DislikedI would really like to hear from {& I know there are at least a couple} the Scalpers around the Table.
How are you working this Market?
Do you have some Scalp Prices in mind?
How many P's are you hunting per Lot {or partial thereof}?
Do you have a number in mind as to where you will Re-Think Scalping as the most prudent method?Ignored
I'm very impatient and prefer many short lived, highly focused activity (and I don't like to keep "pending issues") than having to "ride" a position through all its ups and downs - though here it also happens, but "fast-forwarded"
I guess I got that "bad habit" while backtesting on the simulator... now a 5 minute chart seems sooo slow... I use 5 seconds chart mainly to gauge market real-time sentiment, then 1 minute for entries, M5 for short-term trend and M30 for long-term trend, which should coincide. Using BBs.
2. Round numbers ("sweet spots") = 00-20-33-50-66 and 80 levels.
"Staircasing"
3. Depending on how accurate the entry point, between 2 and 10 usually. Average 4-5. Daily goal 100, usually met if I respect my schedule (3-4 hours of non-continuous activity).
4. Scalping is not "prudent". It's just trading noise. Risky if seen from the above but fairly safe as it's contained between clear boundaries.
I'm far from that "number" as my strategy requires a maximum position size of 1.67% (margin 4% at 50:1). Actually using 0,95% (margin 2.4%) and aiming to lower it further (maximum total open positions allowed is 8, with usual average 3-5). All this for total peace of mind in case of troubles, though in the session I use (NY after-lunch and pre-Asia) those are few (except an eventual power outage or disconnection, but then I can monitor and close the trades on the mobile).
I am always looking for much longer timeframes (not daily though, but H4 looks nice), however I will reassess the situation as soon as I am able to plan for a much larger risk allowance and price fluctuation. In any case, this won't change the price behaviour, which can only be real in the NOW.