ES Mini Scalping 1-2 pts for 50 round turns

[Get In Get Out]

Quote from Kovacs:

I understand why you're asking these questions. Still--the only "right" answer you're going to get is the one you find out for yourself, otherwise you'll waste a lot of time getting whipsawed between different idealogies, methods and viewpoints.

Being told that scalping is stupid or that it's the only way to go is already confusing enough for a newbie, but the worst thing you can do, THE WORST, is hitch on to some advertised method here and follow along...looking for someone else to provide strict rules for entries, exits and management. People waste years doing this.

As the other poster said:
1) Even though most of the stuff you read will be useless, read as much as you can because there are gems hidden in every few hundred pages and threads.

2) Open an account and play with the simulator. EXPERIMENT AND SEE WHAT'S RIGHT FOR YOU. You need to actually experience gunning for 1-2 points multiple times a day, and then trying to hold for intraday swings. Feel the difference in psychology and risk management.

3) Put in the screen time. If you're young and free of responsibilities, I strongly recommend you do this full-time. Get an evening job at a call center or a restaurant or whatever. While you're practicing, save up $15k and then start trading with 1-2 contracts real money.

Again--I understand that you're trying to start on the best foot possible. The best thing you can do is read as much as you can while practicing. That's all.

You can get a free top-notch simulator from Mirus Futures.

Kovac,

Thank you for the invaluable advice. Thanx it really is great advice. Just got a simulator account with mirus.. The question I have for you is about trading off of a streaming chart and if order flow of bid/ask price bid/ask volume is important vs. just trading off of a streaming chart? Also, I researched IB for their low round turn commissions of $4.80. What is the most efficient broker to use for trading 1-2 lots at a time & what is the most sufficient Streaming charting software to look at? Would you reccomend Mirus futures over Interactive brokers? I was thinking about IB then using a 3rd party software provider such as Quotetracker to enter in orders through their trade ticket while looking at optionsXpress free streaming chart. Thank you so much for providing me info as I am still a newbie trying to start off on the right foot.

 

[JScott]

Quote from Get In Get Out:

Kovac,

Thank you for the invaluable advice. Thanx it really is great advice. Just got a simulator account with mirus.. The question I have for you is about trading off of a streaming chart and if order flow of bid/ask price bid/ask volume is important vs. just trading off of a streaming chart? Also, I researched IB for their low round turn commissions of $4.80. What is the most efficient broker to use for trading 1-2 lots at a time & what is the most sufficient Streaming charting software to look at? Would you reccomend Mirus futures over Interactive brokers? I was thinking about IB then using a 3rd party software provider such as Quotetracker to enter in orders through their trade ticket while looking at optionsXpress free streaming chart. Thank you so much for providing me info as I am still a newbie trying to start off on the right foot.

I'm not sure why you just wouldn't use TradeStation. You get your charting, data and broker in one shot. $100 per month for the trading platform and $30-50 for data from specific exchanges. If you make 10 roundturns, the $100 is waived for the platform. You'd do that in just a couple of days when trading real money. The simulator using the order matrix works fine too - especially for someone starting out. Just seem like a much easier way to start and get your feet wet. JMO.

 

[Get In Get Out]

Quote from JScott:

I'm not sure why you just wouldn't use TradeStation. You get your charting, data and broker in one shot. $100 per month for the trading platform and $30-50 for data from specific exchanges. If you make 10 roundturns, the $100 is waived for the platform. You'd do that in just a couple of days when trading real money. The simulator using the order matrix works fine too - especially for someone starting out. Just seem like a much easier way to start and get your feet wet. JMO.

Y is tradestation better than ninjatrader? Was thinking about using ninjatrader with mirus futures...

 

[Hombre]

Quote from Get In Get Out:

Needed some advice on the best streaming chart in the industry to scalp 1-2 points per day on the minis for an average of 25-50 round turns per day? I was thinking of using IB for their low $4.66 commissions & using QuoteTracker to place orders with their trade ticket while using OptionsXpress Flexchart for a streaming chart only? Need some advice on What the best Streaming Chart available in the industry is to scalp 1-2 poins of ES? Thank You guys...

Don't worry about commissions right now, learn to trade first.
Mirus with Ninja/Zenfire combo simulator is very good and it is free just for asking.
Once you got the simulated account try what trading style you like.
Each trading style requires different trading method.
Scalping trading method will be different than timing entries and holding for half of the ADR (average daily range ).

 

[GCSICLRBC]

Quote from austinp:

<i>"Needed some advice on the best streaming chart in the industry to scalp 1-2 points per day on the minis for an average of 25-50 round turns per day?"</i>

Which in turn will result in you blowing out a fifth $10,000 account in one year faster than the previous four $10Ks went dry.

Try two - five turns per day holding for +4 ~ +12 points per contract. That will get your next account growing in the right direction... black instead of red.

Acerbic wit! I like it.

I'm quoting AUSTIN b/c I agree wholeheartedly. Risk 1-3 points; aim for 5-15 points. Look for S/R.

Have a great weekend, fellas!