I used to love scalping!
It’s fast, quick, and so suitable for my impatient personality.
But perhaps the best part is this feeling of making instant reward!
Who doesn’t love it? Making money within 1 or 2 minutes, it’s really addictive feeling especially when most people are making an hourly salary job.
However, the cost of scalping is really not to overtrade.
Back then i used to take 20 plus trades everyday, 100 trades a week, and although the profit and loss was negative, i still continued doing it…why?
Because that’s exactly the same reason why gamblers gamble away their fortune.
Even though in the long run they lose, but the short-term reward, the feeling, the addiction can trigger your brain to release chemicals, so although you’re losing on paper, on data, on every realistic way, emotionally you felt like a winner - hence, you are addicted.
Nowadays i still do scalps, but i only limited myself to do it when there is important and tradable news release.
It has totally helped me to transform my trading.
As mentioned, at the end of the day, to trade well is to know yourself completely.
Today i entered a trade I shouldn’t have entered again…and yes, i was back in my old habit of scalping for the sake of excitement.
The only thing i did it right was to lose very small, 0.2% and i set up my SL right away because I know if i don’t, once the price comes down, i might not be able to get out due to my mental block.
Anyway, the trade ended up as a loser, but it was a loser already from the very beginning because when you trade something outside your routine, when you trade randomly without a plan, then no matter what the result is, you’re a loser.
I’m glad to lose just small amount, but really disappointment about myself.
well, you trade and learn.