scalping with peter2h

[cafeole]

The chart above is a 1000 tick chart, but I have found that the time-frame doesn't make much difference. I draw the Fibonacci levels before the market opens and use the same ones all day.

Can you elaborate on the fib levels you use and how you draw them? Thanks

 

[maxinger]

If you're going to scalp for 4 ticks ($50), it makes much more sense to trade NQ. The 2 tick hole that Destriero is talking about is much more manageable at $5 per tick in NQ. But if you get good, its not scalable so why bother ?

Also, I find $50 a trade just pure madness unless you have an incredible amount of knowledge of how price works. Its still not worth it IMO. If ES or NQ are trending well, on average 1 or 2 days per week, learn to capitalize on those good days, and stay out of the market the other 3 or 4.

Hell, find equities that are trending the other 3 or 4 days and ride them up. But to tick f*ck all day long is just nonsense. Nobody makes money doing this.

If you go to trading house, almost all traders do scalping especially during the non trending period.
The Exchange and Brokers like such traders because such traders generate huge volume.
traders can collect say 20 ticks per lot a day and depending on how many lots you trade,
the money can be rather decent.

traders typically trade >100 round turns. and commissions are low due to volume discount.

 

[wiesman02]

If you go to trading house, almost all traders do scalping especially during the non trending period.
The Exchange and Brokers like such traders because such traders generate huge volume.
traders can collect say 20 ticks a day and depending on how many lots you trade,
the money can be rather decent.

You know of anyone that trades like this and is successful or are you talking in theory only ?

 

[maxinger]

You know of anyone that trades like this and is successful or are you talking in theory only ?

Don't trust what I say fully.

you should go trading house and witness it for yourself.

 

[wiesman02]

Don't trust what I say fully.

you should go trading house and witness it for yourself.

not being condescending. Just curious is all.

 

[peter2h]

with scalping which i would call my trading, and it seems a lot like PeterH, its a for a few ticks/points. When i get into a trade i do not cross my fingers and jump into a trade hoping to get a 4 tick profit before the price hits my stop loss of 4 ticks. I get into a trade when the probability of price going my way is way more than it hitting the stop loss. Also its not just price action but what the price is doing at certain levels that you see drawn in the charts as shown by peterH. But it does not mean that price does not go against my trades but those situation are rare and few. sometimes price does move a few ticks beyond my entry price and in those situation i draw down if i am sure about the trade and sometimes my stops get taken and you just wait and get ready for next trade. But end of the day we will see more green than red as this is high probability scalping. I completely understand peterH trading style and if someone told me they get into trades where in they go for 5-10 points i wont call them a liar or strategy that does not work. Just because i don't have the stomach for such trades which will see price reversals does not mean i would criticize their method. Before i myself started scalping i could not fathom someone trading few points with very tight stops of a point of a half especially in ES. But now i scalp like this and completely understand few traders who are bewildered at such tight stops trading.

Thanks, Tenny. It seems you have completely understood my style as it is yours, too. The difference between us and others who are critical is that we don't have to take losses very often. A precise entry will result in a quick, though small positive result. When you go for a big result you are exposed to the vagaries of the market to a much greater degree and you are then happy to get a better than 50% win rate. Thanks for the supportive post.

 

[maxinger]

not being condescending. Just curious is all.

no problem mister.

But personally I think such scalping is getting very challenging because of machine traders (the algo players). Also You need intense concentration to do it.

 

[peter2h]

It's simple. ES trades in 1/4 point ticks. He's taking half a point in edge loss as a price taker. A one point target, absent commissions. It's in no way sustainable. If he were profitable he'd find a product with less edge loss. It's likely that he chose ES because he's undercapitalized. We'll never see an actual blotter.

Peter, just show your end of day run and save yourself the trouble of posting each trade.

I don't intend to do this again but I'll indulge this time. You will see seven trades, all profitable.

 

[destriero]

I don't intend to do this again but I'll indulge this time. You will see seven trades, all profitable.

Nice work on IB paper trader. Let's see you do it in a production account.

 

[volpri]

It's simple. ES trades in 1/4 point ticks. He's taking half a point in edge loss as a price taker. A one point target, absent commissions. It's in no way sustainable. If he were profitable he'd find a product with less edge loss. It's likely that he chose ES because he's undercapitalized. We'll never see an actual blotter.

Peter, just show your end of day run and save yourself the trouble of posting each trade.

What about Rotter?

https://www.varchev.com/en/paul-rotter-aka-the-eurex-flipper/

Made millions yearly scalping......