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I have a few questions on scalping, appreciate any comments.
1) Al demonstrated scalping on 15 seconds and 2 mins chart, is there any guidelines on the time frame to use. For examle, Al uses 1pt scalping on 15s, that's because a shorter time frame has less price range I guess. And also the shorter time frame means, the faster reaction required.
2) Al mentioned that scalping is a habit, however, I found that I may like to scalp more (maybe is my personality, I am trying to determine) because I have difficultly holding a PB and I like in and out quickly. Yesterday, I scalp for about 10 trades and make good money, I told myself to stop but as I am watching the screen, I enter a trade again and make few mistakes. Should one just trade for a limit number of trades and just stop, especially having a profit?
3) Similar to 2) above, any profit target for reference to stop trading (one contract of emini ($50 per point)) for the day?
4) Any specific ideas is welcome.
Thanks.
1) Al demonstrated scalping on 15 seconds and 2 mins chart, is there any guidelines on the time frame to use.
Nop, this is absolutely arbitrary. Choose whatever you like.
Should one just trade for a limit number of trades and just stop, especially having a profit?
3) Similar to 2) above, any profit target for reference to stop trading (one contract of emini ($50 per point)) for the day?
This has to do with your personailty, habits and experience... if you feel you trading performance weakens at some point, in time or in profit, stop then.
Get to know yourself and what works better for you.
