Livermore was able to scalp trade. However, he abandoned it because it was simply not as profitable. Looking at the GS profit charts, they made the bulk of their profit from tail events.
Of course not as back then there were no automated trading platforms and commissions were higher as well.
I don't like to be negative and the OP can dream of making his millions, like the rest of us, but aiming to make $187,000 a year trading 1 ES lot is not a good business plan. Yes you can make $187,000 a year but perhaps aiming to do that with 10 or 20 lots. So aim for big profits, but do it through trading size instead of aiming to make lots of points. It is much easier that way.
Well, that has all changed today given these high frequency trading firms making tons of money on scalping trades. JL back then was trading in ancient times....a lot has changed since his time. The key to successful scalping is: 1) using a proven algorithm 2) diversifying by trading several instruments 3) obtaining rock-bottom commission rates 4) joining the exchange to reduce fees The 4th one is critical due to the high fees charged to the retail trade. Our beloved CME Group is one of the most profitable firms on the earth....thanks to us !
OP claims to have made 131 ES points in 4 days. Had he been trading 100 ES lots instead of 1 micro lot, he would have made $650K in just four days OP could be one of the best traders in the world
Im calling BS on the OP already, no way a beginner 1 lot micro trader can make 131 points in 4 days, by making 200 trades. $650 dollars yes for sure. Net 13 pts by trading 1 emini after taking losses. But not 131 points in four days. If i could net just 13 pts every week in the ES, i would be a very rich man. I would quickly scale to 100+ lots, and make over $65,000 a week.
Hello sstheo and good evening. Welcome back and I wish you great fun and success going forward in your trading. You have a good plan.