Scalping the Dow

schoe

Well-known member
The last few days I have been doing quite well scalping the Dow for 5/10 pts a time using a stop the same size as my profit target and just using price action, support and resistence and no indicators. (using IB one pt spead)
Is this a feasible strategy long term, are there any books to read on scalping techniques or is there any software anybody recommends.
I have never done this before and you always read to leave it well alone as its too difficult but I'm not sure why as momentum always seem easier to guess in the short term .
I have been trying to only trade with the major trend of the day and using fifteen minute charts for the s/r and one minute to time the entry and exit.
My win/loss is 80/20 is this beginners luck?
 

trendie

Legendary member
Is this beginners luck ?
No it isnt .

You appear to have a predefined entry point or reason to enter a trade.
You have a pre-defined stop-loss.
You have a price-target.
You have down-to-earth achievable expectations - not pie-in-the-sky hopes.

You are not doing anything beginners do, which is guess.
Better still, you are using a strategy you have invented for yourself, rather than one bought off-the-shelf.

You will be tested when you have several losses in succession, and see whether you have the nerve to stick with your rules.

Good trading.
 

hampy

Well-known member
Agreed, Only trading it regularly will give you the answer. If you can slowly build up your trading pot and increase your stake bit by bit as your pot rises,then hopefully you'll be well on the way to trading it for a living :!:
 

stevet

Established member
if it works for 3 years, day in, day out, with negligible draw down, then you have a winner

but remember that in roulette, the red or black can easily come up over 12 times in a row, its only then that it becomes less likely to repeat, and only around 18 times that it is very unlikly to repeat

learning is a constant process of finding things that work, and then having knock backs - but , if you keep going, you will always find a winning methodology in the end

keep going!
 

BeanCounter

Junior member
stevet said:
but remember that in roulette, the red or black can easily come up over 12 times in a row, its only then that it becomes less likely to repeat, and only around 18 times that it is very unlikly to repeat

Stictly speaking, choosing red or black to come up 12 times on the trot is approx 4000-1 (half that if you meant either red or black). Not easy, but I agree with the sentiment..
 

PAINTACE

Junior member
........in roulette, the red or black can ............

The spin of the wheel and result are totally out of your control.

Your trading decisions are in your control. You are either right or wrong. You have shown that you can tip the scales in you favour :D
 

schoe

Well-known member
I had a pm from someone who told me that someone by the name of mrmarcus in the chatroom trades the Dow in the same manner as this and is making lots of points. I don't normally go in the chatroom so don't know who this is, he doesn't post in the forums,does anyone know who he is or what methods he uses?
 

TraderPattern

Well-known member
trendie said:
You will be tested when you have several losses in succession, and see whether you have the nerve to stick with your rules.

Yes. All too often, a drawdown period on a strategy results in dropping it. I have been guilty of this in the past.
 

ChartMan

Legendary member
Shoe I watched MrMarcus take 700 pips on Friday in the Chatroom. 10 here, 20 there lots ,everywhere. 38 winners 2 losers. Seemed to be a nice guy.... posting most of his trades, between 3 and 5 contracts, scaling in and out to take 700 in total. He's straight scalping YM with IB.I have no idea how many points he took-.....
 

schoe

Well-known member
ChartMan said:
Shoe I watched MrMarcus take 700 pips on Friday in the Chatroom. 10 here, 20 there lots ,everywhere. 38 winners 2 losers. Seemed to be a nice guy.... posting most of his trades, between 3 and 5 contracts, scaling in and out to take 700 in total. He's straight scalping YM with IB.I have no idea how many points he took-.....

I didn't think it was possible to get so many points in a day! What method does he use do you know,stoploss etc?
 

schoe

Well-known member
mr.marcus said:
...i know of this man you speak....its me!...points for friday 437.....cheers mark j

Thats awesome, will you reveal any tips as to how you trade please to help us mere mortals?
 

blackcab

Established member
I watched MrMarcus take 700 pips on Friday in the Chatroom ... between 3 and 5 contracts, scaling in and out to take 700 in total ... I have no idea how many points he took

What's the difference between pips and points? If you traded 2 YM contracts for 10 points each - buy 2 @ 10000, sell 2 @ 10010 - would you say that was 10 points and 20 pips, i.e. pips=points * contracts?
 

cj12

Established member
Scalping someone mentioned mcmarcus was taking 10 ticks here 20 there 38 wins and 2 losers. IM sorry I don't buy it, It just cant be done posting live trades up and trading for real you self, you have not got the time to post live trades when you are trying to place orders in you platform and watching the charts, sorry cant be done.

last year i posted live trades, trading the Dow scalping, but i was not trading my account.I was just showing you how i trade, but i realised i could give you winners day in day out showing you scalps, example i post my scalps on the bored IM buying here,but the time i pressed the button the market was trading at 9810

I could easily say i bought at 9800. You wouldn't know as the market moves fast,then post a new message and say that I sold half at 9810, one can look good all day, you could give a few losers in to make it look real. So I suspect traders who say they make over 400 points a day scalping.

If you are making an avr of 70 points a week day trading after losers and commission your are doing good.

CJ.
 
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Buk

Established member
Scalping someone mentioned mcmarcus was taking 10 ticks here 20 there 38 wins and 2 losers. IM sorry I don't buy it, It just cant be done posting live trades up and trading for real you self, you have not got the time to post live trades when you are trying to place orders in you platform and watching the charts, sorry cant be done.

disagree I'm afraid....I've sat beside my sister many, many times whilst she's scalped the Yen & Cable live in an online 'chat' class....quick minds, quick fingers...sure, there are trades which miss the button, but it aint impossible! not for me (too damned slow), but there ya go........
 

Trader333

Moderator
I agree with Buk and mr.marcus, it is quite easy to do if you have hot keys enabled (which I also do have). The statement that it is not possible is like those who said a four minute mile is impossible until it was proved otherwise and then loads of people managed to achieve the same.

I am curious mr.marcus as to how many trades you placed to make your profit ?


Paul
 

schoe

Well-known member
ChartMan said:
Shoe I watched MrMarcus take 700 pips on Friday in the Chatroom. 10 here, 20 there lots ,everywhere. 38 winners 2 losers. Seemed to be a nice guy.... posting most of his trades, between 3 and 5 contracts, scaling in and out to take 700 in total. He's straight scalping YM with IB.I have no idea how many points he took-.....

Does this answer your question Trader don't think mrmarcus will be posting again!
 

Bigbusiness

Experienced member
Can't blame him if he can make 437 points in a day. I can think of better things to do than argue about it here. Every time I have tried scalping it has gone badly wrong, so it would have been nice if mr.marcus could have shared some information about his methods. I would be too busy spending the money.
 

schoe

Well-known member
So going back to my original post, is there anybody on here who scalps the YM successully or knows someone that does? How many points can a professional scalper make on a consistent basis? Do they use software or instinct or indicators.?
Buk how many points did your Sister take on a regular basis?
I agee BB ot would have been useful if mrmarcus could have given us some education on this interesting part of trading of which I am just starting to learn.
 
 
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