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But what if the markets are in a range and it’s not trending at the moment? Then if you trade breakouts, you’ll lose money.Īs a scalper, you’ve got to be versatile, you’ve got to be willing to trade breakouts, trade false breakouts, trend continuation trades, range trades, etc. When you’re trading a few markets, let’s say 1 or 2 markets, you can’t just have a fixed trading setup like simply trading breakouts. You’re not going to be exposed to trading 30, 40 markets because you just don’t have the bandwidth to do so. You must be versatile as a scalperīecause as a scalper, you’re trading probably 1, 2 or 3 markets.
#Best trebs trading system fir scalpers how to
This helps him increase the odds of, going home in the green for most days, and that’s what I think is an essential part on how to be a scalper.
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He has this rule to protect his open profits. So if he loses that $1,000, he’ll walk away from the desk, call it a day, and go about doing other things besides trading. He’s only really willing to give back let’s say $1,000. I remember back in my prop trading days, one of my bosses has a rule of $500 rule, which means that if he was down $500 for the day, he stops trading, and he leaves the office and carries on with his life.Īnd how we use this $500 rule is that let’s say he’s up $2,000 for the day, he would also have a trailing stop loss on the open profits that he has. To be a good scalper, you must always know how to protect your open profits. You must protect your open profitsĪs a scalper, you’re primarily doing this as your main source of income. And for any good scalper, they will understand the behaviour of the markets that they’re trading inside out. The bottom line is, you must understand your market and know it inside out. For example, during the London session, most major currency pairs’ volatility will pick up and you can see an expansion in volatility during this period. Or maybe certain markets have certain hours of the day where volatility tends to pick up. You can use this correlation to help you time your entries. Or maybe your market is correlated to a certain market? Like in my prop trading days, the Nikkei futures and the Yen are correlated. Or maybe a market like AUD/CAD, whenever it breaks above the previous day high, it tends to reverse back lower and making a false breakout.
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Is your market having a trending behaviour? Maybe whenever the price breaks out of the previous day high, that particular market tends to have a follow-through. You must understand the nature of the markets you’re tradingĪn essential scalper strategy is to know what’s the behavior and the frequency of the market that you’re trading? Now the question is, how do you become a super scalper? How do you become good at scalping? 1. And they can do 10, 20, 30 trades a day, it’s not a problem for the scalpers as well. They trade off the 1-minute timeframe to 3-minute timeframe and operate on the lowest of the lowest timeframe. Some traders scalp the markets just based on the order flow, based on the bids and offers that blink on your screen. In today’s episode, I want to talk about how to be a good scalper.įor those of you who are not familiar with the term scalping, it’s one of the fastest form of trading that you can be exposed to. This Trading Checklist Will Take Your Trading to the Next Level Transcript The EXACT thought process, entries, exits, and results of my recent tradesįorex Risk Management and Position Sizing (The Complete Guide) In this episode, you’ll discover what it truly takes to become a super scalper and how to become a scalper the right way.ĥ Types of Forex Trading Strategies That Work Should we look at candlestick patterns at confluence levels? Not quite this time, because the point of entry is known beforehand, and so the pending orders are placed there waiting to be triggered without any prior confirmation.Apple | Google | Spotify | Stitcher | Soundcloud | YouTube Also if you have any round price numbers coming up (1.2300, 1.4500 etc etc), this qualifies as S/R level as well.ģrd order profit target = when a trend line is breached or when your favorite indicator (should be one of the trend following indicators for the purpose of staying in a trend as long a possible) suggests a reversal. If you at least put up fractals or a zigzag indicator, they'll tell you where the next S/R level is. This one you should be able to identify yourself. We also wish you and all traders a wonderful and prosperous year!Ģst order profit target = next/nearest support/resistance level.
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