Getting out - Am I Doing the Right Thing
- Thread starter Flashboy
- Start date
Quote from Scientist:
1-3 mins = nuts?
I execute off 3m, 2m, 1m, 128T, 64T, 32T, 1T - HELLOOO???
If you truly want to look at "market waves", you should have a look at tick charts!
Yours Respectfully,
~The Scientist
I do look at tick charts, but they are more in line with a 15 or 20 min chart. I am surprised you took so much offense to my post; wasn't trying to offend with my OPINION statement. But if you can scalp for a few ticks and be net positive 3 or more points after commissions, I salute you. It just isn't my style.
~ Smartie Pants
Gross, but not necessarily net 3pts, my friend
All figures are, of course, gross and not with commissions. Everything looks a little different then. That's why I'm considering buying a seat on the CME (~350K) so I can get pro rates.
However, the benefits of scalping are the extremely low risk per trade, high frequency and cumulation. That way, you can put on much larger size.
Since the ES are the most liquid issue in the world, they're perfectly made for that, no matter what size you do.
Sincerely,
~Smartass
P.S: Unless you're dealing 2,000 contracts per turn. But that's another story...
Low risk in point terms, yes... but, as you know, you can make nearly anything low risk in $ terms by reducing size...
Frequency is a major benefit, so long as it is not deteriorated too much by commissions (effort to net profits ratio, kinda thing)....
Fwiw, I ain't knocking scalpin'... I do it myself (in addition to other stuff)...
Quote from Scientist:
With all due respect, bubba7 - You are right and you're wrong, too.
For starters, his point wasn't a suggestion, but an insult.
Second, OK you did the right thing. You had your stop 1T above mine. You made +2pts. This has nothing to do with the timeframe, though. 1, 3 or 5 min - I had a 3pt-stop. Presto? You had a 3.25 tick stop. Well you did the right thing. Maybe next time, your position will have a major breakout on that 1-tick penetration, while mine won't? You never know...
Now, that I got stopped out with a 3pt trail, doesn't mean I'm upset that I "just" locked in 12pts? I mean, saying that a wider stop would as in larger timeframe would have been wise, is nice to say in hindsight bubba! What if the market went into reversal? How can you know? Personal bias? LOL! Besides, I went straight into scalping mode from there... So what?
Besides, doesn't mean I went home after that! After the large morning move, I did some scalping for another point, plus another 2.25 points before the close. While you were looking at the larger timeframes, probably going "Oh well. Rangebound. Let's have lunch", I was standing here getting into the moves before you did (shorter TF).
Shifting gears into larger timeframes can mean getting bigger moves. But it also means I can be long out of the move, you're still in longer and have a wider stop, thus more risk, ditto smaller position size.
It's the difference between being a bird and a bee, you know. You can go further distance as a bird, but the bee can't hit the window and it can stop on the spot.
Silly analogy? Well yeah you know what I'm getting at.
Don't assume I'm a pro-scalping trader. I trade everything from 1-Tick to Dailies. I know what you're talking about.
Don't pay out on me. I'm just defending a point that was commented on from a very short-sighted point of view;
1-3 mins = nuts?
I execute off 3m, 2m, 1m, 128T, 64T, 32T, 1T - HELLOOO???
If you truly want to look at "market waves", you should have a look at tick charts!
To be honest, bubba7, I appreciate your advice and you probably have made boatloads more than me today. But with a daily total of over 15 pts, I'm more than really happy. For my long-term trading average, that's almost a week's profits in a day! I don't complain. And now I'm going for the Globex session!
Yours Respectfully,
~The Scientist
FYI
I reversed at 11:13 plus going long, reversed at 13:18 going short, and at 15:35 going long until EOD.
I was watch the SAC push on INTC. Stevie made Busines week (pg66)
The guy did seem a little emphatic. Your two poatsabove were very helpful to a lot of people in my opinion.
Regards,
Quote from Scientist:
Gross, but not necessarily net 3pts, my friend
All figures are, of course, gross and not with commissions. Everything looks a little different then. That's why I'm considering buying a seat on the CME (~350K) so I can get pro rates.
However, the benefits of scalping are the extremely low risk per trade, high frequency and cumulation. That way, you can put on much larger size.
Since the ES are the most liquid issue in the world, they're perfectly made for that, no matter what size you do.
Sincerely,
~Smartass
P.S: Unless you're dealing 2,000 contracts per turn. But that's another story...
How many round turns are you doing to average your 3 pts gross per day? Hopefully it is more than that, but I thought you said it was 15 pts. per week - maybe I misread it. If you are doing 20 round turns, you probably aren't making very much. Not criticizing; just wondering. And if you are only going for one or two ticks at a time (I originally thought it was higher...3 ticks), you are probably doing more than 20 round turns. This is why scalping is a losing proposition (for MOST, not necessarily for you).