Scalping

Yep I was going to recommend no bs but someone already got to it. That guy is legit. There really isn't very much around that's worth a dime about scalping.
 
DOWnButNotOut said:
So the generally consensus is to purchase the basic training course through NOBS?
Click to expand...

Probably some serious course would be helpful, but myself I never bought any.

IMO, watching the market using a few time frames + maybe DOM is the most valuable learning tool.

Nobody will teach you better than your own experience, when you see patterns markets repeat and after some time get itchy to trade them, because you KNOW they work again and again.
 
No BS is for Futures, though.

I'd be interested in any info on scalping FX out there myself since I've found myself gravitating towards that style.
 
VielGeld said:
No BS is for Futures, though.

I'd be interested in any info on scalping FX out there myself since I've found myself gravitating towards that style.
Click to expand...

Please don't consider me spamming (I already mentioned my site before today in the other thread), but I try to cover the aspect of price action forex scalping there. Probably you could find it somewhat helpful if you are into scalping FX.
 
MoonRocket said:
Could you repost your web site or perhaps you could place it in your profile?
Click to expand...

Yes, of course. Cornix Forex - Price Action Trading

It's also in my profile (guess it's called "Homepage").

I am not vendor and don't sell anything, just share my forex scalping/day trading and swing trading (to lesser degree, because I pay less attention to that) ideas, trades I find worth interest etc.
 
DOWnButNotOut said:
So the generally consensus is to purchase the basic training course through NOBS?
Click to expand...

Yes - it really is the direction you need to head in. Don't let the low price tag put you off, it's information you won't get elsewhere, other than as a trainee in a prop shop.

One thing is, when you watch the accompanying videos you wont see what he sees, even though he's explaining it at the time.

You need to read the book, watch the videos, get some screen time and then read the book & watch the videos again. Then it will click.

Do not attempt to "just get in some screen time". You will waste a lot of time. A lot of this stuff is counter-intuitive, you may never work it out on your own.

Also - do not look for patterns. This is not TA. There are some 'moves' or 'plays' that people use to build positions but you do not see these all the time. A lot of the time it's simply a matter of seeing one side run out of steam (even if that is temporary). Sometimes it's just a matter of seeing buying/selling pressure and understanding that you can ride this for a few ticks.
 
VielGeld said:
No BS is for Futures, though.

I'd be interested in any info on scalping FX out there myself since I've found myself gravitating towards that style.
Click to expand...

Can I ask why?

With futures, you have no volume, no Time & Sales and no Order Book.

On top of that, you have some fairly hefty spreads on Currencies which does make it rather daunting for a scalper.

Professional Scalpers use the order book and Large Professional Scalpers manipulate the order book. For both, it is this order book that is key. To attempt scalping without this is like attempting boxing with BOTH hands behind your back.

The fact is, changes in order book/order flow occur before changes in price. If you want to perform micro-analysis in order to scalp out ticks, then you need an order book.

If you want to scalp currency because it is cheaper than trading futures, its a false economy. Without an order book/order flow you are going to be picking a lot of pennies up in front of a lot of steam rollers. You simply will not be aware when you are being set up as a patsy by the whales that eat the krill that is the retail day trader.

If you go to the last post in this thread:

http://www.trade2win.com/boards/general-trading-chat/144900-order-book-why-bother-2.html

You will see a video. You'll need to adjust the resolution to full HD 1920 x 1080 to see it all. You will see a large trader setting up a bunch of TA traders up for a fall.

If you want to scalp and you want to scalp size with low risk, then you need to scalp futures.
 
LOL

The main thing to understand about scalping, particularly as someone new to trading, is that it is a waste of time. You WILL lose money.

You have virtually no chance of competing at this level against professional traders. You WILL be slow, clumsy and inept in comparison. You will have NO edge and you WILL be at a disadvantage.

Very few retail punters make it as traders and the number out of this small number who do so via scalping is tiny. I would be amazed if any of the well-meaning people giving you advice on this thread make a living from scalping.

There are far better ways for you to go if you wish to take trading seriously.
 
DionysusToast said:
Can I ask why?
Click to expand...

There may be no T&S, DoM or Order Book on FX... But this goes for everyone else as well!

I agree, trading futures would probably be a better idea in the long run. But for now, I don't have the capital for futures, and scalping by chart isn't that difficult once you get used to it, imo. You might enter more BE trades as a result, but it's hardly impossible to scalp FX.

Take it this way. If you trade with the trend and/or in the direction of weakness, then you're putting chances on your side. Then you can check a low t/f for confirmation that a move is about to begin. It's not precise, but I've found it works for me so far.

Yes, the spread can be prohibitive, which is why I stick to Eur/Usd for US open and Eur/Jpy for Asian session. I go for anywhere between 5 - 15+ pips, so this is ok. Spreads of more than 2 can really amplify those losers, though, especially if you do the kind of leverage scalping implies.

In the future I might switch to an exchange-based vehicle for the order book advantage. For now, I've found currencies aren't too hard to wrap your head around.

(As an aside, I would wonder if futures are that much better than FX given how much trickery is involved in the order book... Sounds like there's as much guessing going on there as in FX!)
 
VielGeld said:
(As an aside, I would wonder if futures are that much better than FX...)
Click to expand...

Futures are much better than FX for a very obvious reason.

If you trade spot FX with a retail broker, how exactly is the price determined?
 
^ I don't see how that would be an issue. The broker gives you a price, and he must honour that price if he's to receive business.

At least, that's how I see it.
 
VielGeld said:
There may be no T&S, DoM or Order Book on FX... But this goes for everyone else as well!
Click to expand...

let me 'help' you out. Find out what % of the FX market is retail trading (clue - it's under 5%). The rest is interbank and they can see orders in the market and volumes going through.
 
I'm well aware of that. As far as I know, market participants don't have access to that kind of information. It's like saying brokers know where the orders and volume is... Of course they know it.

Oh, some brokers provide access to their order book but I haven't had much evidence those things are practical for every day trading.
 
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