Scalpers: How many trades do you enter per day?

achilles28 · Aug 13, 2008

Quote from cabletrader:

I couldn't disagree more! (Sorry TZ!)

Scalping forex can be extremely profitable if you know what you're doing. It's not suitable for a novice starter to trade live but then what market/strategy is?

I'm trading an Oanda account today for my sins (funny enough they seem to be behaving themselves, probably because it's a losing account!)

22 pips in half an hour, what's wrong with that?

I find cable is flat one day, the next, huge moves.

Euro's a little more consistent in terms of day-to-day volatility.

Maybe there's a better method to predict cable....dunno ;P

bugscoe · Aug 13, 2008

Quote from forex-forex:

And how do you know it's "choppy" or "trending". Those patterns don't show up until you look at historical charts.

You look at the charts. Is price in a tight range going no where or is it moving.

If you wait for history to be written before you act, you'll never be apart of it.

TraderGreg · Aug 13, 2008

This probably sounds like a real newbie question, but I guess it would sound stupider when I'm a pro and don't know this. What does RT stand for? Is it total positions? Thanks.

cstfx · Aug 13, 2008

Quote from cvds16:

It's the most technical market I have ever seen,

100% agree here. Forex is a chartist's dream. In another thread someone ridiculed the used of Fibs in trading, but used against a currency's chart it proves a highly accurate predictor to price movement or direction.

BTW, RT = round turns

TraderGreg · Aug 13, 2008

Quote from cstfx:

100% agree here. Forex is a chartist's dream. In another thread someone ridiculed the used of Fibs in trading, but used against a currency's chart it proves a highly accurate predictor to price movement or direction.

BTW, RT = round turns

Ah, that's what I figured for RT.

I agree with you all as well on forex. Being open 24 hours also helps me as a trader in college, as well as the better tax structure and lack of daytrading limits. I will go back to stocks and indices eventually (I didn't do bad trading options on indices), though.

TraderGreg · Aug 13, 2008

For those of you who enter 20 or more trades per day -- do you still fill out a journal entry for every trade, or do you do something more like reflecting on the day at the end, or what do you do?

Thanks.

candymr2 · Aug 13, 2008

Quote from TraderGreg:

For those of you who enter 20 or more trades per day -- do you still fill out a journal entry for every trade, or do you do something more like reflecting on the day at the end, or what do you do?

Thanks.

I reflect on the day as a whole. If I take large hits, I go back to those trades to see what I could have done differently. This is where experience and a good memory(chart patterns) come into play.

cstfx · Aug 13, 2008

Quote from TraderGreg:

For those of you who enter 20 or more trades per day -- do you still fill out a journal entry for every trade, or do you do something more like reflecting on the day at the end, or what do you do?

Thanks.

If you asked an equity trader that scalps the same question, what do you think his/her response would be? Why should your asset class be any different?

ramora · Aug 13, 2008

Quote from cvds16:

it was a long time I thought the same, however a thread on ET changed view about this six months ago. Been making money consistantly over the last few months, I have been profitable every day this month for example, and I am talking over 30 to 40 pips at least for the four hours I trade this.

What was the thread that changed your mind?

Any other threads help you very much?
Thank you

traderpro · Aug 13, 2008

Quote from cstfx:

If you asked an equity trader that scalps the same question, what do you think his/her response would be? Why should your asset class be any different?

For equity i enter from 1000-3000 trades per day. Trading the futures i enter from 200-1000 trades a day. Last friday the ES setup was sick and i just held most of my contracts all day(slow trades day). My trade size in equity are from 200-1000 most of the time but i do dig in when i see a nice setup. For the futures 5 contracts per trade(order) most of the time sometimes bigger.