Steemit Crypto Academy Season 2, Week 5 || Homework Post for professor @yohan2on || The Scalp trading style || by @preye2

Hello All

Wow finally am doing my first homework post with you respected professor @yohan2on, having learnt and understood your lecture which is on The Scalp trading style, permit me to proceed with my homework task Sir.

Question

Using the finger-trap Scalp trading strategy, practically demonstrate the scalp trading style on at least 2 crypto asset pairs such as BTCUSD, ETHUSD, etc

Answer

First step I took in achieving this was that I created a demonstration account using an MT5 trading broker which will help me in carrying out my trade.

Having learnt from my respected professor and equally gone on some research, below is how finger-trap Scalp trading strategy works.
Firstly, finger-trap Scalp trading strategy is all about using two moving averages usually the 8 and 34 Exponential Moving Averages (EMA) to indicate where prices are moving to, and how to equally place a short time to determine or perform trades for profit purpose.

Just as I have been instructed by my able professor, here is a practically demonstration on the scalp trading style which I did on DSHUSD and ETHUSD crypto asset pair.

Demonstration of scalp trading style (A case study of DSHUSD pair)

As I have earlier explained, Scalping is all about setting a short period of time in an online graph, which will enable you to trade with the aim of making profit.

This environment am working on now is a MetaTrader quote demo account which is used mainly for demonstrations. This account was already prepared for me immediately I finished installing the app and the first pair I demonstrated was the DSHUSD pair.

The scalp trading style on DSHUSD crypto pair and all the processes under. it includes:

• I logged in to my MetaTrader 5 account (MT 5)

• I then clicked on charts where I then clicked on the later f at the top of the environment as shown below
  

• After click the f+, under Trend I then went to moving averages, because am still working on my Exponential Moving Averages (EMA) for direction.

• I then made some slight changes (color and size) on the moving averages indicator.
• As you can see below I used an EMA of 8 and 34 and the colors are green and red.

• And for the time, as you can see it's 5 minutes.

• After setting the little time frame in determining my entry and stop-loss, I monitored how quickly the increase and decrease take place, and when the profit increase higher I closed my trade, and boom I was able to finger-trap a satisfactory amount of profit DSHUSD crypto pair through this strategy.

Demonstration of scalp trading style (A case study of ETHUSD pair)

I repeated this same processes on another crypto pair which the ETHUSD pair.

• As you can see in the picture below, the time frame is just 1 minute;

• So after the finger-trapping process, I was able to gain profit.

Conclusion

Finger-trap scalp trading as we have clearly seen is a very important aspect of trading Currencies pair, whereby an indicator usually known as Exponential Moving Average (EMA) is used determine the direction and access of a short timed trade to enhance profits. And one very interesting benefits of finger-trap scalp trading is that it can generate quick money for you.

I have really learnt something new and I hope to improve as I would continue learning from you respected professor @yohan2on.

Unless otherwise stated, all images here are personal screenshots made by me and designed on Canva.

Thank You all...