es profit on 1/4 point can it be done?

[trader28]

Quote from saxon22:

As always your post is both eloquent and intelligent. You must be a charming chap, I have no doubt about that.

Btw, next time, could you use standard english? I am not privy to pseudo- english you seemed to picked up in the outback.

Dont worry, you'll hear enough of it taking orders at the local McDonalds drive through

 

[stock777]

You know , if you're good enough to make $ trading for a 1/4 point, then you're wasting your time not playing for a better move.

That's like taking a job at a hot dog stand instead of a high paying one, because you like hot dogs.

Noise scalping is stressful ,and commision intensive. Only worth doing when you can PICK OFF SUCKERS (SLOW HANDS) IN A MARKET.

You think there are many suckers in the ES? And if there are, you aren't the one picking them off.

 

[NUTSNEAL]

Quote from ffloppy72:

Quote from NUTSNEAL:

illiquid

My daughter is with Goldman in NY (age 30) and my son is a market maker at the CME (age 27). I have seen him do over 25,000 contracts on a single trade. Those guys have balls the size of coconuts.


25000 contracts on a single trade ???

????????????????????????

Please ///////

ffloppy72

Yes. The actual trade was 25500 contracts. It was a spread trade though legged out nearly delta neutral but still a hell of a trade by most standards. It is not as unusual as you might think for some of those pit traders to collect carry interest of 50 to 75 million on a single trade. Most retail traders have no idea what is really go on in some of those pits with some of the teams and complex positions. This is not the ES it is an interest rate product.

 

[NUTSNEAL]

Quote from John47:

Charts are secondary w/ scalping like this, the book and time and sales are by far the most important. Other than that some guys will probably say tick charts, but the usual is probably 3, 5, 15 minute

I must confess I have more trouble when I am trying to watch the book. Sometimes it is very helpful when you see a level start to trade out but for me I just start second guessing myself.

For me I am better off just watching a filtered time and sales and certain charts.

I think John47 is pretty much right. I have traded down to a one minute and three minute chart but I have found that for me the 5 and 15 minute are a better combination. I also use a 6000 contracts volume chart and on certain days depending on how much chop we are experiencing will even go down to a 233 tick chart.

 

[NUTSNEAL]

saxon22

What books have you read and what ones are you considering reading?

Nutsneal

Sorry I am leaving town for the weekend. I will check back Monday.

 

[saxon22]

Quote from trader28:

Dont worry, you'll hear enough of it taking orders at the local McDonalds drive through

Shhhhhhhhh. Adults are having a conversation. Grab a play station and play quietly in your room.

 

[saxon22]

Quote from tatsimon:

just curious, if you going for .25pt on ES, what timeframe charts you guys looking at?

tks

It SEEMS to work best with 1 min chart and a tick chart, especially during the lunch hour.


Disclaimer: I have only tried it on a sim.

 

[saxon22]

Quote from ffloppy72:

Quote from NUTSNEAL:

illiquid

My daughter is with Goldman in NY (age 30) and my son is a market maker at the CME (age 27). I have seen him do over 25,000 contracts on a single trade. Those guys have balls the size of coconuts.


25000 contracts on a single trade ???

????????????????????????

Please ///////

Impressive!

 

[saxon22]

Quote from stock777:

You know , if you're good enough to make $ trading for a 1/4 point, then you're wasting your time not playing for a better move.

That's like taking a job at a hot dog stand instead of a high paying one, because you like hot dogs.

Noise scalping is stressful ,and commission intensive. Only worth doing when you can PICK OFF SUCKERS (SLOW HANDS) IN A MARKET.

You think there are many suckers in the ES? And if there are, you aren't the one picking them off.

It seems that the markets wiggles a lot within 1/4 to 1/2 range, so I was under the impression that it would be possible to shave a 1/4 with relative ease.

As you correctly stated "Noise scalping is stressful ,and commission intensive. Only worth doing when you can" ... pull it off. I could live with the stress, I could not however live with large losses, and that ultimately will probably keep me away from pursuing this type of strategy.

 

[saxon22]

Quote from NUTSNEAL:

Saxon

What books have you read and what ones are you considering reading?

Nutsneal

Sorry I am leaving town for the weekend. I will check back Monday.

These are the books that I have purchased:

1 "A Beginner's Guide To Day Trading Online"
Toni Turner; Paperback; $4.95



2 "Study Guide for Come Into My Trading Room: A Complete Guide to Trading"
Alexander Elder; Paperback; $16.63



3 "The Disciplined Trader: Developing Winning Attitudes"
Mark Douglas; Hardcover; $20.70



4 "A Beginner's Guide to Short-Term Trading: How to Maximize Profits in 3 Days to 3 Weeks"
Toni Turner; Paperback; $4.99


5 "Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications (New York Institute of Finance S.)"
John J. Murphy; Hardcover;

6 "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude"
Mark Douglas; Hardcover; $26.00

7 "Stock Patterns for Day Trading"
Barry Rudd; Hardcover; $38.74

8 "How To Get Started In Electronic Day Trading"
David S. Nassar; Paperback; $4.20

9 "Reminiscences of a Stock Operator (Wiley Investment Classics)"
Edwin Lefèvre; Paperback; $10.94

10 "Pit Bull: Lessons from Wall Street's Champion Day Trader"
Martin Schwartz; Paperback; $9.83

11 "Stock Trading Wizard : Advanced Short-Term Trading Strategies for Swing and Day Trading"
Tony Oz; Hardcover; $69.95

12 "The New Market Wizards: Conversations with America's Top Traders"
Jack D. Schwager; Paperback; $6.89


I have completed the following:
1,4,8,12

I am in the middle of :7, 11

Since we are on the subject of books: any recommendations?????

Any recommendations to get a better grip on scalping the ES?