I trade intraday and cant imagine doing it without my charts. The longer I trade the more I rely on my charts alone. Ive tried watching t@s and the rest and I still see whats going on better by watching how fast that little close notch on my last bar is moving up and down.
I do it all the time. If you watch one or two instruments, it is a piece of cake - more than that and if you can do it you are a special person. The chart is what forms in your mind from watching every single tick, except that instead of it looking like a "chart" it uses the brain's invaritant forms of storing information, which btw is about 1 million times more general than anything we have ever come up with that is man made. Once you do that, then all of the mechanism that comprises conciousness and sub-conciousness are engaged naturally by the brain. When first starting out, watch just the time and sales and once every few minutes, say thirty minutes, go and look at a chart to help the brain get it. After a while, depending on your own talents, you won't need a chart anymore. When people say the Holy Grail is you, this is part of what they mean, even thought they don't know that is what they mean. nitro
well I guess I have time to waste today but just want to say that teaching scalping in a chat room sounds preposterous to me, unless the guy has a liev DOM for everybody to see (and ability to replay )how can people see what the split second decisions and trades the guy makes. I do believe in some things that turn out to work for the time being and they have been working for a few years, unlike the 6 month life time of a daytrade setup. I do use charts, mostly charts, intraday as well but not to make entries. I wish I could "scalp" as well but I think it would take a completely different approach to be succesful something really grounbreaking not done by anybody else a new way to look at the market
No one can teach anyone to trade. All you can ever do is teach someone how to teach themselves to learn. nitro
You can use charts but ... as someone else said .... there is no substitute for just watching the action and making note of patterns: I would add that there is no reason this cant be automated. Experience watching, studying and analyzing price movement and discovery will directly affect your ability for choosing entry and exit points on your trades....
Why do you think it would take something new and groundbreaking to be able to scalp. The Es has so much liquidity and depth of trading that you scalping with 10 or 20 contracts would not even register. If you apply consistent analysis using a few indicators and you have good trading skills, you can make a run of it as long as you do not treat it as a get rich kind of approach. Scalp a little here and there and over time it will add up. But as was mentioned it is not the approach or the tools, it is you. I can tell someone what tools I use, does not mean they can scalp the same way. It just depends on your trading style. Many do not like intraday but they are quite good at trading weeks or months. Whatever puts cash in your pocket is the right approach.
btw, Billy was hitting it great today!!! But 90% of success is just being there --- LOL! maybe you will believe in something one day by actually investigating different methods --- good luck!
Actually, I just met someone who has become quite rich doing exactly that....if you define "rich" as a modest income in the low seven figures. Ok, maybe not "rich". But awfully comfy...