new_trader
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I'm just saying I admire your timing. I couldn't get it together when a had a little practice
winnerwinner
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no it is not going to get you rich lol
Why not, out of interest?
winnerwinner
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Is this true. So basically scalpers just end up losing their balances?
Zoo, plenty of people make a good living scalping and some become very very rich. The same has been said or alluded to plenty of times in this very thread..... So why would you pay any attention to someone giving you a one line post telling you it can't be done, especially when it's their first post.
Mr. Charts
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winnerwinner doesn't sound as if (s)he is new to t2w........
I tired scalping for the first time this last week. Made 4 profitable trades with 1 trade I decided to break even at an increase of 1 cent. Before I was swing trading. I've noticed that I'm quite anxious when I have an open trade, even if it's a swing trade. I don't enjoy the feeling of not having control or information in the afterhours and the initial swings of the opening.
Scalping on the other hand was more relaxing and calming. I didn't feel too much emotion with the trades I processed and the execution was quick. I felt more control when I placed in my trades as I watched the subtle wave like patterns emerge as the price fluctuated 5 or 10 or 3 cents each 2 minutes. Based on these I could enter and exit with a fairly good idea of which way it was to go. Mind you I could have made much more with a single swing trade placed at the same time as my first trade but this felt better 🙂.
Scalping on the other hand was more relaxing and calming. I didn't feel too much emotion with the trades I processed and the execution was quick. I felt more control when I placed in my trades as I watched the subtle wave like patterns emerge as the price fluctuated 5 or 10 or 3 cents each 2 minutes. Based on these I could enter and exit with a fairly good idea of which way it was to go. Mind you I could have made much more with a single swing trade placed at the same time as my first trade but this felt better 🙂.
Silversea
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Could you elaborate further on that
Elaborate on what?
The speed at which the trades went, allowed me to distance myself from emotional trades and see them just as trades that were going to be successful. If you look hard enough you start to see (or become disillusional) wave like patterns at all times that basically tell you how far to set your stops and your t/p's. As a swing trader I never saw these patterns or even if I did I didn't enjoy the wait for them to establish themselves.
mythseason
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I am going to explore scalping now. Previously I was, (or I still am), a position day trader, used to trade 3-5 times a day to capture the trend. But now I have just quit by job to become full time speculator, but I found that as a position day trader, I can't find enough money to support my living as my capital is not that much. And the number of transaction is to less to obtain a high enough profit to live. Thus I want to switch to scalping such that if I can make 200 trades a day with 75% winnings and 1:1 R/R then I can simply have 100% return a month.
P.S. I am an algo HSI future trader.
P.S. I am an algo HSI future trader.
You make it sound so easy 👍
What sort of profit taget / stops do you think you'll need to deploy?
tripleogstar
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well i would imagine that starting to trade using algorithms thus use high speed computers will require large amounts of capital. Furthermore, you need to be a mathematical genius to trade the way in which you are talking. That is unless you decide to base ur algo on basic things like technical analysis in which your percent of winning trades will be more closer to 50%, and therefore random. It is ridiculous the type of people you get on these threads.
Some interesting posts on here and I definitely can tell who actually has traded these short term (some call it scalping which technically is not correct) trades by what they have stated. There are advantages and disadvantages that I have found but do prefer to trade on very short term timeframes (sometimes I am in a position for more than 2 minutes but not generally). A couple of advantages not mentioned are:
1) By having no interest in any positions at the end of the day, I not only have peace of mind at night, but do not have to worry about missing the market the next trading day. If I am out and about and decide not to return home for the market, then that is fine. No money gained and no money lost and no worries.
2) While Trader Dante hit it on the head about having to watch the computer for long periods of time (a definite disadvantage), I do not have to prepare as much prior to the market each day. I trade in US equities and can usually pick the movers fairly easily based on the news, scanners or knowing some of the stocks that have a high ATR. I do not have to spend an inordinate amount of time analyzing the stock for trends and having to draw support and resistance lines on the chart. It would definitely not hurt knowing these areas, but I typically just look at the intraday pivot points, previous high and low and glance at a 30 day daily chart to identify any areas that might cause resistance.
I would say the key thing on being successful in this type of trading is to be very particular about your entry. If you enter when the stock is on the move, then you can quickly move your stop just above your entry point. If I could pinpoint where I have given up the most money, it would be on entering a trade when I should have waited. You can then increase the number of winning trades by a large amount and the one or two that move 50 cents to a dollar will net you most of the winnings that you need for the day.
1) By having no interest in any positions at the end of the day, I not only have peace of mind at night, but do not have to worry about missing the market the next trading day. If I am out and about and decide not to return home for the market, then that is fine. No money gained and no money lost and no worries.
2) While Trader Dante hit it on the head about having to watch the computer for long periods of time (a definite disadvantage), I do not have to prepare as much prior to the market each day. I trade in US equities and can usually pick the movers fairly easily based on the news, scanners or knowing some of the stocks that have a high ATR. I do not have to spend an inordinate amount of time analyzing the stock for trends and having to draw support and resistance lines on the chart. It would definitely not hurt knowing these areas, but I typically just look at the intraday pivot points, previous high and low and glance at a 30 day daily chart to identify any areas that might cause resistance.
I would say the key thing on being successful in this type of trading is to be very particular about your entry. If you enter when the stock is on the move, then you can quickly move your stop just above your entry point. If I could pinpoint where I have given up the most money, it would be on entering a trade when I should have waited. You can then increase the number of winning trades by a large amount and the one or two that move 50 cents to a dollar will net you most of the winnings that you need for the day.
p-lab
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Scalp it is then. Interesting thread so far
Hilarymannah
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Hi GCC,
As you're aware, (by reading these posts), there is a lot of money to be made regardless of your trading style.
I was mentored by a day trader,but the stop loss he recommended,for "me "was to scary.. so I spent ages learning my own system based on some of his principles and techniques, and reduced the stop loss by a third. It's the same old adage,..find your comfort levels and fit your trading style to suit.
As you're aware, (by reading these posts), there is a lot of money to be made regardless of your trading style.
I was mentored by a day trader,but the stop loss he recommended,for "me "was to scary.. so I spent ages learning my own system based on some of his principles and techniques, and reduced the stop loss by a third. It's the same old adage,..find your comfort levels and fit your trading style to suit.
Naz
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Scalping is how I started day trading in the 90's. A guy I worked with was one of the best at it I have ever seen, making enourmous amounts every month.
I know many lesser traders than him still making over $50,000/month scalping in New York.
One trader made $72,000 in August.
I know many lesser traders than him still making over $50,000/month scalping in New York.
One trader made $72,000 in August.
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