Brother glass, Thanks for the blessings. Casey is growing like a weed, and is becoming one very interesting little girl. As for Shreddy, he was stiff in the hind quarters for a while, but seems to be making a remarkable recovery. I think the God of dogs was watching over him that fateful day. Best to you and all of yours brother. nitro
I really do not understand how people can scalp futures. I trade ES and the minimum stop I use is 1 point for ES are quite volatile. Moreover, I enter a position and have no time constraint. I only have some price targets that vary depending upon charting formations, key levels and Fibonacci retracement. For example, I get short at resistance at 831 and have a stop at 832. Perhaps, 832.50 or 833. How do you people scalp? Do you try to read the DOME? Bid and Offer? If you go for a profit of, let's say, 1/2 to 1 point, you have about 50% of chances to make money. On top of that, commissions and human errors. Too many odds for me...
DAYDREAMING...... scalping for 1.5 - 2 points is not random but there is no shortcut magic stuff. however it took me almost 2 years of watching just about every tick to realize and appreciate the truth of this/!!
Yes. There are no simple rules. However, most traders look for some signals to get in a trade. Scalpers, by definition, should make a lot of trades and also look for some signals. I can not figure out what they are looking for! Trading Es is mainly based upon charts and levels. Within one trading day, you do not see so many chart formations and testing and breaking of key levels!
I agree, which is one of the reasons I don't trade indexes. With the indexes i just don't think there is a clear trade setup everyday. However, somewhere in the entire stock market there IS a clear trade setup every day.
I have yet to see a day when the S&P did not have a "clear setup". In fact it usually has 3 or more definable moves.
I like ES for daytrading, but not for scalping. ES have all the advantages reported in the previous posts in this thread. I also like ES better than equities for daytrading. Just to clarify some terminology, it seems that daytraders are traders who don't hold overnight positions while scalpers are traders who hold their positions for a few seconds to a few minutes. Daytraders hold their positions for a few minutes to hours, but close the day flat!
m c a98 I agree with you. Every day you can find a few set ups trading ES. But you need to execute many more than 3 to 7 trades per day to qualify as a scalper.
Dear Brother Nitro, may i thank you for your unvaluable help. Go and watch Nitro in ET chatroom. Very personal style. Not for everyone.