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Anybody here day trade/scalp successfully?



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 4 months ago '04        #1
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123456 
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Props total: 1888 1 K  Slaps total: 230 230
Anybody here day trade/scalp successfully?
 

 
The past year I've jumped on trending stocks that were supposed to "go to the moon in x days". On the days I jumped on them, I made money but I held too long. Basically, swing trading. I'm in the red with those types of moves and stuck holding some of these stocks.

The past couple months I've been looking into day trading, specifically scalping. It's basically you're in and out real quick. Sometimes just minutes. I started paper trading (real stocks, real price movement, fake money) and I won 9/12 trades. Averaged $500 on my winning days and $100 on my losing days risking $2k-$5k each day. My average trade time has been about 45 minutes. I don't know if I've been lucky or what and I know it's different with real money, but I made sure to be strict and treat it like it was real money.

Scalping is clearly all about technical analysis which I def need to study more. My biggest problem has been my entries. My biggest winners have been entering during a breakout past resistance, but a lot of times, the candles go right back down.

Just wondering if anyone here has any success with this and has any tips, good videos to watch, etc. I have been following Warrior Trading and Live Traders primarily.
+14   



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31 comments
 

 4 months ago '11        #2
MACADEMICS 
Props total: 13632 13 K  Slaps total: 1139 1 K
Understand risk to reward. Don't risk your whole account for a small trend.

Look to take high probability trades more then taking more trades.

Use higher timeframes to identify the longer term trends

First thing to master is support and resistance. Then trend lines then patterns

Patience is key when using technical analysis - wait for a confirmation of a move beforetaking a position. It's better to let a trade run first then to jump in early and get burned.

Use multiple technical analysis indicators to confirm trends.


Download books and start practicing with websites such as Tradngview.com - you gotta spend time in the markets to learn and you will loose money, but patience - Ed Ponsi has great books on Technical analysis to get your knowledge up.

Good luck with your trading journey.
+17   

 4 months ago '11        #3
nyc 
Props total: 9089 9 K  Slaps total: 920 920
i day trade or swing trade depending on what im trading but some good tips are

1. get rid of all indicators and learn how to read candlesticks
- the candlestick bible by munehisa homma is a great book to learn
- try to understand the psychology behind the candle sticks.. also, dont just pay attention to the candlesticks but where they form
- if you do use any indicator.. RSI is good for trading divergences. i personally use a 50SMA
2. learn the different market phases and how to trade them
- markup (uptrend)
- markdown (downtrend)
- accumulation (ranging after downtrend)
- distribution (ranging after markup
3. learn supply and demand and how it affects price
4. learn fibonacci and the different strengths between 0.382, 0.50, & 0.618
5. learn risk management. a lot of people stick to 1-2% of their account per trade.. also try to take trades that where your risk/reward is 1:3 minimum
6. read trading in the zone by mark douglas
7. put a trading plan together and stick to it
8. have at least 2-3 confluences before entering every trade.. the more the better
9. backtest your strategies and track your progress.. this alone will make a huge difference


thats all i can think of off the top of my head.. good luck
+18   

 4 months ago '08        #4
shush456 
Props total: 933 933  Slaps total: 154 154
take profits man thats the main thing... and dont trade so many times in the day.. if you can make good money in less than 30 mins just take the profit and move on
+9   

 4 months ago '18        #5
jacjac 
Props total: 332 332  Slaps total: 63 63
This is somewhat controversial, but technical trading on its own is mostly bullsh*t. It's useful in combination with an understanding of the psychology of the markets and fundamentals, but it's just not enough. To the extent it is, most of that value is arbitraged away by algorithmic trading because HFT moves faster than retail investors can and also gets order flow to inform their algos.

Read The Intelligent Investor, buy with a long-term perspective, and save yourself more losses.
+7   

 4 months ago '15        #6
Kdub31 
Props total: 23058 23 K  Slaps total: 2229 2 K
Paper trade for 12 months consistently... track your ytd P/L. No matter what system you use that will tell you if you should do it. Its easy to be successful for 3 months. If you can do it for 12 its not a fluke.
+4   

 4 months ago '17        #7
LostTenets  topics gone triple plat - Number 1 spot x47
Props total: 110458 110 K  Slaps total: 32082 32 K
 MACADEMICS said
Understand risk to reward. Don't risk your whole account for a small trend.

Look to take high probability trades more then taking more trades.

Use higher timeframes to identify the longer term trends

First thing to master is support and resistance. Then trend lines then patterns

Patience is key when using technical analysis - wait for a confirmation of a move beforetaking a position. It's better to let a trade run first then to jump in early and get burned.

Use multiple technical analysis indicators to confirm trends.


Download books and start practicing with websites such as Tradngview.com - you gotta spend time in the markets to learn and you will loose money, but patience - Ed Ponsi has great books on Technical analysis to get your knowledge up.

Good luck with your trading journey.
Great post. Saving

I started in stock, wasnt too successful. I was making money in crypto tho

Crypto learning curve is easier

Stock is way more stable but a lot to learn

The things im learning from crypto i will take to stock when i feel ready

Any book recommendations

Trading view looks like chinese right now

 4 months ago '10        #8
eightytyson06 
Props total: 23324 23 K  Slaps total: 1446 1 K
Get a few stocks and learn them inside and out and paper trade them once you understand them the world is yours
+2   

 4 months ago '04        #9
Q80 
Props total: 744 744  Slaps total: 89 89
You can go from 0 to trader in 8 hours. Just depends where you learn.
When you get good, it gets boring
+2   

 4 months ago '16        #10
JetLife  topics gone triple plat - Number 1 spot x1
Props total: 1923 1 K  Slaps total: 224 224
Focus on trading psychology and risk/money management.

Sticking to your stop loss is law if you are scalping. Never trade on emotions. Look at the market from a probability perspective.

Also good advice up top..

It is doable but it takes a lot of discipline and dedication.


Last edited by JetLife; 01-27-2022 at 03:09 AM..
+2   

 4 months ago '19        #11
MarathonOG 
Props total: 1759 1 K  Slaps total: 483 483
Every time something makes an ATH you can scalp 5minOS, then 15OS, hourly OS, and then 4hrOS+ usually makes for a good swing entry.

Right now is prime scalping due to the fear and volatility in all markets.

Put your stink bids real low and if they get hit youre usually in a really good spot .

Make sure to have a plan because not being able to sell is a traders biggest problem.
+1   

 4 months ago '15        #12
Chasefovea 
Props total: 8662 8 K  Slaps total: 2823 2 K
Yes. I run my own signal group.

Have about 500 members we are all
happy, and I am writing a book now. I also have my own chatroom where we discuss daily trades.

Below I will show you some recent trades & gains from my students and also a pic of my chatroom.

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Last edited by Chasefovea; 01-27-2022 at 07:57 AM..
+2   

 4 months ago '04        #13
123456  OP
Props total: 1888 1 K  Slaps total: 230 230
 nyc said
i day trade or swing trade depending on what im trading but some good tips are

1. get rid of all indicators and learn how to read candlesticks
- the candlestick bible by munehisa homma is a great book to learn
- try to understand the psychology behind the candle sticks.. also, dont just pay attention to the candlesticks but where they form
- if you do use any indicator.. RSI is good for trading divergences. i personally use a 50SMA
This is something that I learned just recently. All of these indicator videos I've watched just slowed me down. Watching the candles and price action helped a lot more. The onl indicators I have loaded right now are VWAP, 20EMA, and MACD but I don't look at them too much.

The thing I find hard are dip trades. Before I started paper trading, I'd just watch live candles and see a dip and say "ok i would jump in here", and then it dips more.
+4   

 4 months ago '15        #14
Chasefovea 
Props total: 8662 8 K  Slaps total: 2823 2 K
 123456 said
This is something that I learned just recently. All of these indicator videos I've watched just slowed me down. Watching the candles and price action helped a lot more. The onl indicators I have loaded right now are VWAP, 20EMA, and MACD but I don't look at them too much.

The thing I find hard are dip trades. Before I started paper trading, I'd just watch live candles and see a dip and say "ok i would jump in here", and then it dips more.
candles and price action >> indicators
+2   

 4 months ago '17        #15
KobeThompson 
Props total: 16903 16 K  Slaps total: 1711 1 K
very few are successful in this current market unless they are shorting

but im a fan of heiken ashi candles
+2   

 4 months ago '15        #16
Chasefovea 
Props total: 8662 8 K  Slaps total: 2823 2 K
 KobeThompson said
very few are successful in this current market unless they are shorting
bear market :-)
+2   

 4 months ago '20        #17
itsthekid123  topics gone triple plat - Number 1 spot x2
Props total: 6939 6 K  Slaps total: 883 883
 123456 said
The past year I've jumped on trending stocks that were supposed to "go to the moon in x days". On the days I jumped on them, I made money but I held too long. Basically, swing trading. I'm in the red with those types of moves and stuck holding some of these stocks.

The past couple months I've been looking into day trading, specifically scalping. It's basically you're in and out real quick. Sometimes just minutes. I started paper trading (real stocks, real price movement, fake money) and I won 9/12 trades. Averaged $500 on my winning days and $100 on my losing days risking $2k-$5k each day. My average trade time has been about 45 minutes. I don't know if I've been lucky or what and I know it's different with real money, but I made sure to be strict and treat it like it was real money.

Scalping is clearly all about technical analysis which I def need to study more. My biggest problem has been my entries. My biggest winners have been entering during a breakout past resistance, but a lot of times, the candles go right back down.

Just wondering if anyone here has any success with this and has any tips, good videos to watch, etc. I have been following Warrior Trading and Live Traders primarily.
For breakouts past resistance, you want to make sure that it retests back of the resistance. A lot of fake breaks be wrecking a lot of beginner traders.

 4 months ago '15        #18
sosokid 
Props total: 1550 1 K  Slaps total: 141 141
I day trade. I basically hedge my trades like the banks because I have no idea where it’s going.



+1   

 4 months ago '15        #19
Prad Bitt 
Props total: 18995 18 K  Slaps total: 1493 1 K
Stick to SPY, learn technicals but get a book on order flow how to read the tape

 4 months ago '17        #20
Lite  topics gone triple plat - Number 1 spot x2
Props total: 58659 58 K  Slaps total: 8735 8 K
@ options is lit




Watch these 2 videos





Once you make some money within 20 minutes trading with a few clicks, you cant unsee it


Last edited by Lite; 01-27-2022 at 12:17 PM..
+2   

 4 months ago '06        #21
Kick Dayez 
Props total: 2059 2 K  Slaps total: 225 225
great thread

 4 months ago '04        #22
biscuit 
Props total: 58364 58 K  Slaps total: 5025 5 K
I've been paper trading on Tradingview for a month and have been having decent success with a few methods. I'm low key obsessed with it and have tested a few strategies with MAJOR success with one in particular.


Good look for the book suggestions on this first page as well.

 4 months ago '05        #23
That Dude 
Props total: 14710 14 K  Slaps total: 1689 1 K
When to enter trades

1. Market structure
- Uptrend, down trend, range

2. Area of value
- Where might buying/selling pressure step in
- Support and resistance, moving average, trend lines etc

3. Entry trigger

- What will get you in a trade
- Price rejection, break of structure, trend line break, etc

4. Exit if you’re wrong

- Where is your stop/loss
- At s level where your setup gets invalidated

5. Exit if you are right

- Capture swing or trend
- Fixed target profit (swing high and low, S&R)
- Trailing stop loss/ stop loss is your friend and part of the trade use it! (MA, price structure)

Use VWAP moving avg. Macd for indicators. If trend breaks Vwap (goes below) exit trade. I also use EMA clouds. Study candle stick patterns

Great books:

How to day trade for a living - by Andrew Aziz
Charting and technical analysis - by Fred McAllen (this is your trading bible)
Trading in the Zone - by Mark Douglas

 4 months ago '11        #24
MACADEMICS 
Props total: 13632 13 K  Slaps total: 1139 1 K
 LostTenets said
Great post. Saving

I started in stock, wasnt too successful. I was making money in crypto tho

Crypto learning curve is easier

Stock is way more stable but a lot to learn

The things im learning from crypto i will take to stock when i feel ready

Any book recommendations

Trading view looks like chinese right now






I like the second one especially - very detailed and covers a lot of aspects of trading. Only area is a bit weak is psychology - but trader psychology is a whole area of trading that you need to study seriously and develop through spending time in the markets. These are available online as ebooks to download for free as well if you do your googles.

You must master your emotions - this is very difficult to do when you are new especially when you are a new trader who starts making some money quickly. Your ego will get in front of you and you will a*sume you know better then the market. But the market owns you, it always will and she will humble you fast when you get outta pocket with her. Everyone has experienced it at some point.

You also must use technical and fundamentals together as well. News can affect stock price, so learn how to trade using fundamentals.

Head over to babypips website and complete the course there. While reading the material on there use, watch youtube videos on each of the topics in the babypips course to level up your knowledge and practice using Tradingview as well. Try to understand what indicators are good during uptrends, consolidations and downtrends. Study patterns, candlestick patterns as well.

You will eventually figure out a style of trading that is suitable for youbased on temperament and perspective.

You must remember this quote as well

''Your not actually a trader - your an observer who studies the market. Your trading decisions are based on what you observe''

 4 months ago '04        #25
Q80 
Props total: 744 744  Slaps total: 89 89
 Chasefovea said
Yes. I run my own signal group.

Have about 500 members we are all
happy, and I am writing a book now. I also have my own chatroom where we discuss daily trades.
Cue makes millions. You run with him ?
Post a myfxbook or annual p&l statement cos i seen you post OLD pics of months ago



Sign me up
 
 

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