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I'll never understand why anybody trades cash FX unless your last name is Soros, Jones, etc... There is a transparent, fair FX market at the CME that is inline with cash tick for tick. Is it so you can tell your friends you trade cash FX?

I can't believe that IB did not respond to e-mail :mad:

i'm surprised there is enough for one book :)

Ah yes, the automated algo systems. Everybody has one. Sounds like the neural networks of 10 years ago. They work great in a low volatility environement which is what we've had. Turn them off or get killed when mkts start to move.

Sure, there are good scalpers, they can make a lot of money. But they will NEVER make SERIOUS money scalping. Never. A good living? Sure. Developing career long trading skills and the ability to attract and manage money? No. Again, I know scalping works for some people, but it limits...

I look at scalping this way. It used to work, on the floor of the exchanges. You had an edge, a broker would sell you the bid, buy the offer from you. On Electronic screens, there is no edge, you are just trying to read the flow, or thinking you can read the flow. Much of the time you become...

i see a lot of flipping, grinding trade for scalpers, and then when the gold plated headline comes along, they are too frustrated and too short in their time frame to take advantage.

Emotional damage in the sense that scalping forces your trading to be subject to randomness, frustration. Just an observation, I'm sure others don't see it that way.

most of the guys are struggling with scalping, I see the emotional damage being inflicted, I'm convinced that the shorter the time frame, the more random and unpredictable the price action. Actually, a lot of the office is headed in the longer-term direction. We have superior news gathering...

sometimes the opportunity cost is goofing around with the small swings and missing the big picture and the big money.

take a look at December 1979/January 1980, parabolic rise, $40 or $50 a day. And then poof. I think its got a ways to go, I sure as hell won't get in the way

full 1500, IMM 1350, IOM 900

Hell, just take a look at the Trader Monthly list of traders. A few energy pit bandits (and I mean bandits, masks and six shooters) but the resounding majority are position traders.

No, I'm a trader in a futures prop firm. As for my trading, I just started two years ago, profitable but nowhere near big money. These are just the observations of someone trying to go the opposite way of everybody else in the office. :)

I work with about 100 futures traders, 99% are scalpers. Every year one or two clear a million after split, commisions, etc. Its never the same traders year after year. They catch fire one year, the market is ripe for their strategy but the next year there is some incremental change in the...

i mean position traders, brokerage houses make money no matter what :)

Thats who makes the big money and has lasting trading careers. :)

Cool, FaderTrader thanks :)

I don't see how one or two chances to make money each day raise the odds of screwing it up. It all depends on teh way you trade, if i can find five good set-ups a week, I'd be happy. But i have a longer time frame.

try writing it down each morning, entry, stop, target, catalyst, etc... On paper might be better than in your head.