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Hi everyone,
I've been watching Al's trading videos where Al mentions that a scalper's profit is 1 point. I trade exclusively in crypto, so I'm not sure what the equivalent value of 1 point is in my market.
Can anyone help me understand how to convert 1 point to a monetary value in crypto trading? I've tried searching online, but I haven't found a clear answer.
I've also attached a screenshot of some crypto prices for reference. Thank you for your help!
There are other references about how to know what is a proper scalp size. For example, if the average bar on the timeframe you are trading is "x", your goal is to go for at least half of that "x". If the AVERAGE bar is $10, then scalp $5..
Another target could be 10% of average timeframe 100/200 bar range. For day trading, some traders use the 1 ATR target for their scalps (Or .10 DAILY ATR).
It is all very relative, I animate you to practice it and get experience on a demo account until you feel comfortable knowing which is the proper target. If you look at the charts day after day and month after month, the size of the scalp will become obvious to you because you will be in rhythm with the market.
By the way, I do not know any crypto broker where you can day trade and scalp without gigantic spreads or abusive commissions. I hope you consider this before scalping, and also, consider not scalping, as Al encourage and recommends to his disciples.
Please revisit all the scalping videos, all you need to know about scalp targets it is in there. However, I hope you found this helpful.
Josep.
Thank you Josep for your reply. I will see what I can find on the course, I am mainly trying to gauge what 1 point is so I can somewhat gauge and set a personal target to monitor my growth but have no intentions on scalping 😀 Trying to stick to swing trading as per what you and Al recommend
