I Make A Living Trading 3 Simple Scalping Setups (Live Trade Results)

Summary

In this video, a seasoned trader shares their journey from initial losses to generating significant profits through a structured trading approach. They explain the break and retest strategy, detailing three key setups: the previous day high and low, the 5-minute opening range, and pre-market levels. Live trading examples, particularly focusing on Nvidia and Tesla, illustrate how to execute these strategies effectively. Emphasizing risk management and the importance of strong price action, the video aims to empower viewers with practical techniques to enhance their trading success.

Takeaways

• 😀 Trading is about finding high probability setups based on price action.
• 📈 The break and retest strategy is effective for capturing moves after key levels are breached.
• 🔍 Marking the previous day's high and low can guide trading decisions and entry points.
• ⏰ The 5-minute opening range provides a reliable framework for entering trades early in the day.
• 💡 Pre-market levels are crucial for anticipating market behavior and potential reversals.
• 📊 Risk management is essential; aim for a favorable risk-reward ratio to maintain profitability.
• 🧘‍♂️ Monitoring trades on a higher time frame, like 5 minutes, helps reduce stress for newer traders.
• 📚 Education and understanding strategies empower traders to make independent decisions.
• 🛑 Setting clear stop losses and profit targets helps manage trades effectively.
• 🚀 Successful trading requires patience and the ability to hold winners as market moves unfold.

Q & A

What is the main trading system discussed in the video?

The main trading system discussed is the break and retest system, where traders enter after a stock breaks resistance and retests that level as support.

How does the previous day high and low strategy work?

Traders mark the high and low of the previous day and wait for the market to break either side, looking for retests to indicate strength and momentum.

What is the significance of the 5-minute opening range in trading?

The 5-minute opening range involves marking the high and low of the first five minutes of trading to identify potential breakout points and retests.

Why is it important to wait for strong price action before entering a trade?

Waiting for strong price action helps confirm that buyers or sellers are stepping in, increasing the probability of a successful trade.

What risk management strategies are emphasized in the video?

The video emphasizes setting clear stop-loss levels and trailing stops to manage risk effectively and protect profits.

How does the pre-market strategy differ from regular trading hours?

In the pre-market strategy, traders identify key high and low levels before the market opens, allowing them to plan trades based on these levels as the market begins.

What were the results of the live Nvidia trade demonstrated?

The live Nvidia trade resulted in a substantial profit, showcasing the effectiveness of the pre-market high retest strategy.

What advice is given for monitoring trades to reduce stress?

Traders are advised to monitor trades on a 5-minute time frame rather than a 1-minute time frame to reduce stress and focus on broader trends.

How does the speaker view the role of education in trading?

The speaker believes in providing education and transparency in trading rather than just offering signal services, aiming to help traders become self-sufficient.

What overall message does the speaker convey about trading strategies?

The overall message is that with simple and repeatable strategies, traders can consistently make a living, provided they have a clear plan and execute it well.