scalping...

This is a discussion on scalping... within the Discretionary Trading forums, part of the Methods category; Hi fellow traders, I dont scalp and dont plan too,but I am a day trader. Just wondering what you guys ...

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Old Oct 4, 2010, 8:21pm   #1
 
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scalping...

Hi fellow traders,

I dont scalp and dont plan too,but I am a day trader.

Just wondering what you guys use for stop losses?

Proper pure scalping is going for 1-3 pips,so lets say you got a one pip spread.

What are the stop losses using this type of scalping?

Many thanks
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Old Oct 4, 2010, 9:45pm   #2
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Re: scalping...

Scalping this way is very intense and you need to be extremely nimble. Using a stop loss as a reliable exit is not recommended. Try a 10 pip stop only as a safety net in case price spikes against you. Your entry assumes price will move in your direction immediately. If it doesn't but rather stalls or moves even 4-5 pips against you, then exit manually. Theoretically your 10 pip stop loss would never get hit, but your average loss trade should be no more than 5 or 6 pips loss.

Peter
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Old Oct 4, 2010, 11:25pm   #3
 
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Re: scalping...

goose4 started this thread Nice post.

Found this and going to test first 3 methods,so simple.The simple things in trading are mostly the best.

http://forexdarkside.com/wp-content/...ng_methods.pdf
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Old Oct 5, 2010, 12:21am   #4
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Re: scalping...

Quote:
Originally Posted by goose4 View Post
Nice post.

Found this and going to test first 3 methods,so simple.The simple things in trading are mostly the best.

http://forexdarkside.com/wp-content/...ng_methods.pdf
I saw that document several years ago. Patterns 1 & 5 should work well on most days. Use this on E-mini trading though. I'm not sure how well it apples to forex.

Good Luck!

Peter
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Old Oct 5, 2010, 12:32am   #5
 
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Re: scalping...

goose4 started this thread
Quote:
Originally Posted by wackypete2 View Post
I saw that document several years ago. Patterns 1 & 5 should work well on most days. Use this on E-mini trading though. I'm not sure how well it apples to forex.

Good Luck!

Peter
Yes not forex.According to the stats trading them first 3 set-ups should net you an average of 2 points per day-not bad.

I want to do it on the dow index as my broker has a better spread than S,P.

You think that will be ok? I dont see a problem here.
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Old Oct 5, 2010, 12:46am   #6
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Re: scalping...

I think that should be ok too.

Peter
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Old Oct 5, 2010, 12:49am   #7
 
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Re: scalping...

goose4 started this thread Pattern five could work with forex looks very good.

Thanks peter you have been Fantastic and many pips to you.
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Old Oct 5, 2010, 7:19am   #8
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Re: scalping...

Quote:
Originally Posted by goose4 View Post
Hi fellow traders,

I dont scalp and dont plan too,but I am a day trader.

Just wondering what you guys use for stop losses?

Proper pure scalping is going for 1-3 pips,so lets say you got a one pip spread.

What are the stop losses using this type of scalping?

Many thanks
My stoploss level depends on broker but is often set as close as permitted
I use stoploss as safety net for system failure, eg, network-, software-, computer failure. I don't use it primarily as a way to exit my trades. I have better strategies for that.
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