How do scalpers open trades? Terminal configuration for scalper CScalp, TigerTrade, Quantower
This is the final post in the Scalping 101 series, then we will learn trading patterns and psychology of the trader.
You have opened an account on the crypto exchange, learned to open trades on the crypto exchange and know how to create and find interesting trading ideas with the help of TradingView. There is one more detail that we need to sort out. Scalpers do not open trades through the exchange, but use terminals to do so.
Here is why scalpers don't open trades using the exchange:
On the exchange, you can't see the DOM, the feed and the clusters, which means you can't see what other market players are doing.
You can open and close positions much faster with a terminal.
In the terminal, you can monitor several coins in one window.
In the terminal you can easily see your results for the day, and in some of them you can set the risk management!
There are 3 most popular free terminals for scalping: CScalp, TigerTrade, Quantower. Today I will show all examples with CScalp, but each terminal has its own advantages.
What does the terminal look like?
I recommend using this set-up, it's more suitable for a beginner, because all the information is gathered in one place and it's very easy to operate with.
- You need to open a spot chart, most players and algorithms make decisions according to it.
-Create a separate tab for each coin, but if you are a beginner, do not open more than 5 tools at once. Then you will not be distracted and you will be able to better monitor changes in the DOM.
- DOM: It is important to notice when large volumes appear, or someone substitutes them right next to the price. The price will move in the direction in which the volumes are pushed.
- Clusters. You can tell from the clusters exactly where the volume has passed. If the price comes to the level and volume appears right on it and the price rebounds from the level in the opposite direction, what does it mean? That the level has a securer that will not let the price go further, so it is better to look for the rebounds on the retest.
- The feed. The faster the feed, the more interesting the coin for the market.
The finishing touches
Before trading we have to connect to the exchange. To do this, you need to generate an API key on the exchange and insert data into the following fields in the settings of the terminal for scalping.
Next, open the workspace as shown in the screenshot. In the DOM and cluster, adjust the largest volumes by the volumes we see in the DOM.
The finishing touch: set in the volume menu those that you are comfortable trading in relation to your risk management. You can enter the amount in dollars, the terminal automatically converts it to tokens. As a reminder, a scalper stop-loss is 1%.
If your deposit is $100 and you risk one dollar per trade, then enter "100" in volume.
Congratulations! You have successfully completed the most boring part and are now ready to become a professional scalper! Next we are going to learn how to analyze and how to find the most profitable ideas for a beginner.
See you at the DOM✌️
THE ADVANCED BIKOTRADING CLUB
Led by Yuriy Bishko — is the place where you can make profit on a daily basis by exploring Yuriy's upcoming trades on futures, along with using his trading plans for bull & bear markets …even if you have no prior experience..