As a trader , I prefer 3-5 minute charts, nothing longer,
nothing shorter. Some people like 1 minute charts but you have to
be extremely nimble and be able to handle extreem stress! I like 3
or 5 minutes because the cycles and recycles are easy to see and
tends to minimize risk although risk is ever present. Good luck!
Stops are essential in this type of trading and if you are in a
nice rise, keep raising the stops. Some traders get mesmorized at
seeing a position keep rising and doing nothing about protecting
the profit. ALWAYS protect the gain and TAKE the profit! Holding
trading positions overnight can be disasterous! Watch out!
Yes, I always increase the stop as the price rises. In addition
I shorten the spread if the rise is rapid. The reasoning is that a
parabolic move can retrace rapidly. I want as little of the profit
vulnerable to a pullback.
Scalping advice
Posted by davidd on 15th of Apr 2009 at 01:15 pm
As a trader , I prefer 3-5 minute charts, nothing longer, nothing shorter. Some people like 1 minute charts but you have to be extremely nimble and be able to handle extreem stress! I like 3 or 5 minutes because the cycles and recycles are easy to see and tends to minimize risk although risk is ever present. Good luck! Stops are essential in this type of trading and if you are in a nice rise, keep raising the stops. Some traders get mesmorized at seeing a position keep rising and doing nothing about protecting the profit. ALWAYS protect the gain and TAKE the profit! Holding trading positions overnight can be disasterous! Watch out!
are you saying you keep
Posted by estelleoc on 15th of Apr 2009 at 02:42 pm
are you saying you keep increasing the stops on a good trade so that you close out when it begins to retreat?
Scalping
Posted by davidd on 15th of Apr 2009 at 03:15 pm
Yes, I always increase the stop as the price rises. In addition I shorten the spread if the rise is rapid. The reasoning is that a parabolic move can retrace rapidly. I want as little of the profit vulnerable to a pullback.
That's not only good scalping
Posted by kevin on 15th of Apr 2009 at 01:23 pm
That's not only good scalping advice that's good trading advice
use of stops and trailing stops are a must in trading