I have tried scalping, and I am not consistent at it. I had an automated scanner at one time, and the market changed, resulting in too many losses. I tried to change that scanner to remove automation, it was not consistent either. I am now trying to learn how to trade stocks up on news, but am not consistent yet, and many seem to be short plays. I am seeing if maybe options would be better suited for those stocks. I don’t short at the moment and have a small account due to previous poor risk management, of which I have greatly improved, but now I seem to be overly cautious at times. I have and am increasing my tape reading skills, along with pattern recognition, which has helped. Maybe I have found my niche, I just don’t know it yet. I have started collecting data from my trades to find what works and doesn’t work.
I want to find what works and have been at this over 3 years trying to find what works. Just when I think I am close to becoming consistent, it seems the market changes. I don’t know if it’s my scanner that has too many parameters or not the right parameters for what pattern I am looking for. I do have a huge fear of losing of which I am working to overcome. I am determined.
Scalping is like Vegas slots.