Good books on futures daytrading/scalping?

W

wartrace

I am looking for some good books and/or educational resources to get a better understanding of futures daytrading and scalping.

I am currently paper trading my initial ideas. I do really well in the early morning (3am to 8am) but when the volume picks up I give it all back.

I have only been at this for a week and it is my intention to continue paper trading until I am consistent for a period of at least 6 months before committing and money.

My problems right now.
1) Over trading.
2) My "system" needs some work.:confused:
3) Setting stops correctly.

I have had several days where I was up 3 to 400 dollars on one contract (CL) in the early morning hours but then the market starts making huge swings up and down. Of course I end up on the wrong side of these moves OR I am on the right side but my stop is hit before the move goes the way I thought it would.

I have noticed a lot of "educational websites" that promise to teach me for a price. Judging from the posts here on ET most of these places aren't worth it. I figure a good book and a lot of paper trading time would be a better approach.
 
It's true that books aren't going to do you much good, if any. But you say you've been at this for only a week. What is "this"? You've been registered since '06 and have made several hundred posts. What were you doing before "this"?
 
Quote from dbphoenix:

It's true that books aren't going to do you much good, if any. But you say you've been at this for only a week. What is "this"? You've been registered since '06 and have made several hundred posts. What were you doing before "this"?
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I have been trading stocks and doing some options trading. I never had the opportunity to daytrade actively due to other commitments. I am now able to do it.
 
Quote from wartrace:

I have been trading stocks and doing some options trading. I never had the opportunity to daytrade actively due to other commitments. I am now able to do it.
More...

And what system were you using to trade stocks interday? It may not be necessary to start over.
 
Quote from STC Capital:

Sounds to me like you have a profitable strategy but you haven't figured out when to get out.
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I guess I will just have to put in more screen time and work on my trade management.
 
Although CL is a technically beautiful instrument for day trading/scalping, it can quickly take you down with the smallest lapse of discipline.

I recommend mastering Bob Volman's Forex Price Action Scalping using a 1-min chart/1-min 20EMA during the pit session hours.

Once you've done that, you'll be able to put together an awesome trading plan :cool:

Also, study anything by dbPhoenix here on ET.
 
Quote from wartrace:

I am looking for some good books and/or educational resources to get a better understanding of futures daytrading and scalping.

I am currently paper trading my initial ideas. I do really well in the early morning (3am to 8am) but when the volume picks up I give it all back.

I have only been at this for a week and it is my intention to continue paper trading until I am consistent for a period of at least 6 months before committing and money.

My problems right now.
1) Over trading.
2) My "system" needs some work.:confused:
3) Setting stops correctly.

I have had several days where I was up 3 to 400 dollars on one contract (CL) in the early morning hours but then the market starts making huge swings up and down. Of course I end up on the wrong side of these moves OR I am on the right side but my stop is hit before the move goes the way I thought it would.

I have noticed a lot of "educational websites" that promise to teach me for a price. Judging from the posts here on ET most of these places aren't worth it. I figure a good book and a lot of paper trading time would be a better approach.
More...

You don't need books on trading. Instead, you need common sense...seriously. You're profitable in the early morning but you give it all back after the regular trading session begins.

A simple common sense fix to me.

**** Only trade in the early morning and then shut every thing down prior to the start of the regular trading session.****

My point, if you're going to be interested in books...find something in psychology that specifically deals with why some folks sabotage their own success after getting a taste of the success.

Think about this carefully. Isn't the goal to be profitable (morning session) instead of trying to outsmart the market when you already know its smarter than you (regular session).

Something else to think about. Most profitable traders know when not to trade.

Thus, you need determine why you continue sabotaging yourself via continuing trading in a time duration that's not good for whatever trade method you're using.

Nothing wrong with your trade method. The problem is you.
 
You can check "NoBSdaytrading" i/many think he's good and "legit" he got some videos on youtube and an ebook (either you find the pdf or you buy the updated version on his website.. it's cheap)
 
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