Tips and Techniques for SCALPING?

Discussion in 'Strategy Development' started by warrenbuffet, Nov 9, 2005.

  1. Hi fellas,

    Anyone care to share some tips or techniques on scalping? I've just started doing this and would love to learn from some of the more experienced traders.

    Right now, i am still in the training period. but most of my training is basically done by trading in the simulation on my own, utilizing the NYSE Specialist Limit Order OpenBook, and the box that shows all the trades and executions.

    Being that yesterday was only my second day, so i have not picked up too much on how to notice trends, and when to exactly know when i should buy or sell.

    However, one thing i did learned was that a lot of times, the orders right before the last print will have an ask price about 1 cent higher than the last print price, ... so normally when i spot this, i will jump right in following that last print price and sell my stock short and try to catch the wave for a few cents. (is this the right idea?) =D

    And how do you know exactly when to go the opposite way and start buying back the shares? when the conditions are the opposite... for example, when the orders of bid prices are 10 cents lower than the last print price?

    If anyone have any more tips or techniques on scalping I would love to hear about them and learn how exactly they're done.


    By the way, does anyone know of any good books or web sites on this particular trading method?

    And how is this scalping strategy compared to swing trade, tech analysis and chart studies?
     
  2. Hi warren non buffet

    Here a 2 genuine Warren Buffet tips:

    tip #1: Never lose any money;
    tip #2: Never forget tip #1.

    hope this helps
    nononsense
     
  3. mijoe

    mijoe

    1:00 PM How To Read The Tape

    What is the tape?
    What the tape reveals that charts and indicators do not.
    Basic features of the tape
    Tape reading techniques.

    1:30 PM Advanced Tape Reading Strategies

    News Movers: Trading news-driven stocks

    Stepping In Front Of Aggressive Buyers: Buying stocks that large buyers are pushing higher

    Stepping In Front of Aggressive Sellers: Shorting stocks that large sellers are pushing lower.

    Riding The "Invisible Buyers": Riding the coattails of buyers who are being hidden by the specialist.

    Riding The "Invisible Sellers". Riding the coattails of sellers who are being hidden by the specialist.

    2:30 PM Trading Around Other Daytraders

    Identify technical setups widely traded by other traders.
    Watch for large buyers and sellers on OpenBook when volatility increases
    Trade in tandem with those who are moving the market

    3:00 PM How to optimize your keyboard for the fastest execution.

    The importance of keyboard techniques for getting the best fills and executions.
    Gaining a competitive edge over "point and clickers."
    How to set up your keys for the fastest order routing.

    4:00 PM Review of Strategies,
    Questions and Answers
    Prepare for Monday's Trading

    Identify stocks that will offer the greatest potential moves.
    Scan the news for major corporate announcements, and world events that may impact specific stock groups.
    Find stocks that are reaching critical technical levels followed by daytraders.
    Create Monday's hit list.



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    "Hear the tape talking to me" in order to find and enter hidden trading opportunities.


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    Find buying opportunities using Advanced Level II techniques.


    Trade around conventional daytrading setups--such as breakouts--with reduced risk.


    ...and much, much more!

    Monday December 5

    Live Trading
    &
    Education 8:30 AM Preparation For The Trading Day

    Check news updates on stocks on our Monday hit list.
    Monitor and evaluate the pre-market futures
    Put together today's trading plan on each stock.
    Walk through "what-if" scenarios.

    9:30 AM - 4:00 PM Live Trading

    When the market opens you will experience the following:

    See a live stream of my screens including Open Book, Level II and charts.
    Here me or my trading partner describe our thought process as we stalk and execute one trade after another.
    Ask questions throughout the trading day.

    4:00 PM - 5:00 PM Review of Monday's trading action.

    Discussion of the trading decisions we made and why we made them.
    Question and Answers
    Prepare for Tuesday's Trading

    Identify stocks that will offer the greatest potential moves.
    Scan the news for major corporate announcements, and world events that may impact specific stock groups.
    Find stocks that are reaching critical technical levels followed by daytraders.
    Create Tuesday's hit list.



    Tuesday December 6

    Live Trading
    &
    Education 8:30 AM Preparation For The Trading Day

    Check news updates on stocks on our Tuesday's hit list.
    Monitor and evaluate the pre-market futures
    Put together today's trading plan on each stock.
    Walk through "what-if" scenarios.

    9:30 AM - 4:00 PM Live Trading

    When the market opens you will experience the following:

    See a live stream of my screens including Open Book, Level II and charts.
    Here me or my trading partner describe our thought process as we stalk and execute one trade after another.
    Ask questions throughout the trading day.

    4:00 PM - 5:00 PM Review of Tuesday's Trading action.

    Discussion of the trading decisions we made and why we made them.
    Question and Answers
    Prepare for Wednesday's Trading

    Identify stocks that will offer the greatest potential moves.
    Scan the news for major corporate announcements, and world events that may impact specific stock groups.
    Find stocks that are reaching critical technical levels followed by daytraders.
    Create Wednesday's hit list.



    Wednesday

    December 7

    Live Trading
    &
    Education 8:30 AM Preparation For The Trading Day

    Check news updates on stocks on our Wednesday's hit list.
    Monitor and evaluate the pre-market futures
    Put together today's trading plan on each stock.
    Walk through "what-if" scenarios.

    9:30 AM - 4:00 PM Live Trading

    When the market opens you will experience the following:

    See a live stream of my screens including Open Book, Level II and charts.
    Here me or my trading partner describe our thought process as we stalk and execute one trade after another.
    Ask questions throughout the trading day.

    4:00 PM - as long as needed Review of Wednesday's Trading action.

    Discussion of the trading decisions we made and why we made them.
    Review of our entire 4-days together

    Strategies, techniques and tactics that you've learned.
    How to put it all together in your own trading.
    Question and Answers





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    "Hear the tape talking to you" in order to find and enter hidden trading opportunities.


    Detect aggressive buyers and sellers and repeatedly step in front of them.


    Trade around conventional daytrading setups--such as breakouts--with reduced risk.


    Use keyboard optimization techniques in order to get the best fills on trade orders.


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    Your Price: $4495.50
     
  4. i got that email today too. he must have found us through elite.

     
  5. ok that's great. but can we get back to the subject now? hehe You've just ruined my post =D
     
  6. The December issue of Active Trader magazine will have an article on DAX scalping.
     
  7. what is dax exactly?

    also, what would be the ideal magazine or any source of publications or newspaper for someone doing scalping? I'm looking to get a good source of info since i dont have cable so i dont have access to good shows on cnbc or jim cramer's. =\

    i can get the wallstreet journal for 25% off though... i'm thinking whether or not to get that as well.
     
  8. the wall street journal for scalping? lol. first clue warren buffet would never scalp stocks.
    if you really want to scalp stocks for pennies you dont need to know much of the fundamentals about them. for scalping you just look at the stock action.
     
    #10     Nov 10, 2005