Learning to trade by scalping?
- Thread starter Biomech
- Start date
Let me ask you this, if I came to you and I said this:
I´ve never performed surgery, but over the years I´ve applied and removed many Band-Aids to friends and even 'fed a fever' once. I´ve spent the last few months reading and studying all the biology and medical books I can find with regards to surgery.
My question is this, what type of surgery do people recommend I start with. I´m thinking of starting with brain surgery because it fits into my personality. I´ve always been fascinated by the brain as an organ. But I´ve heard a few people say that it is the most complex and difficult field of surgery, even more so than thorasic. After I get a good feel for brain surgery (hopefully before I kill my patient :eek: ) I would move on to other types of surgery and try them out to see if I like them better or if they are more profitable for me.
Did any other surgeons start out this way? would you recommend it? is it more typical to start off by going to medical school and all that boring stuff? I know that this may be a bit tought to pull off, but I think it will be better for me in the long run.
what would you advise me to do?
(other than to consult a good therapist that is)
lots of good advice here
back before decimils, if you had good $, and good commissions, an expert trader might be able to scalp profitably
but to be a newbie and try it is suicide.
it's like saying, hey I've been driving this '68 Pontiac GTO for a couple years, I've changed the oil...I'm ready for Nascar!
They'll let you on the track...but they're gonna send you right into the wall my friend.
back before decimils, if you had good $, and good commissions, an expert trader might be able to scalp profitably
but to be a newbie and try it is suicide.
it's like saying, hey I've been driving this '68 Pontiac GTO for a couple years, I've changed the oil...I'm ready for Nascar!
They'll let you on the track...but they're gonna send you right into the wall my friend.
People and newcomers come to these boards for advice
and help. I find it absolutely amazing that some people
just cant resist spewing negative rubbish. If you havent got
any positive thing to say then keep that sphincter shut!
The amount of time that people spend writing negative crap
could be used in a constructive way to reply with positive advise
in a fraction of the number of lines.
This comment is in reference to Babak's comment above.
Couldnt he say something like 'I wouldnt advise it' instead
of blithering on about some damn sugery crap.
I apologise to everyone else for raging but it is so
annoying to see people posting shite.
Regards,
Eva
and help. I find it absolutely amazing that some people
just cant resist spewing negative rubbish. If you havent got
any positive thing to say then keep that sphincter shut!
The amount of time that people spend writing negative crap
could be used in a constructive way to reply with positive advise
in a fraction of the number of lines.
This comment is in reference to Babak's comment above.
Couldnt he say something like 'I wouldnt advise it' instead
of blithering on about some damn sugery crap.
I apologise to everyone else for raging but it is so
annoying to see people posting shite.
Regards,
Eva
I had to say that everyone else on this advise replied
with very constructive advise - keep it up
with very constructive advise - keep it up
My only intention in using such an analog was to point out how outlandish Biomech's assumptions are.
Obviously telling him 'look this is not a good idea' would not have cut it since others have told him as much (which he admits in his original post). I thought that using an over the top example of surgery would get him thinking differently.
If I didn´t care or didn´t want to help, I would not have replied. If you misinterpret my tone or intentions, there is nothing I can do. It is clear in any case that you do not know me.
Obviously telling him 'look this is not a good idea' would not have cut it since others have told him as much (which he admits in his original post). I thought that using an over the top example of surgery would get him thinking differently.
If I didn´t care or didn´t want to help, I would not have replied. If you misinterpret my tone or intentions, there is nothing I can do. It is clear in any case that you do not know me.
Yes, scalping is a great way to learn how to read a level 2 screen.
However, unless you are a floor trader, you will not make any money scalping. Contrary to what anyone says, that is the REALITY.
Scalping (over the internet, even if your commissions are FREE) is a good way to take on a LOT of risk for meaningless profits. It is a lot of work, and the payoff is pathetic, at best.
Go ahead, try it. You'll learn alot about what doesn't work.
PS - great post, uptik - I laughed
However, unless you are a floor trader, you will not make any money scalping. Contrary to what anyone says, that is the REALITY.
Scalping (over the internet, even if your commissions are FREE) is a good way to take on a LOT of risk for meaningless profits. It is a lot of work, and the payoff is pathetic, at best.
Go ahead, try it. You'll learn alot about what doesn't work.
PS - great post, uptik
- I laughedBabak, I have been reading these boards for the last month or
so and one of the worst things I have found is when newcomers who have asked simple questions have been replied to with
negative emphasis. I think I did over-react to your post and
I extend my apologies to you. I agree with you that trading is
all about experience however I still say that your post about brain surgery is far fetched. You simply cant compare brain surgery with trading. Thats why there arent as many brain surgeons around as traders event though brain surgery is a
profitable line to go into....
Regards,
Eva
so and one of the worst things I have found is when newcomers who have asked simple questions have been replied to with
negative emphasis. I think I did over-react to your post and
I extend my apologies to you. I agree with you that trading is
all about experience however I still say that your post about brain surgery is far fetched. You simply cant compare brain surgery with trading. Thats why there arent as many brain surgeons around as traders event though brain surgery is a
profitable line to go into....
Regards,
Eva
Biomech
If you feel that your personality is suited to scalping then by all means go ahead and try. There are many successful traders that have known nothing but scalping.
I think the problem with your thinking, however, is that you are looking beyond scalping to your "next" method. If you want to be a scalper then concentrate on being the best damn scalper/brain surgeon you can be. Start small (100 shares or less), use a per share commission Direct Access Broker (I recommend IB) and be prepared for a very long learning period. Do not increase your share size until you are consistently profitable at the smaller size. I would also suggest having a maximum daily loss limit, as you may find that as a scalper you will occasionally get stuck in an impulsive trade meltdown.
PS. I do not see anything negative in Babak's post. Biomech asked for advice/opinions and it was given to him. Please don't make this into another negative thread by bickering.
If you feel that your personality is suited to scalping then by all means go ahead and try. There are many successful traders that have known nothing but scalping.
I think the problem with your thinking, however, is that you are looking beyond scalping to your "next" method. If you want to be a scalper then concentrate on being the best damn scalper/brain surgeon you can be. Start small (100 shares or less), use a per share commission Direct Access Broker (I recommend IB) and be prepared for a very long learning period. Do not increase your share size until you are consistently profitable at the smaller size. I would also suggest having a maximum daily loss limit, as you may find that as a scalper you will occasionally get stuck in an impulsive trade meltdown.
PS. I do not see anything negative in Babak's post. Biomech asked for advice/opinions and it was given to him. Please don't make this into another negative thread by bickering.
Biomech,
You're getting lots of good advice. Very short term trading is the hardest way to trade, although skilled traders like Hitman feel they can minimize their downside exposure using this approach. The problem is yes, you can minimize your downside on individual trades, but all those small losers add up at the end of the month, plus you will not get the mega-winners a swing trader gets.. I get the feeling you have a strong urge to try it anyway, so my advice is to go small, 100 shares. You will find that emotion is far more involved the shorter the time frame, simply because you don't have much else to rely on.
You're getting lots of good advice. Very short term trading is the hardest way to trade, although skilled traders like Hitman feel they can minimize their downside exposure using this approach. The problem is yes, you can minimize your downside on individual trades, but all those small losers add up at the end of the month, plus you will not get the mega-winners a swing trader gets.. I get the feeling you have a strong urge to try it anyway, so my advice is to go small, 100 shares. You will find that emotion is far more involved the shorter the time frame, simply because you don't have much else to rely on.