In this article, I’m going to show you my experience with intraday trading and why I actively do it. In the past, I have gone through strategies that were focused on scalping where I would be getting in and out of trades very quickly. And throughout the session, I focused on these trades and taking small gains. I’ve also done methods that were revolving around zooming out placing trades and getting into positions sometimes holding them even for days.
I tried all these different strategies until I found my home inside actively intraday trading. This was a long journey until I got where I am and that wasn’t easy so here are some things I learned from my experience. Why I don’t focus on scaling anymore? Why I moved away from Swing trading and much more. Let’s get started.
Narrow Your Focus
If you are working on developing a method with consistent results then I suggest that you only focus on that. Set a goal for the day and stick to it, don’t be emotional when trading that’s the biggest mistake people make. It’s going to be extremely important for you to stick to something and try to make it work otherwise if you try a lot of things you are not going to improve on any of them.
The key to consistency is to be focused on one method and learn everything there is to it.
If you are a beginner then you will need specialized tools and knowledge on how to proceed with the trades. That’s why I recommend you take one of my courses if you want to improve your trading life and start seeing profits.
Scalping is a trading style that specializes in profiting off of small price changes and making a fast profit. If you are doing 3 to 5 trades a day and you think you are getting in and out quickly then to me you are day trading and not scalping.
I consider scalping doing tens of trades a day where you get this micro profit each time. It’s a very aggressive in and out process where you have to trade a lot to make a meaningful profit. This was the strategy when trading online first became a reality.
What most traders were focusing on was the charts and looking at what was happening on the depth of the market, it had almost turned like a game to them. But now this opportunity has long gone. Everyone now does algorithmic trading and quants.
We’ve moved from this fast-paced kind of like an arcade game, to something more like a match of chess that requires you to be more methodical.
My Experience with Scalping
Depending on what’s available to you and how you have set up your trading you should really look after the fees. For some people, it might not be a big problem but for others can be a real deal-breaker. I myself faced this problem in the beginning, I was doing the scalping method and when I zoomed out and looked at the profit and fees at the end of the month I was crushed.
Being that active and scalping even being positive, was not sustainable for me from the fees. So look carefully at which platform you are using and their fee system.
Another thing I didn’t like about scalping was that I had to be extremely precise on entries and exits. You have to be really accurate there’s no wiggle room.
If I broke my discipline and trading method even for a moment then everything would go to waste. It would ruin all the work I had done the previous days and that was something I didn’t enjoy about scalping.
Scalping requires you to have a very robust method to be able to stick with it very strictly and it wasn’t something that I was able to really execute in real-time or at least execute very very well.
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Watch Your Risk & Happy Trading!