Your favourite market/ indicies/ anything to scalp?

[Benjam1n]

As the title suggest... And why?

Also, would it be worth my while to concentrate on a single market and learn it's ins and outs or not?

Thanks.

 

[bbmac]

I think that there is a definate advantage to learning the particular character of one instrument, but over and above this there is a benefit to choosing either one or few set-ups to be traded on multiple instruments/time frames -versus- more/many set-ups to be traded on one/fewer instruments. Personally I opt for multiple set-ups on one instrument, which has enabled me to understand the underlying character of the instrument and how it typically reacts technically, and to fundamental data/the general global macro environment, as well as not having to flick through instruments looking for a set-up.

G/L

As the title suggest... And why?

Also, would it be worth my while to concentrate on a single market and learn it's ins and outs or not?

Thanks.

 

[DionysusToast]

Agreed - stick with one market first. Once you have mastered one market, others will make sense too.

 

[Joules MM1]

As the title suggest... And why?

Also, would it be worth my while to concentrate on a single market and learn it's ins and outs or not?

Thanks.

my turnover lowered and draw-up % lifted when i gave up chasing and stuck to one instrument.....having said that i've found that my knowledge of the other instruments has lifted simply as a result of "what happens when" from other instruments, so learning by default......mos def concentrating on one instrument you'll build a list of indications in your head.... an 'inate' sense ...speeding up the process of active thought or active questions into....the more you nail down an instrument, that is, the more you learn how to defend your position and learn how the other player is offensive against your position the more you start to see how other instruments impede on the auction.....

i think it's important to build knowledge of all the dominant influences from other instruments as you go in a general context that might be specific to the size or time frame youre looking at......if youre trading 1 min frames on the es you wont really care what the daily CL is but you might be interested in what bonds are doing or what options are most being b/sold that hour .....so, the practise, from my pov, is to trade a single contract and have knowledge of several key points of reference (espesh as i dont use indicators).......

 

[echizen]

Stick with 1/2 and learn how they tick. Once you've got one licked you can note down your findings and devise a mechanical operation in metaTrader or something. I tend to be for Euro/Dollar
The proverb of "He who tries to catch two hares, catches none" is worth remembering.

 

[TradeCrushers]

I agree with the advice given so far to stick to one market and trade multiple strategies in that market. That's one of the reasons why I day trade stocks as opposed to forex or futures - I'd rather have thousands of potential stocks to choose from instead of less than 20 in the case of futures and forex pairs. I wrote an article on why I prefer to focus on day trading stocks you might find helpful: Why Stocks Are The Best Day Trading Market.

 

[streetstupid]

ES is nice.

Don't necessarily agree on stocks being the best day trading market. Using FX with correlated markets seems to be OK.