Lost 25K as a long in the past year ... Gained 4K scalping in the past 3 days!

jesus. ive read all that. i understand the concept.

read my posts.

im asking how is it possible....if all i can do is buy the ASK price????? how the F*** do you buy the BID price?
 
hey hey, ive got a TD waterhouse account as well (im in toronto).
I hate it personally, their commission rates are outrageous if you dont maintain the minimum number of trades a month so i recently opened a Questrade account, which is a bit more reasonable for me at least. (i am poor =( )

Im still using my TD account as a data source for the free Quotetracker software that im finding pretty effective. only problem with it is that TD canada doesnt do backfill, meaning if your scalping, you either have to reference another chart or know what stocks youre looking into before the trading day starts.. pretty annoying.

i actually havent read all the other posts on the thread yet so sorry if thers any repetition
 
bangzilla said:
hey hey, ive got a TD waterhouse account as well (im in toronto).
I hate it personally, their commission rates are outrageous if you dont maintain the minimum number of trades a month so i recently opened a Questrade account, which is a bit more reasonable for me at least. (i am poor =( )

Im still using my TD account as a data source for the free Quotetracker software that im finding pretty effective. only problem with it is that TD canada doesnt do backfill, meaning if your scalping, you either have to reference another chart or know what stocks youre looking into before the trading day starts.. pretty annoying.

i actually havent read all the other posts on the thread yet so sorry if thers any repetition
Click to expand...

yeah i did notice the high rates they charged...but i thought seeing as they give you a £5000 trading limit, i thought thats fine.
But when i opened my account today, they have give me ZERO trading limit. Sigh.
Credit check might have been bad, shouldnt be, ive always paid on time.
If i put a little money in, will they give me more of a limit?

The Live pricing feed software from TDWaterhouse, you have to pay for. Not cheap.
Quotetracker software? What is this? Level 2 pricing?

How does the scalper buy the BID price???
I thought the bid price is only available when selling shares.

Say if the spread is large, eg. Bid £7 and Ask £9.
Does that mean the scalper makes £2 per share?

Nothing is ideal. You have to find one that suits your trading style. Im trying them all. Its all a learning process. Albeit an expensive one if you lose on a trade.
 
You don't actually "Buy the Bid" what you do what is called "Buying on the Bid" which is where you place a Buy order that is at the Bid Price and then hope that someone sells to you at that price.

An example from years back where this could make very good money was on Nasdaq stocks at pre-market open. You would often see a big gap between the Bid and Ask price maybe 20c before the market opened but where trading was still being conducted on ECNs. What you could do was place a hidden Buy Limit order at maybe 1/100 of a cent above the bid price and when your order was taken you would then place a hidden Sell Limit order at 1/100 of a cent below the Ask price.

You often found that you could make a 20c profit but it is not possible to do this any more.


Paul
 
"Buying on the Bid" which is where you place a Buy order that is at the Bid Price and then hope that someone sells to you at that price.

lol
man...this is crazy stuff.
So scalping for internet private traders, is done by "buying on the bid" via buy order. So basically you buy 100 shares for cheap (the bid price) and then you SELL STRAIGHT AWAY at the higher ASK price?
 
You asked the question and I answered with an example of how it can work. Unless you are a market maker then you cannot buy the bid because that is someone else wanting to buy at that price.


Paul
 
Trader333 said:
You asked the question and I answered with an example of how it can work. Unless you are a market maker then you cannot buy the bid because that is someone else wanting to buy at that price.


Paul
Click to expand...

is that the only way it can work?
So scalpers are market makers?
How do you become a market maker?
The dude who started this thread is just using a normal trading account.
 
Well you cannot become a market maker yourself and scalpers are not market makers. People who scalp are often only making between 1c and 3c per trade.


Paul
 
Trader333 said:
Well you cannot become a market maker yourself and scalpers are not market makers. People who scalp are often only making between 1c and 3c per trade.


Paul
Click to expand...

so the example you gave me was not useful or practical.

how does a scalper do it?
ive been asking this same question for days......read my posts please...no body has answered.

HOW CAN YOU BUY THE BID PRICE?

BID AND ASK
NORMALLY WE BUY THE ASK, WHICH IS HIGHER.

SCALPER BUYS THE BID, CORRECT????

SOMEONE PLEASE EXPLAIN HOW SCALPING IS DONE IN A REAL WORLD EXAMPLE USING A COMPUTER. aND EXPLAIN IT TO ME LIKE IM A THREEE YEAR OLD.

SIGH. IM EXHAUSTED.

SORRY...AND THANKYOU.
 
SOMEBODY TELL jonboy123 HOW TO MAKE MILLIONS SCALPING!! PLEASE!!:mad::mad:

WE ARE ALL VERY TIRED!
 
Sorry if I've got this wrong jonboy, but how new are you to trading, what have you studied about trading and do you understand the concept of opening a trade by selling something that you don't own?
 
Tenapenny said:
Sorry if I've got this wrong jonboy, but how new are you to trading, what have you studied about trading and do you understand the concept of opening a trade by selling something that you don't own?
Click to expand...

Ive been trading for one month. Before that i didnt even know it was possible.
Ive been reading as much as i can. Im in the early stages.

No not really. I know about short selling as concept but dont fully understand it.

So i can have a £0 balance in my account, and STILL sell some shares of some company that i do not currently own???
 
so the example you gave me was not useful or practical.
Click to expand...

I have tried to give you an example of how it is possible and all you give me is abuse which is hardly a good way to go about getting what you need.


Paul
 
So i can have a £0 balance in my account, and STILL sell some shares of some company that i do not currently own???
 
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