you read carefully... Gyva is talking about long term position approach (not scalping)... 8 pips is nothing compared to 150 pips you may get per day...

http://img498.imageshack.us/img498/2...nbowsig7ds.png
Now THAT is sooo cool
"The market will rally from this or lower levels"
  • #13
  • Apr 28, 2006 10:22am Apr 28, 2006 10:22am
Quoting LightKeeper
Now THAT is sooo cool
Ya makes others think you are really working hard.
  • #14
  • Apr 28, 2006 11:06am Apr 28, 2006 11:06am
Quoting linuxtroll
If you read carefully... Gyva is talking about long term position approach (not scalping)... 8 pips is nothing compared to 150 pips you may get per day...

http://img498.imageshack.us/img498/2...nbowsig7ds.png
Wow...that's an awesome setup. Do you mind telling us where we can download that template?? Its beautiful!!
  • #15
  • Apr 28, 2006 11:36am Apr 28, 2006 11:36am
Are you consistently profitable when you shoot for 2-4 pip gains? I'm not questioning your results, but it just seems very hard to make net profits when your gains are about the same as your spreads. What kinds of losses do you take when you scalp? Thanks.


Quoting Gyva
It took me awhile to learn that but I'm believing it more and more each new trading day. Now scalpers dont get me wrong scalping does work and I swear by it, but following longer trends seems to be netting me more money from the market. Put it this way if I dont know what the markets going to do I scalp for 2, 3, 4, pips a pop, but if I have a deffinatly good good feeling about a long term position I can take the market for 100 pips at a time (happened twice now).... so there we go my new view on Forex...


Scalp when in doubt
Hang tight when your right...


little more to it than that but thats a good jist...


Mike...
  • #16
  • Apr 28, 2006 2:29pm Apr 28, 2006 2:29pm
Guess i've got a different def. of "scalping". At one time in my first round of training i was trained on short tf charts of 1m looking for direction on 5m in what was called a momentum channel. Anyway, for me this didn't work well. Then i began looking at 15m/30m charts for entry and the 1hr/4hr charts for "direction" and staying in a trade for a profit target of 1:1 or 1:2 (20 to 50 pips usually) and getting out usualy in an hour or three at most.

One definition i was given for "scalping" by a professional 30yr Future/Forex "scalper" was a trader that closed out his/her trades before day's close and was looking for a profit target of 20 pips or so on multiple lots. In contrast to a position trader that would hold a position over night and more likely for many days or even weeks, looking for moves in the hundreds of pips. Some traders, doing the math, have determined for their personality and desired style, that being out of the market before the session winds down is actually more "profitable" in all areas of life for them, than holding a position overnight. For now, i am in this group.

For myself, i just don't sleep well or have any kind of life at all if i'm in a trade and i'm not at the computer. So even though i know that realisticaly the way to riches for many may/is trading "positionally", for this trader's sanity, i at this point in my development, must hone my skills in a "session by session" style/model and learn to be content with the "small" gains such as yesterdays 50/60ish, and today's 40ish pips during the NY open session that i trade from 5am and like today had all trades closed out at 7am Pacific with my profit targets hit and pips in the bank (demo account still getting my model/mm down after a year).

Cheers,
Thom
  • #17
  • Apr 28, 2006 2:48pm Apr 28, 2006 2:48pm
I think you are talking to ghosts. has anyone noticed how old this thread is?
  • #18
  • Edited 3:04pm Apr 28, 2006 2:59pm | Edited 3:04pm
Quoting smjones
I think you are talking to ghosts. has anyone noticed how old this thread is?
Yea, but it is still real fun to see your "post" count go up.
http://www.accrete.com/emo/Blowing_Bubbles.gif

And it's a Friday and all my trades are closed in profit so what's a guy to do but doodle or blow bubbles? And i've got a long way to catch up to you on posts Scott! So i gotta post something.

PS. besides then Merlin can say that he has over "3 million posts" at his website or something like that. And maybe, just maybe one of my posts will be the 3 millionth and one post and i'll win a Forex Factory emblazoned matching pen and pencil set? I'm going for the prize here!
  • #19
  • Apr 28, 2006 4:07pm Apr 28, 2006 4:07pm
Quoting accrete
Yea, but it is still real fun to see your "post" count go up.
http://www.accrete.com/emo/Blowing_Bubbles.gif

And it's a Friday and all my trades are closed in profit so what's a guy to do but doodle or blow bubbles? And i've got a long way to catch up to you on posts Scott! So i gotta post something.

PS. besides then Merlin can say that he has over "3 million posts" at his website or something like that. And maybe, just maybe one of my posts will be the 3 millionth and one post and i'll win a Forex Factory emblazoned matching pen and pencil set? I'm going for the prize here!
hey you never know. last year merlin gave out $100 amazon gift certificates to the biggest posters. still havnt used mine. has me wondering now if it has an expiration date. think i will go look. the other thing is the discussion between savant and the other guy merlin deleted. i have the ability to peek but i think i wont.
  • #20
  • Apr 28, 2006 4:09pm Apr 28, 2006 4:09pm
Wow, now that is getting paid by the word... I gotta be more chatty..
James, I could peek to, but that would just be wrong... In the words of Mike G
No peeky....
Scott


Quoting james16
hey you never know. last year merlin gave out $100 amazon gift certificates to the biggest posters. still havnt used mine. has me wondering now if it has an expiration date. think i will go look. the other thing is the discussion between savant and the other guy merlin deleted. i have the ability to peek but i think i wont.
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