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What is scalping and what kind of charting set up is best for it

Key Points

  1. What it is: technical
  2. Tools that do it: #tensorcharts #bitforex #phemex #ftx 

Scalping is a trading method most common in forex, oil and cryptocurrency markets.

Scalping refers to trading technique of capitalizing on small price changes. Positions are typically shortly after they become profitable, collecting a small profit.

Best Tools for Scalping

Scalping Cryptocurrencies

In 2020, crypto markets are not profiled strongly towards either “long term trading” or “short term trading”. The crypto markets have a lot of both types of traders.

Often, crypto traders will resort to scalping during sideways markets situations.

Formation Scalping

Formation scalping is a trading technique that leverages the regularity of market ranges.

This is a popular technique among Wyckoffian traders. They have a good hand on recognising market ranges.

Formation scalping allows them to earn additional profit on trading the sideways phase of the market before a trend is decided.

Automated Scalping

Scalping is regarded as one of the hardest trading techniques to steadily profit from.

Short-term trading is not more difficult and does not require more skill than longer-term trading. The reason is that the fast speed of trading takes a mental toll on the trader.

There are traders who relish in scalping the fast moving market, but it does take a certain specific personality.

By all means try scalping for yourself, if you think you might be one of them.

Alternatively, you still can capitalize on these fast, small trades by using a scalping bot. The trading automation platform 3commas would be a good place to start.

Best Charting App For Scalping Crypto

Your best tool for all short-term crypto trades are TensorCharts. TensorCharts split each candle into blocks that show the price levels at which most of the transactions took place. If you learn to work with this data, it can help you a lot with short term trading.

The information you get with TensorCharts is far more complete and granular than what you get from the standard candlesticks charts.

Read our list of tools for crypto traders for more free and freemium options.

Want to *really* learn crypto charting & technical analysis?

Hate to break it to you, but there's no trading school, no neatly structured course and no simple how to.
Read our articles to get familiar with the tools, but try everything hands on. Trading will press your emotions, you can only really learn it as you go.

All the good crypto charting tools and platforms are accessible for FREE in either TradingView app or at Bitfinex. Just start!

Get TradingView Signup at Bitfinex


How to read option charts: Market sentiment analysis based on crypto derivatives - Crypto options markets reflect the sentiment on the market and are small enough to split the whales from the retail. That makes them a useful tool for technical analysis.
Wyckoff Avoidance Strategy in Cryptocurrency Trading - Wyckoff method of avoidance means to trade only the best stocks in the leading sectors. How to apply this motto when trading cryptocurrencies?
Ichimoku Cloud for Crypto Trading - Ichimoku cloud strategies for crypto: Full indicator tutorial, including the controversial topic - Does it make sense to tweak Ichimoku Cloud settings for crypto trading?
Wyckoff trading method for ranging markets - Fully reworked primer on ranging crypto markets. Includes Wyckoff method for market phases and recommended TradingView scripts.
Multiple time frame analysis: Trading several timeframes at the same time - On why it's constructive to trade multiple time frames at the same time and how to manage the stack of your positions and orders.
Thoughts on Reversals and Psychology - Bottoming process, just as any other market reversal, is strongly influenced by psychology.