Thanks for checking this. I have been trading a method that has a very poor risk/reward ratio and have recently realized that I have the skills/personality to change gears and scalp(I think this is scalping). Basically after somewhat of a precipitous rise/drop in price I look to make the spread based on Level2 and Time & Sales. Immediately after I'm in, I look for a quick way out with a small profit, hopefully the spread of more. I am totally on my own here and feel that I learn best from others. If you know of any possible ways that may dramatically kick me up the learning curve, I would so very much appreciate it. I learn a ton just from reading these posts. I am open to Books or thoughts or mentorship or anything. Thanks. Happy in Florida
I just started trying to scalp the E-minis over the past few weeks and was getting eaten alive until this week. The one thing that changed was that I decided if 95% percent of traders are losing money trading the minis, and if I'm in that 95%, then I'm going to lose. Most folks take actions that they think will lead them to a state of rest (i.e. calmness and tranquility). But since most folks also lose money, I decided to start taking trades that scared me. If I think I see a good entry point I ask myself would I be more scared going long or short at this very second. I then take the scariest trade. I watch primarily a simple tick chart with a couple of moving averages. Hope that gives you something to think about. And, keep in mind that I am also a rather new trader, so take anything I say with a grain of salt.
We email these free every morning for S&P, Nas. jbarry@proedgeonline.com 785.17 -pivot point 777.80 -Wed close 774.70 -Wed low 774.00 -contract low 767.33 -first pivot point support 756.87 -second pivot point support 711.39 -61.8% fib retrace Oct87-Mar00
to make it work ,,,you need a low commission schedule, fast connection, good software with complete hotkey functionality and total concentration from the open to the close, to grind it out all day, every day
That's all I do anymore is scalp, and I'm making more than ever, and I'm making it everyday. connection 56k with aol comm Ib total r/ts just depends on what I feel like concentration, too much makes it hard to stay awake software tws contrarian? oh man, I was born to be a scalper We need a scalpers corner here at elitetrader, you either are or you're not biggest problem? size
the total and absolute concentration all day , every day, is the single most important element to popping a couple g (net) a day
I have an aquarium by my screen, sometimes I feed the fish or just watch them, I have it set up for just the way I like to trade, maybe our styles are different, mine doesn't take much concentration or emotion. The markets either gonna go up or down and I'm either gonna get filled or I'm not.
I think they're gonna start calling us liquidity traders, sounds better. Maybe micro market systems analyst.
systems together, backup ready to go ...all routes covered all news, all tech covered, waiting for every signal, every second.... ready to jump on anyone anytime for the right reason not afraid to grab ones tail.... all day every day every second... then we both make 40k a month