Scalping the YM

[cj12]

.

 

[vishwamv]

Hi Rossed

Yes, correct I lost in the first 2 years of my trading. in the last 3 years was getting better but nothing worth talking about. just not loosing as much For me this was good news. I then got an email form a trader cj. who I guess felt sorry for me. To cut the story short I was only living a few miles form him. he told me to come around and I see what I can do to improve you trading.

First he told me to stop spread betting intrday only use it for position trades. That was the trouble I new a lot fo trading methods but did not know how to apply them to make money. anyway he showed me a few scalping strategies that worked I stared with 2 lots im now up to a max of 6 lots on big ranges days, if the ranges are small I keep to 2 lots cj said you got to take advantage of opportunities when they come. so trade bigger on big ranges days and smaller on small ranges

So for the past few months I have been scalping the YM usually between 2.45 and 6.00 uk time. with very good results remember I am not a total newbie to trading I have been in the game for 5 years. So I picked up what cj had to say quickly. also reberto showed me some methods I new few of them but everyone uses trading strategies differently form others. so you will always learn. One of the best advice I had was dont be gready.example if you got a target of say 20 points and it goes to 19 points most will watch it come all the way back to they entry. The trick is to get out when the market is telling you. that could be form a 2 down bars or the nas and s&p are trading weak to the dow. or one of the top 3 dow stocks is selling off. but its not yet reflected in the Dow.

sun

Hi Sun,

Its nice to see your post here that you have overcome the hurdles and learned thru one of the senior member.... Iam a newbie trying to learn by mistake, i have been doing spread betting for a year and stopped for little time becoz of my financial loss...I was doing scapling on US trade(yahoo) on which i had my major loss. I would like to know simple strategy which would help me in trading. I would be very much interested in moving into scalping and would like to know how to start and where to move about that....In you post u mentioned "cj12 said , so trade bigger on big ranges days and smaller on small ranges" i couldnt understand what u mean by bigger on bigger ranges and same smaller on small trades...? I understand the lot u mentioned is about number of times u hit the market ....

Hope you would guide me in my learning ropes.

Thanks in advance, awaiting for your reply,
Cheers
Viswa

 

[STARBORG9]

YM
I keep reading all these money management tips by various pros and trading coaches, and they sound logical but make no sense, yet everyone seems to buy into them. If you go in with multiple cars and try to scale out, especially if it's at a reversal point that may or may not happen (most people using indicators do this), you take the worst exposure when you are the most vulnerable.
I like to do what I do on the beach: I dip one toe, and pull it out quickly if it doesn't feel good. If it does, I enter with both feet. In other words, risk 1 car, then add more when the trend is established, and more if it strengthens. That way you have the most cars in when the going is really good and just flatten to exit them quickly with the most profit when you see a reversal signal. If the trade doesn't work, you take a small loss on only one car.
EvaStar

 

[Tubbs]

Star - I have read some trading advice by Phantom of the Pits - you can probably find it on this site. He recommends what you are suggesting. I agree in principle - but it is the kind of thing you can only do on a longer term timeframe. That's simply because in the short timeframes trends don't generally last long enough to add positions, or at least you end up buying at the top.

If you disagree I'd like to hear what you think.