flyingeagle said:
hi, you ask if this is a viable approach. that depends on whether you get a fill,
the market trades in your direction and what you are paying for commissions.
the attached show todays trading on my account. as you can see i often only trade
2 ticks
I think that this type of thinking may be better for a trader instead of thinking what the stop price should be.
For me, I do not define a stop price for scalping. I exit ASAP (market order) if the trade does not develop as I thought it would.
If you can perfect your entry (time your entry correctly) so that the price moves in your favour very quickly after entering the market - the amount of times you will then need to exit with a loss will be greatly reduced.
Once a trade entry strategy is mastered - how much you make will then become a function of how much you want to risk - i.e. do I trade 5, 10, 20 contracts (or even more if you have the capital).
The same Market Data will be interpreted differently by each individual, due to fact that each individual has their own way of thinking.
One way for a trader to develop a successful trade entry strategy is to be shown how to do it by someone who has already mastered it.
This is very hard, of course, as very few have actually mastered it, and those that have tend to want to keep it to themselves.
So the only other way may be to stick with and master it yourself - but if one wants to go down this route then it may be better to prove that you can actually do it first before you risk real money - in other words papertrade.
I think it may be better to forget about all the other issues associated with trading the markets with real money - fear, greed, feeling good, feeling bad, etc, etc, etc.
The FACT is, if I can't time my entries, so that the price moves as I anticipated very quickly after getting filled, then I may never get the opportunity to make any consistent gains.
My success rate - No. of % wins- will be in direct proportion to my level of knowledge, experience and determination.
