Is he really trading 1-3 min or he actually trading based on tape? The two guys that I follow that trade low floats are both level2/tape traders and using charts just for overall context (at least that is my understanding of what they do)
Scalping 1 min time frame? 3 minute?
- Thread starter frank7
- Start date
unfortunately longer time frames bore me to death
I'd be interested if you asked him his thoughts on your taking a stab at the markets, specifically 1 min scalping of small cap low float stocks? And of course his reply.
He doesnt only trade low float...and yes he uses the charts for overall context & focuses a lot on level 2/tape reading.
What is the purpose of this? Why are you repeating what i said lol? Are you trying to say that you feel the same way? I dont understand the purpose of this reply...
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He said everyone has an opinion at the end of the day but you just gotta follow what you want and make a way for yourself. There are a lot of people bashing day trading, scalping the lower time frames and thats fine, just because it didnt work for them doesnt mean the same will apply to you. You just gotta test it out and see if you are build for it. Create your own path. For some people day trading, scalping the lower time frames works perfectly fine, for some it doesnt, for some swing trading works and for some it doesnt. Everyone is different. These were his words. Well i saw his account statements and the guy makes a very good living doing it and no he doesnt sell any educational material like the rest of the furus. He said he doesnt need to do that since he likes to focus on his trading and he also has some rental properties that he owns.
Hi Frank. I agree with you 100%. There are a few reasons why this is so prevalent on ET.
Intraday is for a professional level skill set and markets knowledge.
You will need to have good technology and brokerage software.
You will need an edge of some kind (information, technology, skill set).
It is insanely competitive. I mean ruthlessly competitive.
Also, traditional portfolio structuring and swing trading on longer time frames does not really coexist with intraday trading unless you've got a large capital base.
TommyR is a scatterbrained retard. He is a troll. He makes sense like 10% of the time.
I figured out how to kick ass intraday, but I use truly professional level stuff, have a degree in mathematics, am a competent programmer, and am well funded. There is an obvious difference between what the pro's do and what the average trader is capable of.
In my opinion, intraday is one of the best opportunities in the market, period. Good luck.
Finally someone who is optimistic about intraday trading in this website. Thanks for the reply. Now i don't have a degree in mathematics or am a programmer but i know one this for sure, i don't like to fail, i don't like to quit, and with a little bit of dedication, after developing the right mindset, trading system, risk management rules and different trading psychologies and many hours of screen time and trading live with a small account just so i can get used to different emotions that rise during the session, i think i can build some consistency and hopefully make a living out of this. I am so tired of this 9-5 corporate financial analyst BS...not my passion so it's a drag everyday for me to get out of bed and go to a company that i don't care about about and do accruals, budgeting and all the other corporate finance bs.... anyways thanks a lot for your reply and i'll be back here with an update on my progress
Best,
Frank
Of course there are people trading 1 minute charts successfully. Many hmmm though not in high numbers relative to those who have tried. At all.
Though that is not scalping but rather than get into a semantics game I'll move on from that point.
I'll agree time frame itself doesn't matter in the success equation - all things being equal. What does matter most of all is account/trade management.
One last point (not in regards to any posts including my own), being optimistic doesn't work too well learning how to trade correctly and profitably. If you stick with it you will understand this someday.
