Trying to make a basic setup for scalping futures

SunTrader said:
Yes and no getting around it. :thumbsup: (Co-location and seat membership only to truly scalp.)

Yet time and again a newbie starts a topic either not realizing this fact, or thinking someeeehow they can succeed nonetheless against all odds.
More...

So you think retail traders never succeed in futures trading?

Bad_Badness said:
In each tab I have several charts linked to a group (Colored chain icon). In that same tab I have a quote monitor, linked to the same group. When I click on a new stock in the quote monitor, it loads it in all the charts. Slow as hell if it is not cached. I stay under the 100 quote limit. It used to be faster in TWS, but swing trading does not require instantaneous chart drawing.

So no adjustments.

Making adjustments goes against my methods. I use my mind to see-measure what I want to know. All the settings are only reference points for the mental measuring sticks. I know a lot of people use the indicators as, well, indicators for actionable events (buy or sell). That is so "last century" and the early (simple) Bots were based on that premise. You have to figure out not only your counter Bot tactics, but also how you are going to stay ahead of them as they evolve.

That should be enough of a pointer, I hope.

PS: Sorry OP, this is way way beyond the basics. This is more like graduate level theory.
More...

Yes Bad_Badness thanks for the info I'm familiar with TWS, I just honestly don't like their charting, it always freezes when scrolling. But there's something nice I like there which is the ability to open new tabs for different tickers (like in Google Chrome). For some reason when you open a new tab it doesn't use your chart settings (such as indicators) which doesn't make sense imo but I found a way around it by duplicating some XML code. If anyone's interested in I can elaborate on how to do that
 
Not at all. I am saying you cannot scalp 100's of trades a day for 1-3 ticks because you are always behind 1-3 ticks. Scalping is not the same as day trading.

But feel free to try. You might be able to, but I was not and keep a risk reward ratio and a consistency that made it worth pursuing.

There are A LOT of methods that "sort of work" but you are only one person with one life, so one has to chose wisely where to put your effort.

The problem is not lack of trading ideas. The problem is choosing which to implement and test-verify as long term viable. I think a lot of people don't understand this, and that accounts for a lot of the failures.
 
Last edited:
SunTrader said:
No. That is not what I said.
More...

You're right I see what you mean now. I see retailers on YouTube claiming they're profitable scalpers and not using advanced tools to my knowledge, just Jigsaw, but I don't know anyone personally who's profitable

And thanks Bad_Badness for your insights!
 
Don't scalp futures bro, especially when you are a rookie as you are very likely to burn through your account in no time. Deleverage and learn how to trade stocks/ETFs first using longer holding periods. Here are two charts, many novices would concentrate on the first one, whereas it is the longer time period that you should be concerned with.


Screenshot 2021-04-23 at 14.30.46.png


Screenshot 2021-04-23 at 14.31.08.png
 
The longer time frame is hourly? Do you swing trade futures instead of shorter term trading it? I think you're right I'll start with simpler day trading instead of futures
Thanks!
 
Omer1235

Don’t look at scalping in traditional terms of 1 to 3 ticks. You probably need to stay out of HFT domain. You can’t compete there. Modify your interpretation and consider scalping on normal range ES (or mes) activity to be 1 to 8 points. Scalp 1 to 8 points ES or Mes on a 5 min chart or 15 minute. Trading from DOM is extremely difficult. Too many games are played there. Too much HFT activity. Things move fast for the average retail trader to make effective decisions.

Siera Chart will work just fine in terms of charting for scalping 1 to 8 points. Once you get your broker setup you will get live data (for an additional small exchange fee of course ...paid to the broker LOL) and then you will set up sierra chart to the broker and broker order routing. Just make sure Sierra Chart supports whatever broker you choose to make it less complicated. One broker that appears to work well with Sierra and commissions are decent is sierrafutures dot com. They are not related to the SC except by name LOL. Also I think AMP might work with SC.

Sierra chart is a good charting program.

Good luck. You might wish to read my journal for some scalping ideas??? If I was me I would ROFLMAO!
 
volpri said:
Omer1235

Don’t look at scalping in traditional terms of 1 to 3 ticks. You probably need to stay out of HFT domain. You can’t compete there. Modify your interpretation and consider scalping on normal range ES (or mes) activity to be 1 to 8 points. Scalp 1 to 8 points ES or Mes on a 5 min chart or 15 minute. Trading from DOM is extremely difficult. Too many games are played there. Too much HFT activity. Things move fast for the average retail trader to make effective decisions.

Siera Chart will work just fine in terms of charting for scalping 1 to 8 points. Once you get your broker setup you will get live data (for an additional small exchange fee of course ...paid to the broker LOL) and then you will set up sierra chart to the broker and broker order routing. Just make sure Sierra Chart supports whatever broker you choose to make it less complicated. One broker that appears to work well with Sierra and commissions are decent is sierrafutures dot com. They are not related to the SC except by name LOL. Also I think AMP might work with SC.

Sierra chart is a good charting program.

Good luck. You might wish to read my journal for some scalping ideas??? If I was me I would ROFLMAO!
More...

Hey thanks for your answer you're right I'll leave scalping off the DOM idea for now also another friend advised me not to, what you write about Sierra chart is interesting, can I ask what broker are you using? I read on Sierra chart's website that it might be difficult to connect to IB (my broker)

Sure I'd love to read! If you like to share
 
Also read about DOM spoofing. It is well documented. It started last century, but I think a lot of people are still seduced by it, but don't bother to research it. It is a real sheep grinder.
 
You must log in or register to reply here.
Back
Top