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

  #1 (permalink)
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I need some simple set ups or "rules" on scalping, for a poker player turned trader

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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  #3 (permalink)
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wldman's Avatar
 
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Realize the serious nature...


of the request so please excuse my inability to pass up the chance to say...Oh you want simple, try buy low and sell high!

My suggestion would be to look at a low lag two ma crossover during trending markets, maybe a 5 and a 21 period 4 pole Gaussian filter. You could offset the fast one by one bar. Long when the fast crosses above the long and short when the fast crosses below.

Best of luck.
DB

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I would suggest reading @VinceVirgil's thread https://futures.io/elite-trading-journals/23787-cl-crude-oil-futures-contract-trades.html#post271944 from start to finish and watching all the videos....several times over. This is really ALL you need. Anything more and its to complicated. Using a lot of indicators means you will be forever lagging the market with your entries and therefore your stops will be to big.

Honestly, this is the best price action thread on the forum. Its simple, easy to see in real time (most of the time) and easily repeatable. No back testing required.

If you can't make money using the principals outlined in this thread, you probably shouldn't be trading at all. And a nice thing about it is this, it works across all time frames and across all instruments since its based on price action only and no indicators.

Good luck.

By the way, you will need to pay for elite membership but it will be the best money you've spent in a long time. Promise...

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Last edited by PandaWarrior; January 10th, 2013 at 12:15 AM.
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  #5 (permalink)
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AB's H2/L2 is really the only set up you need, if you feel you don't have to trade every day (strong trends only).

AB claims at least 60% hit rate at 1:1 RR. In my experience, it's higher than that if you're picky and have some experience with it.

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
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  #6 (permalink)
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wldman View Post
of the request so please excuse my inability to pass up the chance to say...Oh you want simple, try buy low and sell high!

My suggestion would be to look at a low lag two ma crossover during trending markets, maybe a 5 and a 21 period 4 pole Gaussian filter. You could offset the fast one by one bar. Long when the fast crosses above the long and short when the fast crosses below.

Best of luck.
DB

HA! Touché! My To do list- 1.Buy Low 2. Sell high 3. Goggle Gaussian filter.

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  #7 (permalink)
Trading for Fun
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Buy a book called Forex Price Action Scalping, Bob Volman, 2011.

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  #8 (permalink)
Trading Apprentice
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El Chupacabraj's Avatar
 
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Ex poker player here too. Did you play full tilt? I was a small stakes grinder for a couple of years primarily 1-2nl full ring and 6max. Username cwarno1. I'm new to the futures game but I see a lot of similarities to poker. It's still about people with emotions, money management, and gaining an edge. Some resources that have helped me are eminimind.com and trading in the zone by Mark Douglas. Some good reads are Pit Bull, Market Wizards, Way of the Turtle, and Reminiscences of a Stock Broker. From my experience as a poker player trading futures seems like a much less volatile way to make consistent profits. You have more information, easier money management, you can be patient and pick the perfect spots to enter a trade. Like I said I'm new and probably underestimating the difficulty to consistently make profits in the market but I think poker is a good foundation. Good luck my friend.

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Trading Apprentice
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Do you limit yourself to scalping?

I'd suggest reading of the brightest minds in the business (as a lot of people probably also do in poker when they start out or when they want to broaden their horizons). Market Wizards was mentioned before and I think it's a fantastic book to get the gist of what makes really successful traders.

I'm not sure if Larry Williams was interviewed in the book as well. That guy won a highly competitive trading championship and taught his daughter to win the same thing. There's shitloads of stuff from him that should get you started on futures trading in general, though that's not scalping specific.

Good luck!

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Henne View Post
I'm not sure if Larry Williams was interviewed in the book as well. That guy won a highly competitive trading championship and taught his daughter to win the same thing.

The words from well known successful traders are often insightful. Here are some quotes from Larry Williams:

"My success in the competition was partly due to luck"

"You don't know when you're going to make money in the markets"

"What my trading experience has taught me is to be careful of the [single] large losing trade. That's what's going to destroy me."

"My stops are large. The closer you make them, the more times they're hit."

"You have to keep your risk exposure very, very low"

"Money management is emotional management. that's the point everybody has missed"

"Start small and slow. Learn as you're paper trading. Gradually build your account up."

"If a fund does 20 to 30 percent a year on any consistent basis, that's considered really good ... 33% return on your money? That's a phenomenal rate of return."

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