John are you referring to pit or screen trading? I found scalping behind the screen--at least with the ES--extremely difficult and very stressful. Never traded in the pits.
He's referring to high momentum scalping with a large number of contracts. Basically it's cheaper to buy a seat rather than pay the brokerage commissions. I believe he uses a screen, but I'm not 100% sure of that. Good trading.
<i>whats your goal here? do you want to do this professionally? If so, why not try to get backed by a shop? There are some around.</i> A list of specific names for these firms would be helpful to those who may have interest. <i>I trade in a similar fashion, to be successful at what your trying to do you need: 1.) to be leasing a seat (dramatically lowering your fees...more than covers the lease when your big enough)</i> Cart before the horse... gotta reach success levels long enough to make that next step viable. <i>2.) a business class dsl line AT WORST</i> For tick scalping attempts, yes <i>3.) a broker number ready for when your long 25 ES before the open, your line goes down, and MER and whoever else misses earnings. It'll happen, trust me. </i> Protective stop should be residing on the exchange or platform at all times. Personal line outage is never a problem with the correct brokerage. Exchange-wide outage is a different story... make sure the broker is readily available by phone if CME drops. <i>4.) a reliable news wire so you can learn to scalp off economic data points. And again, so when the FED emergency cuts 75bps and suddenly your position is 3 handles in your face you'll know why.</i> Wouldn't the protective stop (mandatory) be out near expected max risk (premarket slippage will happen) regardless of all else? <i>Trying to scalp futures successfully requires more than a thousand bucks and a laptop. Its tough to overcome a bad set up, even with a really good edge. Hell, even with a good edge, and a good set up, you need a little luck when your starting out to provide a cushion/ confidence. </i> For sure. Trading for handles is much easier and for just about everyone much more profitable over the course of time. <i>If your serious think about looking to get backed so you can see if your edge is legit in an environment where it has a fighting chance.</i> The only solid firm I'm aware of for backing emini traders is Bright, and their requirements for emini trading are lofty for valid reasons. What names of other legit firms will back emini traders? Happy Easter
Correct me if I'm wrong, but the jist of this thread seems to be about being able to trade with only $1100 in starting capital. The answer seems to be an obvious 'YES' as long as: 1. You are consistantly profitable. 2. You do not sustain consecutive losses early in the account. The rest of the thread responses seem to dwell on questioning the methodology and details, rather than address the original statement. Congratulations to Indexscalper if in fact his data and results are real. You should have a very lucrative career.
and highly stupid. as if its so hard to save up 5-10k so you can control risk to even the slightest degree.
actually, there are other very experienced traders who like to scalp with a smaller amount of performance bond. ... and i most definitely would not call them stupid.
I don't believe you could find a broker whom would allow you trade with such a small balance, good luck though. Try forex they will take anyone.