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Webinar: Scalping w/John Grady of No BS Day Trading
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Webinar: Scalping w/John Grady of No BS Day Trading

  #51 (permalink)
Market Wizard
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jokertrader View Post
have i done it.. yes.. but have i done it as a methodology following order flow.. no.. trading for 10 ticks on CL is NOT scalping to me.. I would like to hear from someone who truly does this
why do i ask - i want to be able to scalp the few hrs i am watching the screen
Why cant i trade then.. i can but i loose more trying to force a trade without right setups (+ indicators lining up)

I bought the basic course.. thinking about intermediate ,, but want to hear from someone who does this day in and out

what instrument is best? ZN/ZB? but then will we get stuck behind other big orders
timeframe? someone who is success before NY market open

Question is not Can i scalp? but
Whats the methodology, instrument, stop loss, with charts/without charts thats the right way to do it from someone who does this for a living

thanks

hi jokertrader - I'll give you my 2 cents although I don't really scalp myself. Yet.

Firstly I'm assuming that by 'scalping' we are talking about the activity that people used to do with many lots and attempting to buy at the bid and sell at the ask. That activity which now in electronic form is what, as I see it, many prop shops teach people to do. Of course with the electronic form if you have the right skills you can scalp more than just bid/ask spread.

Within that context, I think the volatility of CL makes it very impractical to scalp. You could be up 3 ticks and in the next 5 seconds could be down 10 ticks, just like that.

My take is that high-liquidity products are much more suited to being scalped. Products such as ZN/ZB or the ES and the Bund/Eurostoxx in Europe.

All the documentation I've read about scalping says to leave the charts alone, and the methodology as I understand it is being able to spot certain 'setups' that may take place at critical junctures of the market. Junctures being prior days' highs/lows; today's highs/lows; Ranges forming around Point of Control, or High Value Areas; significant changes in volume profile, and so on.

If you have John's basic course you will see that he presents a number of 'setups' and probably that's the basis for initial understanding of scalping, but that is not a complete methodology in itself. However his book explains how an aspiring scalper should position himself/herself if they intend to give scalping a try.

Did you read the entirety of the ebook?

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  #52 (permalink)
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Completely agree

Thanks for your note. I was thinking of ZN myself especially the reason that u pointed out with CL (we have all experienced that many times)

Let us see if any others comment.. and yes I have the ebook

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  #53 (permalink)
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  #54 (permalink)
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John Grady's volume strategies really helped me!

I watched this video and it makes so much sense to watch the DOM for the # of buy bids and sell offers at each price. I've been using this to make better entries, where previously I would have set an arbitrary limit order, often too far away from the action, so I would miss the move. I found several other videos by John Grady on youtube and they are also helpful.

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