Scalping profitably- but without a high hit rate

[Jack.c]

Hi all,

I am currently scalping the forex market, in pretty much the smallest timeframe i.e. tick chart. (on forex a 5 tick on one feed may not be same as another).

Thing is most places I go and traders I know who are successful seem to be doing scalping with high probability - high win rate.

I've traded successfully for a month - profitable daily but my strategy is more reliant on catching bigger winners - keeping losers small as possible. So even though hit rate is 50/50 or even less, my winners outweigh losers and I'm profitable.
Some days I take ~10 pips others ~20 pips.

If anyone has read Doug Zalesky's article - 25 rules to trading success- he mentions he has 30/30/30 win/loss/Breakeven. I think I am like him, though i think he may be slightly longer timeframe than I.

I guess I am a little confused, maybe lacking confidence, or feel alone... because no one "I know" has a strategy like mine. Not that I know many ppl...

I would prefer if some successful scalpers would come and answer my question:
Am I doing this right? Are there others who scalp successfully for many years, like this?

Thankyou

 

[Trader333]

What is your set up for an entry ?


Paul

 

[Jos12]

Interesting.. you are trading Forex profitable (great achievement btw), but still "maybe lacking confidence". I'm curious if you have doubts regarding your (technical) strategy or doubts in the psychological side.

What makes the difference between your winning and losing trades? Technical signals or lack of conviction (selling to soon), lack of discipline (selling to late), etc.

I'm not a Forex scalper, but I would say you're doing a great job. (Especially since you're only trading for a month or so?)

 

[Jack.c]

Interesting.. you are trading Forex profitable (great achievement btw), but still "maybe lacking confidence". I'm curious if you have doubts regarding your (technical) strategy or doubts in the psychological side.

What makes the difference between your winning and losing trades? Technical signals or lack of conviction (selling to soon), lack of discipline (selling to late), etc.

I'm not a Forex scalper, but I would say you're doing a great job. (Especially since you're only trading for a month or so?)

Thanks for encouragement . I have been at trading alot longer than a month lol , so i meant I've been using this strategy profitable for a month.
I guess my doubts are really more psychological since the spread is wide and when it moves against me it can do so fast, both of which can make it hard to keep losses small. When trading live it's not the best feeling knowing a particular trade can be a loss just as a win. But I guess it's part of the strategy until I improve it and pick better entries.

The way I trade i don't use any indicators, it's all based on price on the chart. Not that indicators can't be helpful though!

 

[Jos12]

(..)
I guess my doubts are really more psychological since the spread is wide and when it moves against me it can do so fast, both of which can make it hard to keep losses small. When trading live it's not the best feeling knowing a particular trade can be a loss just as a win. But I guess it's part of the strategy until I improve it and pick better entries.
(..)

I think it is promising (for your futher success) that you're able to identify what your strengths and weaknesses are. I just wondering, could it be possible to trade on a slightly higher time frame? (i.e. so that trading is less fast, which reduces the amount of errors one could make?).

Perhaps other Forex traders could give you more specific advise (where are they? )

Good luck with your trading!