Since no one has replied for a while, I’ll take a go…
What instrument are you trying to scalp? Given the fees associated with trades, I feel this choice is very important. If you have chosen one instrument, what logic did you follow to choose that instrument?
In swing or even Intraday opportunity exists, but in the case of Scalping you’ve to create one
which is pointless!
The only good thing about scalping is saving time in understanding
a. You don’t care about news, fundamentals, events
b. You don’t care about where Nifty will be
c. Greeks are waste of time for them
d. They don’t care about being wrong, it’s just fine since utmost important thing is Risk management & Postion
writing on stuff like charges & efforts is unnecessary, needs no introduction
Keep a watch on transaction cost that may eat up the small profits you make.
Keep a watch on slippage. The market may move between the time you respond to what you see on your chart. What looked like a profitable set up may end up on the loosing side because of the fast market movement.
Last but not the least - if you are going the discretionary way how do you validate a strategy ? What looks good on visual perceptions of few data patterns may not hold true for a wide array of possible market scenarios.
2mins time frame ?? 15 mins is as low I would go. I take that it that you don’t have a regular job and have dedicated time for trading that nobody disturbs you from 9 am to 3:30pm. honestly you get a nice entry , that’s all. trading in lower time frames is mentally draining sitting behind a screen. Plus even if you get a signal and enter a position, the TF is so narrow that you end up seeing looking real time P&L which is quite stressful. And it gives a lot of false signals for exiting a position.
From what I can understand is that during the first one hour of market open chaos especially many traders leaving the previous day position and you are trying to trade on that and be profitable I guess. This will work mostly as long as you don’t deviate with money management and over leveraging & risking.
I didn’t understand. You still do have indicators or patterns to decide whether you are going long or short isn’t it ?
yes, I find trading the open quite to my liking. If I can’t find a setup within the first 30 minutes, I feel like today is not my day.
My current challenges are - I am thinking if I can go for greater rewards like 2R or more, than I have more room in days of losses. My current reward is 1.5r. Yes, evidently risk remains the same, leverage or not. Just pray Z doesn’t hang up.
this is snapshot from my journal. trade exposure is around 12 mins. Took target at 1.5R, 2R got triggered after 10.
No indicators. I ld say, I jump with the direction of the stock. I can normally sense where the stock is headed for the next couple of minutes. Just like I know what I am likely be doing the next 5 mins. But I can’t say for sure what I ll do in the evening.
I guess that’s my strategy. Let’s see where this travels. But I feel more relax than before doing all systematic stuffs.
If you really think you are certain. Well, everyone has a chance to lose no matter how good your strategy is. You can never be that certain.
I like to think that I am playing in a casino. Yes, you can call it betting or anything. I put my money and try my luck for the day. If it works well enough, if it doesn’t well enough. I know I ll not go bust at the end of the day.
I put half of my capital in a trade. If there are 2 simultaneous trades that go wrong for the day, I lose 1%. Well, that’s basic risk management.
i take more when i win. everything else is a fight between me and myself.
snippets from today’s journal. increasing targets to 2R.
The reason why I like scalping is because of its simplicity, and being able to set your own hours. If you have a full time job then this is the way to go! My experience with short term and scalping has been great. I scalp in 2-5 mins time frames.
@Celina! Hola! It’s my place i beleive. There were days, I made 360% in one day! Those days are gone. I’m talking about 20x leverage days. Insanity! Crazy! Brutality! Literally Fd up all the way. Made 40k profits in less than 90 seconds, lost 60k highest in a day. Blowed up the account more than 250 times (Reinvestments) I smiled more than i cried. I enjoyed more than anyone inside my small trading community.
Today. I can make certain percentage of profits without doubt. Multiple targets with single bullet without a failure.
First three years it’s all failures! Then later slowly things changed.
Someone mentioned the word CASINO. LOL, Stock markets 1 hour turnover could be entire month casino revenue. Markets are built by, most, most, most technological god’s with the tech you don’t even have an idea. So please bro, have a coffee. Casino can run by DUMBSTARS TOO. Were as markets ?you can’t execute single task without my tech god’s hand. So i respect them and bow to them. Read the meaning in Google, what’s the difference between trading and CASINO gambling.
I am still unable to get the fact how is it you guys are able to go long or short with just sense or ultra instinct powers and say where market is headed with absolute no indicatiors at all, teach me master . That just blows my mind. It is quite like casino if you traded it that away and this lady celina is saying the same thing and even got me thinking does this work if I just traded in market open volatility using the ultra instinct power and referenced the market depth with no indicators at all, maybe I would make some nice killing too I guess.
Btw If that method works for you , good for you , I tried this years ago when I was brand new to stock market and found out I didn’t have that ultra instinct sense.
So if you cannot? No one can? I paid 25 lakhs! You want me to teach just like that? I’m selfish. I’ll let you die and learn by yourself. I can see you are not DOER and gave up. And you are very poor at math. I see