Hi everyone, I'm trying to learn scalping ES,YM,ER2 bid/ask. Trying on my own, so I feel that I'll need some help here. I trade with IB+ZeroLine Trader, set to autochase bid/ask but usually no fill for 10min. so even if i get one side filled the quote will be hell knows where in the next ten minutes and at the end it's hardly scalping. Please......What am I missing......? I would appreciate any suggestions. Thanks.
If you want to learn how to trade them, I highly recommend John Carter's book Mastering the Trade. It is great and brand new, so totally relevent now.
Here is some help, stop what you are doing right now and never do it again, you are gambling not trading!
Urkel, Of course I understand that what comes out of my trades is way more gambling than trading, and for that very reason I am asking what am I doing wrong? I will appreciate some helpful suggestions like from Red Duke, suggesting reading John Carter's book Mastering the Trade.
Unless you've been successful scalping something else, then trying to scalp futures is what you're doing wrong. See http://www.elitetrader.com/vb/showthread.php?threadid=76477
Reading suggestions: "High Probability Trading" by Link "Trading in the Zone" by Douglas If this is type of trading that you want to continue to do(scalping) understand what it is to have an "edge", find your edge in the market(s) you trade. Why I said to stop what your doing is because the way you described you platform(it giving you fills up to 10 min late) is like giving up a huge edge to other market participants who get their fills instantly... Edge can be... Your ability to read identify patterns from a chart Your disclipline to follow your system entries/exits Your speed/execution to the exchange if you trade electronically Your newsfeed Feeling you don't always have to put a trade on Your desire to put a trade on because you know you have an edge in the market Not putting on a trade because the market(s) do not present an opportunity for you to make a high probability trade
yeah, read a couple of books written by those who couldnt... u are bound to find an edge as soon as u put u readin' down: R-O-R.
if you are a -ROOKIE- or a "newbie" please write a check to your favorite charity before trying to scalp index futures if you must "gamble" try doing it with a broker that lets you trade stocks for low low commissions and try to see if you can make lunch money in SPY or QQQQ doing 100 shares at a time :eek: