Scalper 101
- Thread starter coolweb
- Start date
Wave59/custom coded Qscripts/6min charts mostly w/GLD
scale-in and out 5-20 times daily. Lots of great gaps and the equity is very forgiving and liquid.
I call it macro scalping. Works for me with less chop and fees.
I started last year looking for instruments like GLD. Fine tuned my platform and scripts by just watching day after day.
Then I jumped-in with two(2) shares
and learned how to run the gauntlet.Now I go in with alot more size several times daily. Very predictable and profitable yet I always remind myself the beast has teeth.
Quote from coolweb:
All the volume from the tape, is on the chart, just drawn in a different format
I definitely agree, though I do think tape readers have an edge in identifying those movers before the size is shown in printed volume. You can tell just by the way a stock spreads and prints sometimes that a larger player is there, before 50k shares goes off.
Have you ever looked into a <a href=http://www.cbot.com/cbot/pub/page/0,3181,1184,00.html>market profile</a> overlay on your charts? Besides an ADX histogram, the only indicators I use are volume based. My trading career turned when I started analyzing volume. If you use eSignal, I can give you an excellent PV study for your charts.
Anyway, I wish you the best of luck. You seem to have the tenacity and drive to carve out your own niche and succeed.
Quote from infolode:
Wave59/custom coded Qscripts/6min charts mostly w/GLD
scale-in and out 5-20 times daily. Lots of great gaps and the equity is very forgiving and liquid.
I call it macro scalping. Works for me with less chop and fees.
I started last year looking for instruments like GLD. Fine tuned my platform and scripts by just watching day after day.
Then I jumped-in with two(2) shares
Now I go in with alot more size several times daily. Very predictable and profitable yet I always remind myself the beast has teeth.
i trade GG, NEM, GLD all day long, using SPY futuere as an indicator as well.
I could not get off one trade today,
No shorts in the morning because of rally
No shorts in the afternoon because of...
No avaliable shorts within my risk parameters
I realized I don't even have a scalping strategy, my whole premise is still on swing trading from a 15 min chart,
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The coolest quote I have learned recently well, re-heard on this board , probably from Master scalper tarvek is:
Most of the money is made in between , not at trend changes.
I have to sit down and re-think that because I figured out how to apply it correctly today.
-----------------------------------------------
Some interesting thoughts went through my head and it goes like this:
1. Cumaltive all your best entries , may it be futures or stocks, but the right entry, with the reward , does not always come on the same instrument.
as you know I stare at futures when trading stocks, so I know when futures are about to move, so I Was looking high and low for a stock to short, 300 tickers on my screen, none to be found.
I would have shorted the futures, or SPY or DIA, but the thought did not come through my mind, because I banned myself from trading futures.
I guess we have to open our opportunties for the best entry open, so we when actually see a great opportunity we will take advantage of it.
Some days it will be CSCO jumping 5% ontop of a 10% gap
Some days it will be FUTURES with a 99% downtrend with a 8 tick risk and a 50 point reward.
Some days it will be something else,
but I should have all my "entrys" open for trading.
Because I never know what I will get each day, not everyday is a futures entry to be played, not everyday is a stock entry to be played.
We should play the opportunities that come IN PLAY!
No shorts in the morning because of rally
No shorts in the afternoon because of...
No avaliable shorts within my risk parameters
I realized I don't even have a scalping strategy, my whole premise is still on swing trading from a 15 min chart,
--------------------------------------------------------------
The coolest quote I have learned recently well, re-heard on this board , probably from Master scalper tarvek is:
Most of the money is made in between , not at trend changes.
I have to sit down and re-think that because I figured out how to apply it correctly today.
-----------------------------------------------
Some interesting thoughts went through my head and it goes like this:
1. Cumaltive all your best entries , may it be futures or stocks, but the right entry, with the reward , does not always come on the same instrument.
as you know I stare at futures when trading stocks, so I know when futures are about to move, so I Was looking high and low for a stock to short, 300 tickers on my screen, none to be found.
I would have shorted the futures, or SPY or DIA, but the thought did not come through my mind, because I banned myself from trading futures.
I guess we have to open our opportunties for the best entry open, so we when actually see a great opportunity we will take advantage of it.
Some days it will be CSCO jumping 5% ontop of a 10% gap
Some days it will be FUTURES with a 99% downtrend with a 8 tick risk and a 50 point reward.
Some days it will be something else,
but I should have all my "entrys" open for trading.
Because I never know what I will get each day, not everyday is a futures entry to be played, not everyday is a stock entry to be played.
We should play the opportunities that come IN PLAY!
Today I added 1 new FUTURES entry
into my entry "treasure box"
Very leverageable ( most important)
This entry appears once every week. (4x a month)
You'll see it when I post it here.
This day was a good day, I usually have my best trading ideas on days I don't execute one single trade.
into my entry "treasure box"
Very leverageable ( most important)
This entry appears once every week. (4x a month)
You'll see it when I post it here.
This day was a good day, I usually have my best trading ideas on days I don't execute one single trade.
And why the hell not?
Get 'em!!!
No guts, no glory. (Greed kills - be smart)
Get 'em!!!
No guts, no glory. (Greed kills - be smart)