I *could* trade all day if I wanted to... my trading style works at any time of the day, including lunch and afternoons - but I choose to only trade in the morning for the 1st two hours because that usually affords me plenty of time, volatility and opportunity to make my two point profit objective. I just dont want to sit in front of a screen all day. But I get the impression here that people are talking "scalping" in the context of just taking ticks from the market, in which case I guess that makes me a "daytrader" in this forum.
By my definition, you probably wouldn't be a scalper. No. Scalpers are like women. All different, undefinable, unpredictable, and often putting it on thick. I don't think arbing is scalping - But then I don't know if scalping requires directionality, I might be wrong. I have various criteria as to how I define scalping / what I think makes it scalping as opposed to "swinging". Depending on how many of these questions you answer with "yes", you may be a scalper (or a loser!); - Does your R:R ratio drop to 1:1 or lower (such as 1:2, requiring 75%+ hit rate)? - Do you do more than 50 RT/day (OK OK some might say 100 RT/day, some say 500 RT/day, a friend of mine who is a Nasdaq LP, once did way over 2,000 RT in a single day!) - Do you use no physical stops? - Do you ride pure momentum? - Do you key purely off depth & tape? - Do you enter on "hair-triggers" and exit equally? - Do you play news runs? (I don't have bloomy etc so I don't do or recommend this) - Is your execution log too much work to do a detailed trading log? - Do you take what the market is "willing to give" rather than having fixed stop-and-target levels? - Do you make less than 4T on an average winning trade? - Do you have a symptomatic sore wrist from clicking mouse? - Do you have a bladder like a camel? - Do your eyes glaze over or stick to the screen during trading sessions? - Do you bluntly refuse intercourse with your girlfriend/wife during the average open trade? - Is it difficult for you to explain or quantify your style / parameters to other traders? There you go. Anybody else got anything to add - Feel free. S
The trading styles are well known and fixed in this order (from short to long-term) -tick trader -scalp trader -daytrader (Intra-day or momentum trader as called by pristine group). -overnight trader (Gurilla trader as called by pristine group). -swing trader -position trader (core trader as called by pristine group).
IB's ButtonTrader had that a long time ago. While in trade, you hold shift and the close button turns into a U-shaped arrow, if you click X (close) then, you stop-reverse. Super-fast, some people really like the feature. S
Scientist LOL - I like all of your definitions there! I can relate to some but not all of the characteristics you detail above... Does this make my trading undefinable enough to qualify by default? ;o)
Thanks this info is very valueable as i don't have account with IB now, but might shoft from xoom to IB soon. Is this feature available for both equity and Futures? btw which order entry (ninja or button) you recommand as more powerfull?
Hello, Martin, how are you my fellow trader?....I just heard a newsflash about 3 snowboarders dieing in in Utah in an avalanche. I am glad it was not you. Be carefull. Michael B.
Hey Michael - I've been at a secluded spot in England till late today, snowboarding is next, watch out for avalanche reports from Austria over the next couple of weeks ;o) Hopefully still be in one piece when I catch up with you to trade again in January! best regards Martin
1. Yes, equities, futures, options, whatever. 2. Comparing Ninja and Button is like comparing Porsche and Ferrari. I prefer Button, it's most reliable, most functional and best customer support. Ninja is simpler, but very practical. It depends on what you need / want. Try both. S
Hi Nana, I use IB and just opened a new account with Xoomtrade. Xoom rates are great, why do you think about moving from Xoom to IB? What are your reasons for this? Just curious. DT1