Hollowhead's Scalping Journal

Having mainly focused on swing and long term trading, I've been interested to read the 50 to 22000k journal.

It' look like some fun, so, I thought I would have a go...

So, this is my first real attempt at scalping. I think my challenges are going to be.
1. Cutting losers quickly
2. Taking Profit at the best time - I'm used to letting trades run and holding for big wins.
3. I have another job, so I've got to work out how to do this as well.
EDIT: 4. Will be trading DAX, Which I am fairly new to, but looks a good candidate.


Feel free to pitch in with advice - but don't be an idiot please - I'm not trying to prove anything - just trying something new for me.

As we can see from the TE things started ok - but have then slipped back a bit - in fact back to square one. But learned some lessons - so no damage done.

well if you manage to improve your 1st point of cutting losses

your 2nd point will leverage your gains...

good luck

That's true. Success will be found in the relationship between those two.

Appeciate your input PT.

Man it's so frustrating. You spend a day making bad choices, and then look at the day's chart and the trades you should have taken are as clear as anything and would have been killers. Hindsight is a wonderful and painful thing.

Still. I managed to recover some from the news, but a lot of lessons to think about tonight.

Two good trades today has put me back to where I was. Really happy with how I traded - cut one loss early(ish) (which turned out to be a smart move), and set TPs for two others that hit. Could have got more out of them, but am happy with what I took. Felt like I could 'see' the moves today (unlike yesterday).

Bad, bad day. It's days like these that I ask myself whether I've learned anything other the years!! For some reason I got a bias in my head and couldn't see anything past it. I am used to trading with a weekly directional bias in mind. That is clearly not going to work for scalping!! I wonder if I should use something to give me a daily bias? Maybe using the daily open? I'll take a look back over the past few months and see.

New Year, new stab at this scalping lark - I've reassessed, had a practice and will attempt this again (with new TE). I think I have found something that works for me - at least at the moment. If it bombs, I'm pretty sure it will be my lack of discipline that will kill it. Rules I need to abide by.

1. Stick to your rules - they will work for you.
2. Do not overtrade - stats are information, not a goal in themselves.
3. Follow Rule no.1
4. Do not revenge trade - be patient and the market will come back to you.
5. Be aggressive, but manage your risk
6. Abide by rule no.1
7. Only trade when you mind is in the game and you are seeing things clearly.
8. Losses are good - they show you know when your idea was wrong.
9. Don't foregt rule no.1
10. Humble yourself, or the market will do it for you.