Jan 24
Scalping — Summary from SMB Training YouTube Video
Sclalping is a legitimate way to make money. It requires a specific system and plan. You must have a tight stop. Must be properly sized. Scalps must work quickly or you must close for a loss quickly.
The most effective scalping is done at key technical levels. When scalping with momentum, it can be easier to use a market order. You can scalp with trend. Need a specific system on how you follow the trend. Losses can quickly pile up. It is important to figure out what works for you when scalping. (using MAs, RSI, Trend lines).
Reading the tape is very important in scalping. Tape moving faster than previous price prints. Moving away from a price you were monitoring.
Quick thinking and processing information in a fast manner are traits that will help determine if you can be a scalper.
