where to , to learn how to scalp the ES ? | Traders Hideout


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where to , to learn how to scalp the ES ?

  #5 (permalink)

Toronto , Ontario, Canada
 
Trading Experience: Beginner
Platform: Sierra Chart, SC
Favorite Futures: Emini ES, CL, USD/CAD
 
Posts: 423 since Jun 2016
Thanks: 1,332 given, 720 received

Save your hard-earned money and put it to good use elsewhere. You will bury yourself in stoplosses, vodoo context if you think fibs will tell you much about the market and market direction.

Trading the hard right edge is extremely difficult, when combined with a myriad of psychological hurdles, you are doomed for failure if your goal is to scalp 2 - 3 ticks per trade, assuming you saw some video or read something where the market just beautifully glides up or down without any hesitation and gives you your 2-3 ticks.

The frequency of trades you will have to make will alone kill your bank account, and it will be just matter of time before it truly happens. ES volatility has increased since I last traded live, and you need a much bigger account size to reduce the risk you take with every trade, and frankly the risk I have to take for one contract is not worth the return of 2-3 ticks.

Scalping can work, and there are few members here who have demonstrated long-term profitability, but it was through their hard work and coming up with a method through their observance. You should start on page 1 of the E-mini thread, going through these 3600 pages over the course of the year will put you in a better understanding, and position. You will be able to observe how the market has changed throughout the years and tiny gold nuggets that you can pick up to further expand your understanding about market structure / correlation. Even I still can't learn to incorporate all the information on a live trading market like Tigertrader or other traders on that thread could.

https://futures.io/elite-circle/13452-elite-es-s-p-500-futures-contract-sp500-spoo-nalysis.html

You will then forget about wanting to scalp 2-3 ticks cause it is not feasible and surely it is doomed for failure, sad but that's the honest truth.

Even after reading that thread, I gained valuable knowledge, but it still hasn't made me rich or successful. But it has shown me the reality of trading as a retail trader, and it isn't pretty as you may have come across in some video or news. You need a good account size upwards of 25K + to minimize the risk you put on for each trade and be able to withstand drawdowns and still come back tomorrow to trade.

I am not going to endorse that becoming an elite member will help you in your journey, but if you are serious about it, then there are some valuable knowledge that will help you get your rationale straight and thinking in the right direction. However, there are always resources out there on google if you look hard enough. But you will not know the amount of effort required to make this work successfully over long period of time, so take some time to think about if you really want to spend all the time, effort and money over this. There are many other ways your money can be invested with a better return than trading.

I've invested quite a bit of time myself, and wished i could know just how much effort and work it will require of me before I dug deeper. I now want to to make this worth the invaluable time I have put in it. If you have decided to get started after thinking about it for a while, there are many beginner journals on the other side of the forum where traders like myself and others who have journaled their progress from a complete beginner point of view.

All the best in your journey.

John

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