The charts should be pretty self-explanatory, so have a read through them and then I’ll wrap it up with some text following the last chart.
Three steps only:
1. Identify the bias (flow, path of least resistance, future trend or whatever you want to call it).
2. Take a wholesale entry in the direction of that bias.
3. Then manage whatever happens.
It's never as easy as it looks after the fact.
Expect consistent losses at first.
Implement a process of deliberate practice.
Build experience through trading (in the sim at first) over and over and over again. In time, your ability to read bias will improve. Your ability to identify better entry locations will improve. Your ability to contain risk will improve. And your results will improve.
Scalping such as this is not a Holy Grail trading method. And the rapid decision making required in these timeframes does not suit everyone. But if you find yourself attracted to short timeframe action, give it a try on a sim. Maybe it won't be to your liking? Or maybe… like me… you'll have found the place in the markets that feels like home!
(Please note: YTC Price Action Trader is prerequisite knowledge for YTC Scalper)
Hi Sir – Is there any reason for you to become a scalper rather than a swing trader or a an intraday trader? I would like to know the reason behind as I get confused a lot and end up doing everything – thus losing focus.
Two important points – (1) You can’t do everything. You need to find the place that you belong within the markets. (2) There is no right or wrong.
The most important task for you will be to spend some time in trial & error – short timeframe vs long timeframe. Which best fits your personality? Do you thrive on short-timeframe “screen watching” of one market, with full immersion into the price action with rapid feedback and reaction to market movement? Or longer-timeframes with slower and more deliberate analysis of a basket of multiple instruments, with slower feedback and more time to consider actions?
There is no right or wrong. Find what suits your personality. And importantly, your needs and circumstances with respect to family, job, finances and any other commitments you may have.
Why am I trading the one minute chart (and lower)? Simply because I’ve found through a process of trial and error that this is where I belong. It’s where I thrive. It suits my personality. Immersion into the price action for a short period of time, and then sitting in cash overnight with no risk exposure.
You may find the same. You may find different. But only you can find your answer, through trial and error.
Best of luck.
Thanks a lot sir. These are very important tips. Thanks for the prompt and detailed response. I also fall under the category of ” sitting with cash overnight with no risk exposure”. Let me keep learning first and then eventually focus on one type of trading.
How we can make channel for Scalping in the chart?
Hi Padmesh, the design of the scalper channel is covered in my course. However you could produce similar through any standard TA channel methods, if you wished to pursue this yourself.
Best of luck,