I hate scalping. I am not good at it and it makes me miserable. Scalping contradicts everything I know about my obsessive-compulsive personality. I HAVE made money scalping...but I've lost more! These days, I stick to a much more controlled, long-term trading style. It's what works for me.
Please please please learn from my mistakes. Know your style of trading. Know which style of trading make you happy and balanced, and which makes you go insane.Good Luck.
Andy
BTW, that's me in the middle of the pic. Just kidding.
2 comments:
I love to scalp, the main thing to think about when scalping is 'WHY'. WHY do you want to make $100 quickly?
Have a reason, have a purpose and have a target.
For example, I'm spending $500 on my boyfriend for Christmas, he and I have been partners for a long time and I really want to give him something special. As a man, it's important to me to give my man the best.
So I set a game plan to make $500. I watch the GBP/JPY - see it hit a new high of 2.3033 and short it for a 10 pip gain. In and out. After commissions, and taxes I can make $500 and now I can get that gift.
Scalping for 'scalping' is risky and will lead to losses. Have a target, a stop, and most importantly a reason. Jake is going to be very happy this holiday.
I appreciate your non-scalping mentality, however, scalping is a style of trading that does work for others. I do believe that for active traders, scalping is a great way to make money in a very short time frame. You must have a very disciplined mind to cover your unsuccessful trade. Otherwise, your scalp will definitely turn into a long term loser.
I had great success in scalping the NAS and DOW in the years past and am now trying to figure out what pair(s) are amenable to scalping the FOREX market. Any suggestions....
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