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I need some simple set ups or "rules" on scalping, for a poker player turned trader
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Created: by donovanshane Attachments:0

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I need some simple set ups or "rules" on scalping, for a poker player turned trader

  #11 (permalink)
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mwtzzz View Post
Buy a book called Forex Price Action Scalping, Bob Volman, 2011.

I would have to agree that Volman has a easy to read book with some fairly straight forward and executable strategies for most instruments with reasonable volatility. Many of his concepts will work well with CL.

I would also say that you will need a defined process on market context. When I say market context, I mean:

1. Know when you should be looking to go long
2. Know when you should be looking to go short
3. Know when you should be doing nothing

If you do not a have a method for doing this, you are wasting your time on setups. I wish someone would have clearly told me this a couple of years ago and saved me thousands of dollars and shaved mucho time from my learning curve. It sounds so obvious, but I think is one of the most overlooked steps for beginning traders. I know it was for me...

Best of success..

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  #12 (permalink)
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I recommend studying Mark Fisher's ACD Method (see mfbreakout's work on this forum). Also check out Perry's Method and google Trader Vic's pattern.

Last edited by deltason; March 26th, 2013 at 11:30 PM.
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  #13 (permalink)
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same boat

I as well am a former poker player that has spent a ridiculous amount of hours the last couple of years making the transition from poker to trading CL and NG contracts. I can tell you in my own experience that there are different types of winning/losing players in poker and different styles of traders as well. Your time frame, personal psychology, etc. will steer you towards different strategies/setups. If you were a tight poker player you may do well to simply focus on pullbacks in trends which are more of a high prob/less frequent setup type of trade. If you were a loose poker player then you may do better incorporating more active strategies such as looking for breakouts and trying out strategies where you are always either long or short in the market... to satisfy your need for action.

As for myself, I am a tight/aggressive poker player which always suited my temperment. So after watching hundreds of hours of price action and practicing various types of strategies I finally settled on focusing on identifying trends on the 30 minute and hourly charts and then looking for pullbacks to pivot areas and then using the 5 min chart for a signal to enter. They happen less frequently (I average 1 trade per day) but they keep my confidence intact as I know they are more higher probability trades. I love to catch successful breakouts but they can beat you up very easily if you don't know what you're doing. I have found success w/ more of an automated approach focusing on trend pullback setups where I am only trying to be right between 45 and 60% of the time w/ a risk/reward of around 2 to 1.

Last bit of advice: Like poker, there is no simple indicator/book/strategy/etc. to becoming consistently profitable. Both poker and trading requires never-ending study and practice. If it were easy, more than 5 to 10% of partipants would find success. Find what strats/styles work well with your psychology and then focus on optimizing and testing those ideas. But don't vary your strats too much or you will never know how to quantify your risk/reward.

donovanshane View Post
Before becoming a professional poker player I traded stocks. I started during the tech bubble. I have not traded since turning pro. But since Black Friday, the options for online poker players have become limited to say the least. That being said, I have decided to move back into trading. So I'm not TOTALLY new. I know there are several firms out there that are interested in poker players because the two are so similar. I figured day trading futures, (namely the ES/QM) there would be less of a learning curve. In the title I asked about rules. What I meant was...in poker, when someone is new its best for them to have some rules to stick to while they learn and develop their on style of play. For example...we would say...you are to only play this group of hands in this position, only these hands in that position, etc. They would calculate the odds to make sure they have a positive expected value in drawing situations. For risk management they would risk only 2% of there bankroll, etc. They would stick to this so they could make money as they learned, but more importantly not bust there account as their career was just starting. They would slowly learn other strategies, and playing styles to add to there game, or change there game as they went along. All while staying profitable. So I thought maybe there was something like this in the trading world. For example...When using 1 minute price bars, if you get 3 in a row each one closing above the price of the one before it..AND they are above the 10 day SMA, you go long, then look to take profits after 2-3 ticks. SIMPLE! Something I can follow, while slowly adding different trades and indicators to my repertoire. If I could be pointed in the direction to learn some things like this, I could slowly learn and grow my account. Thanks for your help! This forum is really amazing.

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