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From paper money to real money?
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Created: by Calming Attachments:0

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From paper money to real money?

  #21 (permalink)
Houston, TX
 
 
Posts: 131 since Jun 2018
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Babool View Post
Well, you need to come up with a method or work with someone already successful, start with a single trade type, have it written down, work through the math and factor in commissions and slippage, trade in sim, get profitable in sim, and when your ready consider going live with 1 contract (all in all out).

I just need to find that someone ;-) I'll begin with starting a journal.

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  #22 (permalink)
Legendary Market Wizard
Columbus OHIO
 
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it might be best to find some trading method that fits your personality... some guys/gals like slow markets and long term trades some like to be in and out in 30 seconds. Once you figure this out then you can try and grab some info from the members.

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  #23 (permalink)
Houston, TX
 
 
Posts: 131 since Jun 2018
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MiniP View Post
it might be best to find some trading method that fits your personality... some guys/gals like slow markets and long term trades some like to be in and out in 30 seconds. Once you figure this out then you can try and grab some info from the members.

I enjoy swings and some scalping /ES minis during a day. Now I need to figure out a way to find professional traders with a similar style.

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  #24 (permalink)
Detroit, MI
 
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Calming View Post
I enjoy swings and some scalping /ES minis during a day. Now I need to figure out a way to find professional traders with a similar style.


Depends how you define "scalping" but professionals that I know, and I do know a few real money professionals personally, don't scalp. One of the challenges with coming up with a scalping method is that when you go live with real money you end up being eaten alive by slippage and commissions. A profitable scalping method in sim ends often up going down in flames when you attempt to go live...but again...this all hinges on how you define scalping.

I am not saying that scalping can't be successful, but it is a very difficult road for sure.

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  #25 (permalink)
Houston, TX
 
 
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Babool View Post
Depends how you define "scalping" but professionals that I know, and I do know a few real money professionals personally, don't scalp. One of the challenges with coming up with a scalping method is that when you go live with real money you end up being eaten alive by slippage and commissions. A profitable scalping method in sim ends often up going down in flames when you attempt to go live...but again...this all hinges on how you define scalping.

I am not saying that scalping can't be successful, but it is a very difficult road for sure.

I know what you are talking about. Forgot to mention that I use Brooks' definition of scalping, when a leg of a trend takes a pullback.

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  #26 (permalink)
Detroit, MI
 
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Calming View Post
I know what you are talking about. Forgot to mention that I use Brooks' definition of scalping, when a leg of a trend takes a pullback.

Yea, I have never understood Al's terminology but in all fairness I have never studied it in depth other than reading threads and watching various webinars..many people on this site love him...that being said...when a leg of a trend takes a pullback is a description of price action and really has nothing to do with scalping. Scalping is taking trades with very small profit targets and very small stops. Some people will say 3 tick targets, or 4 tick, 10 tick, etc..is a scalp. Just depends on how you define "Scalp".

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  #27 (permalink)
Houston, TX
 
 
Posts: 131 since Jun 2018
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Babool View Post
Yea, I have never understood Al's terminology but in all fairness I have never studied it in depth other than reading threads and watching various webinars..many people on this site love him...that being said...when a leg of a trend takes a pullback is a description of price action and really has nothing to do with scalping. Scalping is taking trades with very small profit targets and very small stops. Some people will say 3 tick targets, or 4 tick, 10 tick, etc..is a scalp. Just depends on how you define "Scalp".

It seems to be close to a universal understanding. For Brooks, it's,

"... to a day trader, scalping is holding a position for one to fift een minutes or so and usually exiting on a limit order at a profit target in an attempt to capture one small leg on whatever time frame he is using for his trades. "

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  #28 (permalink)
Atlanta, GA
 
 
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Every trader is different. The major factor influencing this progression is trader psychology. Master this before all else.

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  #29 (permalink)
Houston, TX
 
 
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oldporkchops View Post
Every trader is different. The major factor influencing this progression is trader psychology. Master this before all else.

Also cannot help but notice that every trader has their own definition of trader psychology. How would you describe yours?

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  #30 (permalink)
Atlanta, GA
 
 
Posts: 14 since Dec 2016
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Calming View Post
Also cannot help but notice that every trader has their own definition of trader psychology. How would you describe yours?

Acknowledging your powerlessness over market moves. Rather, responding armed with logic and techniques to make money.

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