i was recently informed by a buddy of mine that I, and many others, are doing with the open what the SOES bandits did with scalping...
I just laughed at him. (he works for Edward Jones)
Scalping is dead. It was called decimalization. It sucked. Move on.
The only thing even remotely similar (that is also PROFITABLE) to SOES scalping involves lightning fast executions in the market open. Profitable "Trading the Open" strats were around decades before I was born, but now there are relatively new tactics to approach it. Technology allows us (traders) to do simply amazing tasks that weren't available to off-floor traders before the advent of broadband. Hell, one guy with a computer on the beach can now do what three couldn't on the floor of the NYSE. But in the end, trading the open requires a lot more than simply buying and selling with limit orders. It requires knee-jerk decision making, good market sense, patience, and respect for what the market can do against the "norm". A lack of ego is a requirement. To all the young or new traders trying their hand at scalping or market open strats:
"Listen, here's the thing. If you can't spot the sucker in your first half hour at the table, then you are the sucker." -Rounders
Learn to use the valuable tools at your disposal. News, Index direction, screening tools, etc. Learn the internals of how the markets function. Then get your feet wet. Don't just jump in the deep end of the pool. There's more sharks than water in here, and we're always hungry.
