Well, I offically entered into the daytrading world on May 22nd. I trade at a firm where they all scalp. You know, trade 100k shares, pay $1000 in commissions and take home $500-$2000 depending on the quality of your trades.
They preach a tape reading approach. I have tried for one month now to get it. I am getting there, but it's tough. I battle all day only to come out just under the VIG. My typical winning day is like $10, my typical losing day is $50. Not a formula for success.
I know I am just learning. But today I needed to stop. Everything I trade immediately went the other way. Any winners I had weren't even enough to cover the comms.
This is a whole new mentality for me. I spent 5 years learning to trade futures. I do fairly well with that.
Day trading just drives me nuts. My methods don't work because stocks move retardedly( and my methods don't deal well with that) I can predict small moves in stock prices, but the bid/ask spread and learning to play the finger tickle game eats me up.
Is it me or is scalping in and out all day 95% execution? Feels that way.
Are you other scalpers that rip off 100k shares a day blasting around a bunch of different stocks or are you focused on one?
I wouldn't mind it mentally if my winning days and losing days were equal, it would be a small victory. Mentally, the 5:1 difference is killing me. Not to mention the number of days I was gross positive only to be a loser due to the vig.
I know it can be done, there are people in my office driving brand new Benzs and Porsches. So I'll have a beer now and eat some pizza and tomorrow back to trying to find the flow.
I am a math guy, I haven't yet figured out how to tickle the bid/ask, get the print you want. I was never good at fast fingered video games. So far I have noticed that the best scalpers....
1) Type fast.
2) Act fast.
3) Make like 100+ trades a day
4) Somehow come out profiting 1-2 pennies a share.
On days I try that, I end up a loser due to costs. Mental anguish.
I'll get it. I can read the tape, I just don't act fast enough. Sadly, when I act fast I'm not reading the tape well. Now if I could just get those 2 together.
Thanks for reading my vent.
B
They preach a tape reading approach. I have tried for one month now to get it. I am getting there, but it's tough. I battle all day only to come out just under the VIG. My typical winning day is like $10, my typical losing day is $50. Not a formula for success.
I know I am just learning. But today I needed to stop. Everything I trade immediately went the other way. Any winners I had weren't even enough to cover the comms.
This is a whole new mentality for me. I spent 5 years learning to trade futures. I do fairly well with that.
Day trading just drives me nuts. My methods don't work because stocks move retardedly( and my methods don't deal well with that) I can predict small moves in stock prices, but the bid/ask spread and learning to play the finger tickle game eats me up.
Is it me or is scalping in and out all day 95% execution? Feels that way.
Are you other scalpers that rip off 100k shares a day blasting around a bunch of different stocks or are you focused on one?
I wouldn't mind it mentally if my winning days and losing days were equal, it would be a small victory. Mentally, the 5:1 difference is killing me. Not to mention the number of days I was gross positive only to be a loser due to the vig.
I know it can be done, there are people in my office driving brand new Benzs and Porsches. So I'll have a beer now and eat some pizza and tomorrow back to trying to find the flow.
I am a math guy, I haven't yet figured out how to tickle the bid/ask, get the print you want. I was never good at fast fingered video games. So far I have noticed that the best scalpers....
1) Type fast.
2) Act fast.
3) Make like 100+ trades a day
4) Somehow come out profiting 1-2 pennies a share.
On days I try that, I end up a loser due to costs. Mental anguish.
I'll get it. I can read the tape, I just don't act fast enough. Sadly, when I act fast I'm not reading the tape well. Now if I could just get those 2 together.
Thanks for reading my vent.
B
