Trying to make a basic setup for scalping futures

Discussion in 'Trading Software' started by Omer1235, Apr 21, 2021.

  1. Omer1235

    Omer1235

    So you think retail traders never succeed in futures trading?

    Yes Bad_Badness thanks for the info I'm familiar with TWS, I just honestly don't like their charting, it always freezes when scrolling. But there's something nice I like there which is the ability to open new tabs for different tickers (like in Google Chrome). For some reason when you open a new tab it doesn't use your chart settings (such as indicators) which doesn't make sense imo but I found a way around it by duplicating some XML code. If anyone's interested in I can elaborate on how to do that
     
    #21     Apr 22, 2021
  2. Bad_Badness

    Bad_Badness

    Not at all. I am saying you cannot scalp 100's of trades a day for 1-3 ticks because you are always behind 1-3 ticks. Scalping is not the same as day trading.

    But feel free to try. You might be able to, but I was not and keep a risk reward ratio and a consistency that made it worth pursuing.

    There are A LOT of methods that "sort of work" but you are only one person with one life, so one has to chose wisely where to put your effort.

    The problem is not lack of trading ideas. The problem is choosing which to implement and test-verify as long term viable. I think a lot of people don't understand this, and that accounts for a lot of the failures.
     
    Last edited: Apr 22, 2021
    #22     Apr 22, 2021
  3. SunTrader

    SunTrader

    No. That is not what I said.
     
    #23     Apr 23, 2021
  4. Omer1235

    Omer1235

    You're right I see what you mean now. I see retailers on YouTube claiming they're profitable scalpers and not using advanced tools to my knowledge, just Jigsaw, but I don't know anyone personally who's profitable

    And thanks Bad_Badness for your insights!
     
    #24     Apr 23, 2021
  5. Don't scalp futures bro, especially when you are a rookie as you are very likely to burn through your account in no time. Deleverage and learn how to trade stocks/ETFs first using longer holding periods. Here are two charts, many novices would concentrate on the first one, whereas it is the longer time period that you should be concerned with.


    Screenshot 2021-04-23 at 14.30.46.png


    Screenshot 2021-04-23 at 14.31.08.png
     
    #25     Apr 23, 2021
    cobco and comagnum like this.
  6. Omer1235

    Omer1235

    The longer time frame is hourly? Do you swing trade futures instead of shorter term trading it? I think you're right I'll start with simpler day trading instead of futures
    Thanks!
     
    #26     Apr 23, 2021
  7. volpri

    volpri

    Omer1235

    Don’t look at scalping in traditional terms of 1 to 3 ticks. You probably need to stay out of HFT domain. You can’t compete there. Modify your interpretation and consider scalping on normal range ES (or mes) activity to be 1 to 8 points. Scalp 1 to 8 points ES or Mes on a 5 min chart or 15 minute. Trading from DOM is extremely difficult. Too many games are played there. Too much HFT activity. Things move fast for the average retail trader to make effective decisions.

    Siera Chart will work just fine in terms of charting for scalping 1 to 8 points. Once you get your broker setup you will get live data (for an additional small exchange fee of course ...paid to the broker LOL) and then you will set up sierra chart to the broker and broker order routing. Just make sure Sierra Chart supports whatever broker you choose to make it less complicated. One broker that appears to work well with Sierra and commissions are decent is sierrafutures dot com. They are not related to the SC except by name LOL. Also I think AMP might work with SC.

    Sierra chart is a good charting program.

    Good luck. You might wish to read my journal for some scalping ideas??? If I was me I would ROFLMAO!
     
    #27     Apr 24, 2021
    Rui S and Omer1235 like this.
  8. Omer1235

    Omer1235

    Hey thanks for your answer you're right I'll leave scalping off the DOM idea for now also another friend advised me not to, what you write about Sierra chart is interesting, can I ask what broker are you using? I read on Sierra chart's website that it might be difficult to connect to IB (my broker)

    Sure I'd love to read! If you like to share
     
    #28     Apr 24, 2021
  9. volpri

    volpri

    #29     Apr 25, 2021
  10. Bad_Badness

    Bad_Badness

    Also read about DOM spoofing. It is well documented. It started last century, but I think a lot of people are still seduced by it, but don't bother to research it. It is a real sheep grinder.
     
    #30     Apr 25, 2021