Discussion in 'Index Futures' started by QMTrader, May 17, 2007.
It's 1pm. . . . WOW !. . . a lot of chop & slop ! ! ! !
Becareful ! ! ! !
Yep very choppy, very annoying. However, being a patient newbie to the YM i have managed to scalp 40 points for 2 contracts. Hope i dont give it back before the end of the day. Good luck all.
What does chop and slop mean?
Chop & slop means the the market is not going anywhere. Just slopping around. . . grabbing stops. Very difficult to make money on a day like today. . . dispite what some traders claim to have made (impossible)
Its not impossible, certain strategies work well in choppy market conditions.
I hope you was not referring to me in your previous quote??
I assume you never heard of Bollinger bands or Williams R%???
that sounds like alot of grey hair. i tried scalping. made money at first but then the losses and commissions started to pile up and i stopped before my account hit the danger zone. i have yet to meet a succesful scalper.
i totally agree. it is impossible. the market has no trend. every time you get filled your stopped out becuase of the choppyness and the whipsaws. there are no 1-2-3 tops and and bottoms and support and resistance. when i see a market like i stay away and wait for another day.
Your experience is very distressing to me as i have only started trading live.
My strategy is not just to scalp but i have fixed limits on portfolio allocation towards intra-day trades and swing positions. I have allocated a small percentage to very long positions as well.
I hope i can make this work as i enjoy trading very much, maybe some others can share some more positive responses towards scalping.
I am a very rational man, hence, if my losses accrue in scalping i will get out and try a new strategy. Your comment puts things in perspective and these are just probably lucky newbie gains. Maybe long term i can learn an start to make some decent returns.
ha ha. didnt mean to scare you off. maybe there are some peope that have scalped and made money but i havent. i was a newbie once when i started it and made huge profits but then started to lose. it really depends what market you are scalping and also how much you're looking to scalp. then of couse the money management you are using to back it (where you place stops if any) work in conjunction to the system you are using.
what i would recomend is to paper trade and back test your scalping strategy if you can over a longer period of time. this would put your account in a safe zone and see if you can make money.
you mention you enjoy it. well that is important. it was too stressful to me. i can't get in and out 10 times a day and grap small ticks here and there. it was confusing and dangerous. sometimes i was in and out so many times i didnt know if i was long or short. i had to call my broker to find out becuase i was so confused with it.
one thing i can tell you. traders are diffrent. some people can deal with that type of style. some can't. it just didn't work for my personality and my bank account.
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