Live Trade - Reading Level 2 Order Book, Minimizing Losses, Identifying Resistances.

[philakonesteemit]

A Live Trade
Was hoping for a large bounce, but we faced massive resistance at $8,150. I could've taken a $100,-$200 loss, but instead chose to take a very tiny profit. It's important to be able to do fast TA on the fly, while watching the level 2 order book. As a scalping day-trader, I minimize exposure in the market and avoid risk at all cost. I saw resistance @ $8,150, saw it drop to $8,100 fast, and capitalized on closing my position at $8,150 when it bounced quickly, then it quickly fell again. NEVER SCALP unless you can
1- Swing trade well
2 - Day trade well
3 - Can do TA FAST AS FUCK
4 - Can be disciplined to stick to STRICT R:R
5 - Can cut losses
Scalping is an art. You should NEVER SCALP until you have progressed from naturally from swing trading, to day-trading, then eventually obtain the skills to scalping for even more gains. If you try to scalp and cannot exercise the above, you will get destroyed in the market.

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Comments

[jkenny]

Thanks for the update

[realcrowncrypto]

upvoted and sub'd excellent content. I have a similar view but I come about it in a different way, I'm curious what your thoughts would be as I love finding confluence from someone I respect in this game!