Scalper 101

Cool web!
I go thro the same problem like yours some times.But like the earlier post suggested you could have got a .10/.20/.30 cent trade out of appl.
Just stick to indices etf SPY,IWM or ym,es,er2,nq(if you like scalping 8-10 ticks)
& few high volume stocks whick mimick the index. QCOM is one of my favourite.I will scalp it altleast .10c /day out of it.
JUST Watch2/3 chart with 2-3 high roller stock including OIH. You will get your trade.
Do not paper trade as you will not feel the pain when your stop loss is hit.
Trade 100 share & feel the profit(happy) &loss(dejected).Loss shoild be affordable
I guess
 
Cool web
I have to confess that I kind of freeze like a deer in head light when I watch too many tickers.
so I stick to
2/3 steel/coal/oil stocks apart from spy,iwm,qcom.may be smh,IYT.
I dont lurk too much.just concentrate with minimum tickers in 2/3 chart with your favourite indicator.(maximum 10 tickers,3,4 charts open in my Medved QT)
I do not trade indivual gold stocks.just a bit in XAU options if the market has a extreme move eiether way.I will get .2/.4 in the ATM option.
I will look seriously at the GLD perhaps
 
the difference between a scalper and a swing trader doesn´t lie on the frecuency of your trades. You could be swingin to the 1 minute chart... looking for formations and so...
The real difference is that the scalper doesn´t try to predict, or even get a high probability of something. The scalper doesn´t care what the market is doing next, he cares for what the market is doing in this very moment. If you see a move to the downside starting, then go short... see a rally? buy. Once it stops moving for a few seconds, bail out. There´s no waiting for the right set up, or waiting for the move to start, or thinking of the probabilities of the move going a particular way, you´re not in until there is a move, and you´re only in as long as there is a move. Once it stops, so do you.

At first you´ll be too slow, catching the moves once they´re over... That´s why they say that at first you´ll learn how to lose, before you can learn how to win. A good start is using 100 shares and being profitable {before commisions} You wont be profitable after commisions until you´re up around 500-1000 shares... depending on your frecuency...


The reason most scalpers use NYSE instead of nasdaq is that it is a lot cheaper to remove liquidity in NYSE and as a scalper you´ll be removing liquidity most of the time. If you go to PFE you can get into shorts without that annoying uptick rule...
 
Hello,

I like to say thank you to everybody following the journal,

I have stopped scalping and switched back to swing trading.

I did not take 1 aapl trade this whole week,
why?

Theres no real trades to be taken unless you are really scalping, I'm not scalping with momentum, I'm always trading by charts, so I have no real concerete setups where I can have a 50+% win ratio etc.


------------
I also realized, its going to take me an extra 2-3 years to become a profitable scalper by myself.
I think I would have a much better ROI dedicating that time in adding to my swing skills at the moment.


Because its not about the timeframe that makes you a trader,

Its about the unique entries that takes thousnads of scalping trades to build up to where you can actually have a toolbox of entries you use to scalp that timeframe.

Back to swing:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=61468


It was a good learning experience :)
 
Quote from Trvlwanderer:

AAPL was a long and short opportunity all day!!!
More...

Just pulled an intra-day over the past 10 days.

This thing trends like a fiend!

What basket of stocks do you watch for scalping opportunities?

(Heh, we might as well keep it going and derive value from it).

Thanks in advance,

JJ
 
You must log in or register to reply here.
Back
Top