Scalping

This is a discussion on Scalping within the First Steps forums, part of the Reception category; Originally Posted by DOWnButNotOut Can anybody provide some of the best resources for developing my knowledge of scalping more? Thank ...

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Old Mar 4, 2012, 6:29am   #8
Joined Dec 2011
Re: Scalping

Quote:
Originally Posted by DOWnButNotOut View Post
Can anybody provide some of the best resources for developing my knowledge of scalping more?

Thank you T2W.
youtube is your friend
Search for scalping forex
Here is something to start with
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Old Mar 4, 2012, 9:05am   #9
 
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Re: Scalping

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Originally Posted by VielGeld View Post
No BS is for Futures, though.

I'd be interested in any info on scalping FX out there myself since I've found myself gravitating towards that style.
Please don't consider me spamming (I already mentioned my site before today in the other thread), but I try to cover the aspect of price action forex scalping there. Probably you could find it somewhat helpful if you are into scalping FX.
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Old Mar 4, 2012, 10:58am   #10
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Re: Scalping

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Originally Posted by cornixforex View Post
........I already mentioned my site before today in the other thread.
Could you repost your web site or perhaps you could place it in your profile?
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Old Mar 4, 2012, 11:25am   #11
 
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Re: Scalping

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Originally Posted by MoonRocket View Post
Could you repost your web site or perhaps you could place it in your profile?
Yes, of course. Cornix Forex - Price Action Trading

It's also in my profile (guess it's called "Homepage").

I am not vendor and don't sell anything, just share my forex scalping/day trading and swing trading (to lesser degree, because I pay less attention to that) ideas, trades I find worth interest etc.
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Old Mar 4, 2012, 3:23pm   #12
 
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Joined Dec 2009
Re: Scalping

Quote:
Originally Posted by DOWnButNotOut View Post
So the generally consensus is to purchase the basic training course through NOBS?
Yes - it really is the direction you need to head in. Don't let the low price tag put you off, it's information you won't get elsewhere, other than as a trainee in a prop shop.

One thing is, when you watch the accompanying videos you wont see what he sees, even though he's explaining it at the time.

You need to read the book, watch the videos, get some screen time and then read the book & watch the videos again. Then it will click.

Do not attempt to "just get in some screen time". You will waste a lot of time. A lot of this stuff is counter-intuitive, you may never work it out on your own.

Also - do not look for patterns. This is not TA. There are some 'moves' or 'plays' that people use to build positions but you do not see these all the time. A lot of the time it's simply a matter of seeing one side run out of steam (even if that is temporary). Sometimes it's just a matter of seeing buying/selling pressure and understanding that you can ride this for a few ticks.
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Old Mar 4, 2012, 3:39pm   #13
 
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Re: Scalping

Quote:
Originally Posted by VielGeld View Post
No BS is for Futures, though.

I'd be interested in any info on scalping FX out there myself since I've found myself gravitating towards that style.
Can I ask why?

With futures, you have no volume, no Time & Sales and no Order Book.

On top of that, you have some fairly hefty spreads on Currencies which does make it rather daunting for a scalper.

Professional Scalpers use the order book and Large Professional Scalpers manipulate the order book. For both, it is this order book that is key. To attempt scalping without this is like attempting boxing with BOTH hands behind your back.

The fact is, changes in order book/order flow occur before changes in price. If you want to perform micro-analysis in order to scalp out ticks, then you need an order book.

If you want to scalp currency because it is cheaper than trading futures, its a false economy. Without an order book/order flow you are going to be picking a lot of pennies up in front of a lot of steam rollers. You simply will not be aware when you are being set up as a patsy by the whales that eat the krill that is the retail day trader.

If you go to the last post in this thread:

http://www.trade2win.com/boards/gene...-bother-2.html

You will see a video. You'll need to adjust the resolution to full HD 1920 x 1080 to see it all. You will see a large trader setting up a bunch of TA traders up for a fall.

If you want to scalp and you want to scalp size with low risk, then you need to scalp futures.
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Old Mar 4, 2012, 5:39pm   #14
Joined Feb 2012
Re: Scalping

LOL

The main thing to understand about scalping, particularly as someone new to trading, is that it is a waste of time. You WILL lose money.

You have virtually no chance of competing at this level against professional traders. You WILL be slow, clumsy and inept in comparison. You will have NO edge and you WILL be at a disadvantage.

Very few retail punters make it as traders and the number out of this small number who do so via scalping is tiny. I would be amazed if any of the well-meaning people giving you advice on this thread make a living from scalping.

There are far better ways for you to go if you wish to take trading seriously.
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