i've searched thru all of ET for scalping threads...

Quote from NeoRio1:

Just sit at your computer and stare at the price all day long for a couple months while comparing the movements to a 4 hour chart.

Gaining knowledge is always better than gaining 57 different pieces of advice from 23 different types of traders.
More...
The ONLY truly good piece of advice on this thread. Both parts.
 
Quote from bighog:

goldenarm: You are blowing smoke. Speed is not as important as you IMAGINE because you go on to state that you wilol be in the trade for at least 10 seconds or minutes and also do runs etc, etc. What do you smoke during the day?
More...

If you're trend following, speed is not important. If you're scalping a fast moving stock, speed is everything. Obviously, you've never watched a fast moving stock that's in play. You probably just look at the Level 1 quotes in your Ameritrade account. What a know-it-all!
 
Goldenarm: You just independently confirmed that I have found the “Holy Grail” of intraday stock trading after one year screen time and painful losses. I have exactly the same set up as yours, but I use IB BOOKTRADER and currently trade POT. Yes you can do this from HOME, just make sure you trade high price stocks and save commission.

Bighog: When I “grow up” out of $1000 a day “scalping” stock in a year or two, I want to trade ES like you. I have read through all your posts and I think you are the best on ET. I sent you a PM a few weeks ago and my invitation still valid, you can come to our restaurant any time and your dinner is free for life.:)
 
re: speed:

i dont know a thing about scalping but i've heard of traders configuring their stations to trade using videogame controllers as hotkeys. (button A: buy at bid, button B: sell at ask, button C: exit all and cancel, button D: reverse, button E: whatever, etc...)

would possibly help reaction time.

just dont mess up and try to play emulator while your trading program is open. lol. why isnt mario jumping?? why am i down $5k??
 
Quote from goldenarm:

People that say scalping does not work have no clue. I can consistently scalp any fast moving stock. Today I traded GS exclusively for 100-300 share lots and made $800 net after commissions.

The trick is to buy on the bid on the pullbacks and sell into the up moves. Never, ever pay the offers. My average scalping profit is anywhere from 10 cents to 50 cents. When I'm wrong I lose 3 to 10 cents. I'm usually right with my entry points about 60% of the time and I'm super quick to take my losses and try again. The average length of a trade is anywhere from 10 seconds to a few minutes. Therefore, your charts should be 1 or 3 minute tick charts.

You need to be lightning quick on your keyboard and trade on a platform like Lightspeed or Anvil. All of the other trading platforms are too slow to scalp successfully. You don't need the New York Open Book. All you need to see are the prints and the Level 2 screen. Charts are only necessary if you're looking to make a trend play or need to see areas of potential support and resistance. I'd also have the SPY chart up because this will influence whether you should scalp with a long bias or a short bias.

It takes many, many hours of experience to learn how to develop a "feel" for a fast moving stock. You have to be in tune with the ebb and flow, or the rhythm of the stock. Right now, my favorite scalping stocks are GS and MON. But I can scalp anything with good volume and multi point intra-day moves. I prefer to scalp listed stocks since the Nasdaq stocks tend to be a bit too noisy to accurately read the tape. This is due to the many buy/sell programs that seem to infest the Nasdaq stocks.

Scalping is a consistently profitable way to trade stocks. I can scalp and be net positive every single day. In today's market, scalping is my bread and butter technique to pay the bills. I also supplement it with support/resistance plays and intra day trend following techniques.

I don't think I'd recommend scalping from home as opposed to an office with T-1 internet. The split second latency between remote trading and office trading can spell the difference between a profitable and an unprofitable entry point.
More...


GOOD POST
 
I do not scalp but believe it is possible. I do use some of the information from scalpers to get a better entry and exit.

Two sources of info have been:

http://www.viperspeedtrader.com/

Viper had a thread on ET and has posted several video and webinars that were helpful.

and

http://www.nobsdaytrading.com/

NoBS has a very inexpensive video and short manual that describes what he does. Reasonably well done and answered several of my questions.

Nothing in both of these sites will replace the months of screen time necessary to turn profitable however.

Good trading!
 
I will share my layout. It may not make perfect sense but it is what I"m used to.

Shift+Q = cancel all bids
Shift+W = cancel all offers
Shift+E = cancel last bid
Shift+R = cancel last offer
Shift A = Market Sell
Shift S= Sell Limit (brings up box, at bid)
Shift D= Sell Limit (10 cents through market)
Shift F = Buy Limit (10 cents through market)
Shift Z, X, C I don't really use, perfectly valid keys
Shift + V = Market Buy
Shift + B = Buy Limit (brings up box, at offer)

Shift+up arrow = cycle through ecns
Shift + down arrow = cycle through ecns
Up arrow = increase price by 10 cents on limit order
Down arrow = decrease price by 10 cents on limit order
Right arrow = increase price by a penny on limit order
Left Arrow = decrease price by a penny on limit order

numpad 1-9 = 100, 900 shares, 0 = 1000 shares, alt+ctrl+1-9 = 1000 through 9000 shares, alt+ctrl+0 = 10000, alt+ctrl+ non numpad 1-9 = 10000-90000 shares.

Have some other miscelaneous keys for platform specific functionality.

Layout is FAR from perfect, just what I'm used to, but I can still be a little ninja on the keys with it.
 
Nice! Very similar to my layout except I use my left hand keys for buy orders and right hand keys for sell orders. To each his own!
 
NYOB, I agree with goldenarm. When I saw this:

Shift D= Sell Limit (10 cents through market)
Shift F = Buy Limit (10 cents through market)

ET's resident Mom started worrying about you :D
 
You must log in or register to reply here.
Back
Top