Here’s a quick video that shows John Paul using the Trade Scalper to find a Long opportunity. He places an MIT (buy) order that is soon filled. He’s in and out in under a minute. That’s ideal scalp trading. When scalping, you don’t want to fiddle around or second-guess an entry opportunity. It’s more important to get in quickly after the signal appears. Don’t chase the market. Another signal will appear in the near future. If risk is a concern, set up an ATM Strategy where you can trail a stop to mitigate against potential loss.
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Are you scalping? Or are you holding a position for an unnecessarily long and risky period of time? If you don’t have a plan to get out after a certain period (i.e. a time-based stop), you are increasing risk every moment your position is open. You need clear rules that you follow. If you’re guessing and saying to yourself, “Ah, well, I guess this trade just isn’t going to go my way” after a half-hour or longer, consider yourself lucky that you suddenly didn’t lose your hat with rapid price acceleration hitting your stop loss.
Does this mean you take every opportunity presented by the Trade Scalper? Absolutely not. In this video, John Paul clearly says that four or five trades is enough for the day. If you start to get greedy, it’s possible the market may teach you a lesson. And after that lesson, will you be tempted to try to make up for the loss? Most people are then even more tempted to trade. Whether you want to call that behavior “revenge trading” or “recovery trading,” it’s best to not even get yourself into a situation where such ideas present themselves. In trading, it is true that some people can’t handle the wins or the losses. Be careful, out there: take time to practice, observe, take notes, be patient, and be honest with yourself.
