This chart is several days old but I had not the time to comment it earlier. On that day (16/5) I was monitoring a few technical analysis sites to see how they trade. Here is what I noticed : At point A, trend line break, everybody went short expecting a second leg down of 100 pips . But the run stopped at 60 or so and then price reversed sharply. The most cautious closed trade at breakeven, the others had their stop taken at C, losing 30-40 pips. More medium term traders, like FXCM stuff (at dailyfx site) entered short at B (previous low break) and lost 100 pips in no time... Then traders entered long at point C (local resistance taken) ...and lost again.Being a scalper, I do not have the metaphysical anxiety to guess where the market is going. I just take 5 pips here and 10 pips there. I follow the elephants and i am out before the turn against me. Or take one bit at a time, like Weinstein's sparrow. I ride the wave, as my 5 years old daughter said the first day she saw me trading. It took me 3 years to learn(?) that.
1 comment:
Scalping obviously is better for those who are good at it and have experience, but for ones who have no clue on how it’s done will obviously be finding it seriously tough, so that’s why I will say everyone is not suited to scalping and it’s not better for all. I started as scalper and now I am doing it full time with help of OctaFX broker with their excellent platform cTrader, it’s especially develop for ECN trading which allows me to work well without any trouble.
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