i also have a journal where i post live trades as i enter them,and close them, in eurusd so you may if you like,see my trading expertise and anyone may analyse my trades
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Young Trader need advice and mentor(if possible)
- Thread starter TurtleLearner
- Start date
The commonly accepted definition of scalping is that it is a trading style which involves making dozens or even hundreds of trades a day, taking very small profits and losses on each trade, as small as one tick. Clearly, using monthly, weekly, or even 5-minute bars would be useless for that kind of trading.I was under the impression-wrongly,according to you-that 5 min is the time frame to scalp.
of course you may scalp the daily monthly
i should hasten to add that if you follow my advice above you will not make millions or even be profitable.
What is likely is that you have a map or some goal and with time you will get your ideas on how to trade and develop into a good trader
What is likely is that you have a map or some goal and with time you will get your ideas on how to trade and develop into a good trader
as you say that is the commonly used definition.The commonly accepted definition of scalping is that it is a trading style which involves making dozens or even hundreds of trades a day, taking very small profits and losses on each trade, as small as one tick. Clearly, using monthly, weekly, or even 5-minute bars would be useless for that kind of trading.
scalping requires high probability set ups, and these do not appear every minute.
this is why scalping is such a difficult way to trade.
in reality, it will be unusual to find hundreds of high probability set ups, in a day, which you need if you are going to trade hundreds of trades, a day.
However some traders excel at it:the most famous and accomplished being the Euro Flipper, Paul Rotter who trades over a lakh of contracts a day and regularly makes 5-6 million usd a year
That was over a gazillion years ago. Rotter would not be able to make a single dime today with the same approach he took to trading bund futures.
as you say that is the commonly used definition.
scalping requires high probability set ups, and these do not appear every minute.
this is why scalping is such a difficult way to trade.
in reality, it will be unusual to find hundreds of high probability set ups, in a day, which you need if you are going to trade hundreds of trades, a day.
However some traders excel at it:the most famous and accomplished being the Euro Flipper, Paul Rotter who trades over a lakh of contracts a day and regularly makes 5-6 million usd a year
may be but that only shows what a tough game scalping isThat was over a gazillion years ago. Rotter would not be able to make a single dime today with the same approach he took to trading bund futures.
always was...yet the masses still embrace it for various reasons, some of which is because vendors push that approach, or because of the promise of quick riches (which are in fact non existent).
may be but that only shows what a tough game scalping is
Actually 5 minute bars are what makes it profitable. At least for me. I usually make 8 to 15 RT scalps a day. Anything less than 5 minutes and you start getting into the HFT arena that can whipsaw you around like a wet noodle. Especially when you get 1 minute and smaller (seconds) TF’s.The commonly accepted definition of scalping is that it is a trading style which involves making dozens or even hundreds of trades a day, taking very small profits and losses on each trade, as small as one tick. Clearly, using monthly, weekly, or even 5-minute bars would be useless for that kind of trading.
Again scalping has different definitions for different people. For me the min scalp on the ES is 1 point. There are usually 40 to 80 trades per session. But I try to cherry pick the best. Others will consider scalping a tick. It is a scalp too but not something I am interested in.
always was...yet the masses still embrace it for various reasons, some of which is because vendors push that approach, or because of the promise of quick riches (which are in fact non existent).
Well my trades usually last 1 to 3 minutes on average. On occasion I will have a 10 to 15 minute trade but that is not often. So a 2 point scalp on 10 contracts is $1000.00. Do that 8 times a day. Is that quick enough for you? Rich enough? I usually don’t start with 10 contracts but will scale in (i.e. average down) if it moves against me up to 10 contracts providing PA context still looks ok. Or I will scale in if it moves in my favor with “zip”.
I consider a scalp in the ES being 1 to 4 points depending on the sessions volatility. Now granted I usually trade different than most and even if I think I will see a 4 point move I may scalp in and out of that move 3 or 4 times locking in profits and entering on a small PB again at a better price so I may squeeze 7 points out of a 4 point move. Commissions are no problem for me as 1/2 point will pay my RT comm. For me that is better than buying and holding for 4 points. Do the math and see. I take most of my signals off a 5 minute chart but will sometimes dial down to a 1 minute chart for a signal depending on the sessions dynamics. I have a high win rate in part because I am willing to grab 2 points when the market gives it to me and enter again if it continues on or has a small pb then continues. If it appears it is not going to give me 2 to 4 points rather quickly I am happy to grab 1 point and then enter again at a better price.
I am not a vendor but I do believe small moves are easier to anticipate that large moves of say a week or month. Plus, I consider money at risk ONLY when it is in the market. So, by multiple entries and exits during a session my money is only at risk for minutes or seconds at a time as opposed to having it locked it for 2 months.
I realize trading this way does not suite everyone but it does me.
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Well my trades usually last 1 to 3 minutes on average. On occasion I will have a 10 to 15 minute trade but that is not often. So a 2 point scalp on 10 contracts is $1000.00. Do that 8 times a day. Is that quick enough for you? Rich enough? I usually don’t start with 10 contracts but will scale if it moves against me up to 10 or scale in if it moves in my favor with “zip”.
I consider a scalp in the ES being 1 to 4 points depending on the sessions volatility. Now granted I usually trade different than most and even if I think I will see a 4 point move I may scalp in and out of that move 3 or 4 times locking in profits and entering on a small PB again at a better price so I may squeeze 7 points out of a 4 point move. Commissions are no problem for me as 1/2 point will pay my RT comm. For me that is better than buying and holding for 4 points. Do the math and see. I take most of my signals off a 5 minute chart but will sometimes dial down to a 1 minute chart for a signal depending on the sessions dynamics.
I am not a vendor but I do believe small moves are easier to anticipate that large moves of say a week or month. Plus, I consider money at risk ONLY when it is in the market. So, by multiple entries and exits during a session my money is only at risk for minutes or seconds at a time as opposed to having it locked it for 2 months.
I realize trading this way does not suite everyone but it does me.
i think you chose the right security ES
I have been trying to do something similar in eurusd for years mainly because i can be at the computer and i can earn continuously so using my time efficiently.
however i have found it difficult