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He does not teach a system as such (more the methodology/art of scalping)...he suggests a number of different indicators you could potentially use to achieve the same result...i.e to read the market...and a number of ways to set up your charts. Scalping (or any style of trading for that matter) is not about which indicator you use, or how you set up your charts. Pick any indicator or 2 that you like and set up a template that will give you some idea of the trend direction, momentum, OSOB & divergence. Then study it...master it! That means spending literally 100's of hours in front of your screen watching every single bar forming, watching price-action and studying your chosen indicators & observing how they behave in certain market conditions and the many types of signals a simple standard indicator can give. Scalping is commitment with a capital C, discipline with a capital D & focus with a capital F. There is no secret template, system or inidcator. If you want to be a scalper or if you want to bend it like Beckham you need to practice, practice, practice and practice some more! If you are not dreaming about trading, seeing red & greeen bars forming in your head then you haven't practiced enough and haven't put in anywhere near enough screen time. That is what he teaches and what he does. He uses very low risk at �25 per pip btw (he recommends & indeed his students were trading �5/�10 per pip I seem to recall, depending on their account size), but like you say thats nice pocket money if you can master the art of scalping. If you keep chasing systems and indicators looking for the secret to trading/scalping you are only going to become a Jack of all Trades (no pun intended) & a master of none. If you want another opinion of what it takes to become a successful trader or scalper watch some of Al Brook's videos. See how he spends his day locked away in a room, curtains closed focusing on every bar. Onbongo A member recently asked me for some tips on scalping, about my own strategy and how to best set-up your charts... I mostly trade the 15 min. & 1-hour timeframes intra-day, but I do some longer term trades also. I trade pure price-action, using support & resistance, pivot
but all methods require you to be able to watch and observe price-action and spot repeating patterns and price structure to guage the strength of a move. The only thing I would add to Rita's system is some kind of OSOB oscillator to catch the swings. Scan back through recent price action for the last few days. by simply observing price.e I spend a lot of time studying fundamentals to guage market sentiment & likely direction. i. Having said that I have also been messing around with scalping using both 1min. weeks or more and see if your indicators/chart set-up gives good entry/exits or whether you maybe need to adjust the settings of some of your indicators to pick up the main moves in price and better time your entry/exit. If the market is range-bound as it has been recently or up againsts strong S/R I may take quite a few scalps as price bounces of these areas. I recommend experimenting with various indicators & chart templates and simply applying them straight onto a Renko chart and see what it looks like. However you set up your charts your main focus should still be on price-action. John Bartlett's video course (above) will give you many more ideas on both how to set up your charts. time your entry and spot divergence. If you are looking for a ready made system to start scalping. change direction. no indicators. I have tried out a number of different indicators and come up with many ideas of how to trade Renko well.points and divergence for entry & exit. believe it or not I have looked at Rita Lasker's Ultra Scalper indicators and honestly they are some of the best indicators I have seen for trading on the 1 min time-frame. Again. or simple run out steam. My analysis is also sentiment based. This would be a good place to start for you unless you want to trade Renko. Onbongo . There is no best way to scalp. as well as on the psychology. I have experimented with a number of these and they all work well enough it is just a matter of choosing your favourite one and sticking with it so you become an expert using it. It really is just a case of trial & error. When the conditions are right I do scalp a bit also. with nothing but pivotpoints on my chart. where a move might end. MM & discipline required to master the art of scalping. I have been using 2-pip Renko mostly for scalping. charts and Renko recently and had a lot of success with both. Often when I scalp in this manner I will simple do it straight of a 1-hour chart. You should be looking to try and guage where the momentum is and preferably trade in the direction of that momentum and the trend direction for the time-frame or Renko charts you are using.
the higher the level of skill required (in all areas of your trading) to execute that system. 1. however. They think scalping is for the cool kids. be able to think & act quickly. only for things to go completely flat/non-directional and the volume to dry up completely for a couple of hours leading into the U. They think you can earn more money scalping than intra-day/position trading.. If you are aiming to lock in 10 pips+ min. that it is easier to aim for 5/10/15 pips per trade than to aim for 40/50/100+. The smaller the profit target you aim for per trade. They falsely believe. I am not sure I would agree that you can earn more money scalping than intraday/position trading. flowing. 3. you can be in and out of the markets in 1/2 hours. but certainly if you master this skill. and go play a round of golf if that's your thing. and therefore the smaller the stop-loss required to give yourself any chance of winning the percentages game. be able to think in terms of percentages (probability) and be able to trade without any emotions. highly-liquid conditions for a couple of hours after the London open on any given day. directional. scalp away. Simply check there are no high-impact economic announcements due out & if the conditions are right. which is no longer suitable for scalping.. You may find yourself giving back all the profits you made in the morning by being stopped out constantly for continuing to trade in non-directional market conditions with a very tight range. per trade with a 10 pip S.Scalping conditions can only be determined on an hour by hour assessment of market conditions throughout any given day. If you can not correctly determine the right conditions for scalping in the first place. And there is no boring fundamental analysis.S session open. Scalping is pretty cool. 3. 2. over and over again. call it a day. completely switch-off from trading. without trading errors. You may get smooth. You need to have a very high level of concentration/focus. I'll give you that one. in my opinion. Scalping requires the highest level of execution skill of any other style of trading.LOL 2.L (1:1 Reward:Risk) you need to have the skills to time your entry into the market with laser-like precision. You can be completely oblivious to the bigger picture of what is going on with the Euro debt crisis and still make money scalping. Scalping is not easy! I think new traders are attracted to this type of trading for a couple of reasons: 1. not time the market with a high level of precision & lack the discpline to .
if you have to think before taking each trade & can not trade intuitively you are probably not ready yet for scalping on the 1 minute time-frame.e. Onbongo . that means timing your entries perfectly & immediately closing out losing trades) with the minimum of hesitation & trader error.execute your edge. you are going to blow your account very quickly. develop all the necessary skills mentioned above & then work your way down to the 1-minute if thats what you really want to trade. learn the art of trading. The best way to develop these skills in my opinon is to start on the higher timeframes (1-hour +). Basically. (i. But certainly a lot of practice is required beforehand.