Tips and Techniques for SCALPING?

Quote from NihabaAshi:

First, make sure you have the proper scalper tools setup.

* Competitive comission rates (dirt cheap)

* Trade execution platform suitable for scalping

* Reliable realtime data vendor

* Suitable charts

* Reliable ISP and test your ping to your broker server during periods when you tend to scalp

One example of the above, all the scalpers I know that are profitable are not using minute charts (e.g. 1min, 2min et cetera).

Thus, they are using charts that are either less than 1min, volume based or tick based.

Mark
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I agree with Mark's comments above, in addition I would say that you'll need more than one data vendor just in case things get out of sync.
 
Quote from NihabaAshi:

First, make sure you have the proper scalper tools setup.

* Competitive comission rates (dirt cheap)

* Trade execution platform suitable for scalping

* Reliable realtime data vendor

* Suitable charts

* Reliable ISP and test your ping to your broker server during periods when you tend to scalp

One example of the above, all the scalpers I know that are profitable are not using minute charts (e.g. 1min, 2min et cetera).

Thus, they are using charts that are either less than 1min, volume based or tick based.

Mark
More...


You missed a spot.

How and why do they get in? same entry point question I raise in another thread. I know many ways. how about one simple solid way.
 
Quote from StillStanding:

You missed a spot.

How and why do they get in? same entry point question I raise in another thread. I know many ways. how about one simple solid way.
More...

Many traders have posted threads (in-depth) devoted to an entry signal.

All you have to do is use ET search menu to find them (ones that you consider to be simple) or are you asking me to do the search for you. :confused:

http://www.elitetrader.com/vb/search.php?s=

Ok...I'll do it just this one time only for you. :cool:

You mentioned in another thread you are interested in the following topics...

* Breakouts

I typed in Breakout Strategy in the above ET search.

This thread should get you started in learning about Breakouts although there are many others...

http://www.elitetrader.com/vb/showthread.php?s=&threadid=109634

* Candlesticks

I found about 27 past Japanese Candlestick threads here at ET via the search link above but I have a bias towards my own thread on Hammer patterns.

http://www.elitetrader.com/vb/showthread.php?s=&threadid=52880

Note: I forgot the link to my own candlestick thread and had to use ET search to find it.

Now you have some simple solid ways involving entry points (entry signals).

All you need to do is read.

If you think of any other topics like tape reading, DOM (market depth) et cetera...

I recommend you use the search link.

http://www.elitetrader.com/vb/search.php?s=

If you don't want to search ET...there's google.

http://www.google.com

Once again, as a reminder, if those other topics I mentioned in my prior message in this thread aren't in place in your trading plan...

Your entry signals are in trouble before you can execute a trade for scalping.

Last of all, have you read Anekdoten thread...

http://www.elitetrader.com/vb/showthread.php?s=&threadid=99283

It could be useful for you.

Mark
 
Quote from NihabaAshi:


One example of the above, all the scalpers I know that are profitable are not using minute charts (e.g. 1min, 2min et cetera).

Thus, they are using charts that are either less than 1min, volume based or tick based.

Mark
More...

The above that you mention is the kind of specific information we are all looking for. Have any others?
 
Quote from NihabaAshi:

One example of the above, all the scalpers I know that are profitable are not using minute charts (e.g. 1min, 2min et cetera).

Thus, they are using charts that are either less than 1min, volume based or tick based.

Mark [/B]
More...


hi, i justed paper trading scalping 2 days ago too. But how do you get a chart that's less than 1 min? I use ThinkOrSwim desktop software, which from my understanding is designed for daytraders, but the charts they have only go down to 1 min. How do you to lower than 1 min interval?

Even though i am just starting, already noticed the 1 min chart is not sufficient as the quote box(is that what you call tape?) moves wildly at times while the chart doesnt since 1 min has not passed yet.

thanks
 
Quote from newguy05:

hi, i justed paper trading scalping 2 days ago too. But how do you get a chart that's less than 1 min? I use ThinkOrSwim desktop software, which from my understanding is designed for daytraders, but the charts they have only go down to 1 min. How do you to lower than 1 min interval?

Even though i am just starting, already noticed the 1 min chart is not sufficient as the quote box(is that what you call tape?) moves wildly at times while the chart doesnt since 1 min has not passed yet.

thanks
More...

There's different chart vendors that offers those types of charts (e.g. sierra, investor/rt, tradestation et cetera).

I don't know anything about ThinkOrSwim.

Thus, you should call their tech department to find out if the software has that capabilities or a list of third party vendors that works with ThinkOrSwim software.

Tape is the different levels of Asks/Bids/Sales.

Mark
 
Quote from cashmoney69:

heres a tip:

trade faster than the computers. good luck.
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here is another tip: If you are trying to scalp on 1 minute charts, you will have a hell of a time trying to overcome commissions, slippage, trading errors, and other trading costs. You are paying as much as someone who holds trades for weeks.

Trade up to a somewhat larger time scale.
 
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