Price Action Scalping

[Mike Kshemaraja]

When Scalping there is a very fine line between skipping and entering trades, a scalper can be aggressive or conservative. In the beginning is best to be more conservative. Look for reasons not to get in instead for reasons to get in, where to be calm is stronger to be impatient. But when the right conditions to enter present itself, we need to take the trade without letting fear kick in.

 

[Mike Kshemaraja]

First trade of the day.

 

[Mike Kshemaraja]

second trade of the day lost 8 pips, I love to lose, more please

 

[Mike Kshemaraja]

A bit more crap for you:

As sooner as the scalper conquers his fear of losing and understand that losing is part of his expense to run the business , the sooner he will be in the possibility to explore many opportunity presented to him.

 

[DionysusToast]

indeedy

"For most of us the prospect of losing money is a much more compelling motivator than the chance of gaining some cash. It's so powerful, in fact, that it can mean that, we don't act rationally."

Professor, Daniel Freemen - Use Your Head - A Guided Tour Of The Human Mind

 

[Mike Kshemaraja]

indeedy

"For most of us the prospect of losing money is a much more compelling motivator than the chance of gaining some cash. It's so powerful, in fact, that it can mean that, we don't act rationally."

Professor, Daniel Freemen - Use Your Head - A Guided Tour Of The Human Mind

Nice post.:clap:

 

[Mike Kshemaraja]

And also like to add to the good contribution to the last post:

"If we feel over exited when we are having winning trades, that indicates that we still need a lot of work to do"

 

[DionysusToast]

Nice post.:clap:

Thanks - I read it on the treadmill at lunchtime.

It's not a trading related book - but it sure made me think about trading.

 

[Mike Kshemaraja]

Thanks - I read it on the treadmill at lunchtime.

It's not a trading related book - but it sure made me think about trading.

Yes, trading can bring to surface hidden part of ourselves which we are not aware of.

That is why trading needs to be dealt with care, open mind and humility in my humble view.

 

[Mike Kshemaraja]

Boys and girls,

To this scalping, the spread should not be more than 1 pip, and beware of the brokers that widen the spread here and there, at the moment myself I cannot find any, my broker is Oanda (1.2).
I am also looking at MB (1.3) and CMC (0.9) at the moment.

Keep your eyes open, they are all crooks.

 

[Mike Kshemaraja]

Boys and girls,

To this scalping, the spread should not be more than 1 pip, and beware of the brokers that widen the spread here and there, at the moment myself I cannot find any, my broker is Oanda (1.2).
I am also looking at MB (1.3) and CMC (0.9) at the moment.

Keep your eyes open, they are all crooks.

But on the other hand they also give you the possibility to learn the business if one has not a lot of money. With some of those brokers you can open a live account with only $ 10.

And risking 1% of you capital per trade (0.10) you can enter the market with 100 unit
risking 0.0010 (ten pips).

You will not lear the business with demo accounts, but only with live accounts, because Mr Ego is coming to play, and he will make it difficult for you with any chance that he's got.

 

[Mike Kshemaraja]

She is very much into a range (20 pips)

A bit of Frank:
Frank Zappa & T.Bozzio EPIC performance ! - YouTube

 

[foxmajster]

First trade of the day.

Mike,
why didn't you entered the trade eariler? what happened that you went for it 5 minutes later?

 

[Mike Kshemaraja]

My mate Fox, knows how to trade those, don't you Fox?

 

[foxmajster]

My mate Fox, knows how to trade those, don't you Fox?

yeah, this would be just a perfect setup for me
missed it though..

 

[Mike Kshemaraja]

Mike,
why didn't you entered the trade eariler? what happened that you went for it 5 minutes later?

Resistance on the left of the chart on the way to my target. The fact that went thought the resistance is of not importance. We need to trade valid setups and not to trade invalid ones, that is out plan, derail from the plan and make a winning trade is very bad, stick to your plan and lose a trade is very good. Does it make sense?

 

[Mike Kshemaraja]

Fox, does it make sense?

 

[Mike Kshemaraja]

Light,

I think you also need to start to post, you will learn faster.

 

[foxmajster]

Resistance on the left of the chart on the way to my target. The fact that went thought the resistance is of not importance. We need to trade valid setups and not to trade invalid ones, that is out plan, derail from the plan and make a winning trade is very bad, stick to your plan and lose a trade is very good. Does it make sense?

entering with the break of the mini channel? if the mini channel would not form you would not buy?

 

[Mike Kshemaraja]

entering with the break of the mini channel? if the mini channel would not form you would not buy?

No, I would not. To form a barrier you need two point minimum, then it needs to break the way I want to avoid to get trapped, the chart is full of traps.

Before you read the Bob's book, I suggest that you read the John's one first and while you read it, draw on the charts what you learn: support,resistance trendlines and so on.