You guys are arguing with a trader who has been registered for 2 months, has 7 posts, and has been probably been trading for a total time of less than a year. Volume means everything, volume means nothing; scalping is best, swing trading is best, daytrading is best; everyone here is an 18 year old loser, everyone one here is successful; scaling in/out is better, scaling in/out is stupid; selling options is best, buying options is best. Maybe all these arguments should be moved to the religious forum since they are usually accompanied by no actual supporting evidence, asserted by individuals with basically no experience, and the two sides never end up making progress or agreeing on anything. Three things to keep in mind: different traders can have vastly different resources, psychology, and talents so what is best for one does not have to be best for the other; the markets can and do change, what works with a 30 vix may not be best in a 10 or 80 vix environment; and anyone achieving a net average profit of 1 point per contract per day daytrading/scalping will become infinitely wealthy (works out to over 700% per year using exchange margin). I am not saying all these arguments are without merit or value, but the way they are debated here is usually a little pointless.
1 point is 50 dollars, you can barely pay your bills (your mortgage is the big part of the expenses). I know you are going to introduce your fantasy of 200 or 500 contracts per trade. That is my dream too. I dream of the day when I throw in 100 contracts and it moves 3 points (in my direction of course) and I harvest the profit with calm happiness. What if it moves against me (damn, that's 100 contracts, dude)? Would I freeze? Would I panic? Would I regret? Would I curse? What if it moves against me further? Would I smash the keyboard? Would I smash the computer? Would I punch the wall? What if it moves against me 12 points? Would I give up?
^^ I can honestly say your post makes no sense. First you apparently miss the entire point I was making and then you ramble on incoherently. Then I read a number of your previous posts, and I figured out that you post on this website without adding anything ever. Why bother?
If your only targeting 1 point a day, I think most of us are under the assumption you would be trading more than 1 lot. 10 lots for one point is 500 dollars. If you can't increase your size beyond one lot, then you shouldnt be using that strategy or continue to compound the $50 a day until you can increase your size to two, and so on. If your worried about paying bills, then I suggest a second job.
I was trading the smaller moves on the YM the other day, not scalping the noise but taking 5-10 pts per trade. I took out 100 points per contract per hour... I don't think any noise trader can approach that... I was also practically exhausted at the end, it took an AWFUL LOT of attention, that's why I can't do that every day...
Not that I have any experience trading 100 ES, but I am confident that anyone who could work their way to that size would not have these concerns. The trading plan that could get you to that size should rule out all of these reactions. If your plan could produce enough consistent profits to reach that level, what difference does it make how many contracts you are trading? The market will move the same.
So what??? Since when has the frequency of posting on the Elite Trader Forum become the measure of success for a trader. Jeez Louise, talk about dumb things to write...
It wasnât about frequency, it was about experience. With only a few posts it only take a second to go back and read all of his which quickly tells you that he simply does not posses the requisite trading experience to make a blanket assertion that scalping is better for himself or anyone else. He simply has not traded in enough diverse market conditions to come to that conclusion yet. But thank you for your pithy and timely post that has added so much to relevancy of the thread. It is more and more apparent that there may seriously be less than 10 people on this entire website that are actually professional traders.
Averaging 1 point a day after cost would be a terrific success. that would mean, (lets say for a year the ES average 1000), you would be taking out 25% of the market's value on cash on cash basis in a year. Few can do that. THe key though is average. Averaging 1 point is not the same as making 1 point or shooting for 1 point a day or on each trade. Using a one point profit target in my opinion is not going to lead to long term success.