This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Half the reason I post these trades is to get me away from staring at the charts after I have identified and traded a setup. So here I am. I saw a momentum push with volume this afternoon, and waited for a setup to follow…which it did. Momentum precedes price.
SPY Scalp:
2 more…
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
November 28th, 2007 at 3:19 pm
These are really small trades - why scalpe for Beer money? or is this a learning process?
November 28th, 2007 at 3:31 pm
A learning process. Futures coming very soon ;)
November 28th, 2007 at 4:00 pm
zoomie: is the other half to show off? just kidding
btw: if u r a candian citizen, why the rush to switch over to futures…granted, here in the U.S., there are tax advantages (not to mention getting around the wash sale rules if not full-time)…however, if u don’t reap those advantages, then trading the spy or qqqq has the advantage of proper position sizing to keep your Rs consistent
November 28th, 2007 at 4:26 pm
;)
I must say I’m pretty happy with the way scalping is going. I have been wanting to do this for 3 years…..I just kept losing money every time I dabbled in scalping.
Posting my trades is a good way to get me away from trading after a trade…I am using MtM as a trade log…lol.
You have a point about futures. However, scalping YM, I could risk just 50 bucks per trade (10 point stop loss). That is close to what I hope to be comfortable risking in a week or so. Another reason for me to trade futures is that I have a friend who wants me to trade his account but he has less than 25,000.
November 28th, 2007 at 6:00 pm
I should have put a clause in everyone’s contract about how they’re not supposed to upstage me….
YM trades smoothly and the spread is 1 or 2 pts almost all day long. I think in january it moves to Globex, so volume may pick up substantially at that point. That’s what some people say, anyway.
November 28th, 2007 at 6:41 pm
zoomie: good luck…i’ve always maintained they trade the same, but until recently couldn’t do either one :-)
richard: that should also make the platform more reliable…unless of course, the ecbot jinx follows the ym…i’ve found the nq to be great, but when i can run with the big boys, i’ll be moving to the es…right now, i don’t want u or your computer taking my money…in a few weeks, i’ll get u both on a regular basis — stay tuned for TARD v. Computer
November 28th, 2007 at 7:40 pm
BAT…LOL. Show us some charts bro! I am excited for you! How is the NQ spread? Is NQ a lot more liquid than YM?
Richard, I hope YM does go to Globex…..cheaper commissions too… . The spread on ES is ridiculous. I have been looking at the charts and YM and SPY seem similar. BTW, your videos taught me a lot about scalping….thanks very much! Watching SPY for 3 frickin years may finally pay off as well. I hope I can scalp the tamer markets, too. I am thinking of trying to scalp FOREX when and if I get a handle on YM.
November 29th, 2007 at 2:20 am
the nq is more liquid, and the spread is generally only between .25 and .50 ($5 and $10)…when the ym goes to the globex, i’ll probably switch over…i like the fact that the ym’s tape is slower (because its not as active)…i don’t pick up much from it, but i like to try…the nq and es move so fast sometimes, i have a hard time keeping up with it even on level 1