scalping and "leaving one on"

IronFist said:
Thoughts on Bookmap?
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It did not find it "life changing" for my personal trading. That said, I have been trading professionally, full-time, since 1998. I am a consistently profitable trader, and have found my bread & butter niche trading (only took 23 years).

"If it ain't broken, why fix it".

I think my journey is finally over, and there are no more "doors" to open. Bookmap was probably that last errand; what if? But it's not for me.

I would recommend you go to the Bookmap YouTube channel, and watch every video for the last year, and arrive at your own conclusion. Only way to find out is to do the research!!!
 
Fist,

You are mixing R:R ratios, scaling, and generic scalping "methods" without regard to the setups. To that you are using a limited amount of data and attempting to draw conclusions.

There are too many variables and not enough data to draw any conclusions. Sorry, don't mean to be negative, but just pointed it is a waste of time as presented.

However in an effort to try an help, I can offer this.
  • Every instrument has a sweet spot of Noise range. This is usually determined on any particular day by the sizes of the orders and the depth of market. You need to tune your SL or TS, to be outside that range. Sometimes it is pretty large and does NOT work out well with the target side (reward).
  • Isolating the setups and using only one type of setup and entry can help figure out the rest of the variables. This is where algo precision becomes essential. You need about 100 PRECISE trades to draw any conclusion.
  • a runner target requires a directional trade. Scaping does not. So one can get scalps that win, but are not directional. It is like trying to catch the small fish, and hoping that a bigger fish will eat the small fish you caught. Sort of works but it is better to just go for the big fish if that is your desire. Or just stick with small fish and save your bait and time.
  • There is a LOT more, but I can offer this higher level concept. Using a bracket order is like having a template of what the price will do. You will spend a lot of time trying to get the right template. Then spend additional time trying to get template "applied" to the the price action you see on the chart. If you misapply the template, things are sub optimal. The template can be right, the price action can be correct, you just miss applied it. So you need to separate out the "correctness" of the template, and the correctness of the application of the template.
  • Lastly, from a psychological standpoint, wanting a runner and a big win, might be a sign of FOMO. Could have made more, left money on the table, MFEs are too large etc.
I know this might be too much information or too vague, but I will just throw it out there.

PS: a some people do not use brackets because they become a distraction. Too many orders to make work out: Don't get stopped, Wait for the target, should you override them etc. Instead they just concentrate on the price behavior in from of them. For them there is a lot to see and filter already.

PPS: some people go for three part targets: 1 = 1 tick to cover comms, 2 = normal target, 3 = runner.
 
ChipShotTrader said:
While researching Bookmap, I came across Scott Pulcini. He was featured in "Enhancing Trader Performance", by Dr. Brett Steenbarger, which I read many years ago. He traded the DOM, then it stopped working for him, in 2005.

"During the years from 2002 to 2005 he was responsible for trading on average,10% of the S&P e-mini futures volume"

Maybe check him out. He is quite honest about his trading journey, and hardship.

https://www.scottpulcinitrader.com/about


@SimpleMeLike This dude can give Al Brooks a ride for his money. For a period of time, he was the real deal...
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this is really cool. I love listening to old school traders about how their journey went
 
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