4-29-11;
Market turning points are those area’s on the screen at which you see a distinct change in market direction. Those trading area’s at a minimum can be considered area’s of interest where a trade decision can be made, long or short.
If a trader were to use a scalping method, that could get him in and out quickly, profit can be made. You would first need the ability to spot the market turning points and those area’s of interest, to see if it lines up with your established scalping method. If it does, moving in to scalp a few ticks to a few points is the objective.
The markets are always pushing and pulling in one direction or another. Being able to enter with the lowest potential risk against you, draw down, is essential. Sniper Day Trading has established such a scalping method that does just that.
Their are many across the globe who aspire to be a successful scalp trader but have found their share of difficulties along the way. Being successful in this business is about knowing, that is, knowing when to enter the market and when to wait, you could say trade timing.
This takes us back to, “Market Turning Points” and how they can keep the scalp trader on the right side of the market. That is first and foremost a big problem for many, as their trade timing is just off, due to a lack of knowing which way the dominant trend of the market is in.
If you know which way the dominant trend of the market is in, you then work on your trade timing to zero in on your low risk entries. Many traders constantly struggle with all of this, as they find themselves second guessing their trade decisions.
Having a solid method to draw on is key, as it will give you all the things mentioned above. Becoming a successful scalp trader can be achieved but it does take hard work and dedication. Identifying the dominant trend will give you market direction and your low risk entries with excellent trade timing. That sums it all up right there.
It all starts with knowing. If you know, you will be empowered to act. A lack of knowledge will keep you in the dark, wondering if you will ever get it right. It could take you many years to get this knowledge (if ever) if you were to find it on your own or you could speed it up, seeking out the information and thus becoming in “the know”.
The choice is always ours, just like the trade decisions we make during the session. We need to live with them and hopefully learn from our past so we can adjust ourselves for the future.
I wish all my readers the very best, Good Trading to all. Friday’s scalp trades taken below, click on image to enlarge it.
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