ok I think it is time for me to explain: my board
Post# of 658
Posted On: 10/13/2016 10:49:07 AM
ok I think it is time for me to explain: my board/thread
why scalping my way?
I am not saying it is the right way but isn't the wrong way either ... just another way of trading
Strategy - Plan - Psychology - Money Management are my best "tools"
Select the right stock
Buy-enter the stock at the right time
Limit your losses (the winners take care themselves)
Known when to realizes profit (take profit while is there, set out the Target)
Limit your losses (the winners take care themselves)
I sell if I see weakness..... I would exit a trade and not wait for it to hit a stop-loss...JMO
SL IMO is not meant to be hit! It is there to protect you from huge price moves
implement a money management technique when trading,
My Golden Rule 1 to 1.5 (2)
(to make it easier; target 10/15 ticks... SL 10t.. so XYZ @ $1 I sell 1.10/1.15 (profit $100-150)
SL sell .90 lost $100 but look above SL not meant to be hit..
Time frame is 2-3 minutes max when is already moving I jump in get my centss and get out (I trade ticks not %) but as soon as I see a weakness I get out regardless..
if ever-when that happen IMO it is because didn't do my DD properly
(I hate losing.. so every trade I safeguard my capital...getting out too early? yes most likely but I call it got in too early.... remember I only trade ticks) the rule "let your profit run doesn't apply to my scalp"
don't forget that if you buy XYZ at $3... it move to 3.06... selling with 6 ticks with 3k or 5K shares it make a nice gain .. do that 4-5 times a day and.........$$$$$
IMO isn't difficult to get 5 to 10 ticks the difficult part it is to find the right stock, be psychologically ready, quick decision on executing them... and getting out isn't as easy as it look for many reasons (will tell you another time)
look at the past OPTT MGT HMNY or recent PSPM AUPH to name few... those vertical climbs 10 ticks are a drop in the ocean ... so those are $$$$ reward not centsss
2. I never open more than 2 stocks at time ...if I am heavily involved I open only 1 and never leave my eyes from it...
I only trade above a $ to max $10 (with few exceptions)
let face it how many stocks go up vertically? quite few isn't it... so the task is to trade them and get out on time... because many time they come down as quick or even quicker
sell a certain reversal patterns... I would exit a trade and not wait for it to hit a stop-loss...just my opinion
that is what came out from my "my cocktail's mixing" my DIY way ...
too easy to scalp? well just try it
Finally...
DO NOT: Trade When You’re Emotional
Your measures of success are whether you followed your trading plan and you were able to limit your losses. If you get these things right, the money will flow.
the ability to stay completely flat and allow yourself to execute your trading plan with no emotion, will allow you to always think clearly and objectively
At the end of the day, you determine what it means to be a successful day trader, no one else. The minute you realize that is the answer, the expectations you set for yourself when trading will become more relaxed as these are tailored to you and your trading style.
for the newbie; I advice that before trying that.... do some virtual trading and get experiences
why scalping my way?
I am not saying it is the right way but isn't the wrong way either ... just another way of trading
Strategy - Plan - Psychology - Money Management are my best "tools"
Select the right stock
Buy-enter the stock at the right time
Limit your losses (the winners take care themselves)
Known when to realizes profit (take profit while is there, set out the Target)
Limit your losses (the winners take care themselves)
I sell if I see weakness..... I would exit a trade and not wait for it to hit a stop-loss...JMO
SL IMO is not meant to be hit! It is there to protect you from huge price moves
implement a money management technique when trading,
My Golden Rule 1 to 1.5 (2)
(to make it easier; target 10/15 ticks... SL 10t.. so XYZ @ $1 I sell 1.10/1.15 (profit $100-150)
SL sell .90 lost $100 but look above SL not meant to be hit..
Time frame is 2-3 minutes max when is already moving I jump in get my centss and get out (I trade ticks not %) but as soon as I see a weakness I get out regardless..
if ever-when that happen IMO it is because didn't do my DD properly
(I hate losing.. so every trade I safeguard my capital...getting out too early? yes most likely but I call it got in too early.... remember I only trade ticks) the rule "let your profit run doesn't apply to my scalp"
don't forget that if you buy XYZ at $3... it move to 3.06... selling with 6 ticks with 3k or 5K shares it make a nice gain .. do that 4-5 times a day and.........$$$$$
IMO isn't difficult to get 5 to 10 ticks the difficult part it is to find the right stock, be psychologically ready, quick decision on executing them... and getting out isn't as easy as it look for many reasons (will tell you another time)
look at the past OPTT MGT HMNY or recent PSPM AUPH to name few... those vertical climbs 10 ticks are a drop in the ocean ... so those are $$$$ reward not centsss
2. I never open more than 2 stocks at time ...if I am heavily involved I open only 1 and never leave my eyes from it...
I only trade above a $ to max $10 (with few exceptions)
let face it how many stocks go up vertically? quite few isn't it... so the task is to trade them and get out on time... because many time they come down as quick or even quicker
sell a certain reversal patterns... I would exit a trade and not wait for it to hit a stop-loss...just my opinion
that is what came out from my "my cocktail's mixing" my DIY way ...
too easy to scalp? well just try it
Finally...
DO NOT: Trade When You’re Emotional
Your measures of success are whether you followed your trading plan and you were able to limit your losses. If you get these things right, the money will flow.
the ability to stay completely flat and allow yourself to execute your trading plan with no emotion, will allow you to always think clearly and objectively
At the end of the day, you determine what it means to be a successful day trader, no one else. The minute you realize that is the answer, the expectations you set for yourself when trading will become more relaxed as these are tailored to you and your trading style.
for the newbie; I advice that before trying that.... do some virtual trading and get experiences
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Don't be afraid to be outnumbered. Pigeons flock together. Eagle fly alone
Don't be afraid to be outnumbered. Pigeons flock together. Eagle fly alone
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