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What is your experience with thetradescalper.com approach?
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What is your experience with thetradescalper.com approach?

  #21 (permalink)
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I corrected the title.

Mike

Well, I did, but someone else changed it again after me lol, now there is type-o in the title...

Mike

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  #22 (permalink)
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lol -- me

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  #23 (permalink)
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max-td View Post
lol -- me

All good.

Back to topic

Mike

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  #24 (permalink)
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thetradescalper

I looked at the videos and noticed that he uses old tops as new bottoms for support, and old bottoms as new tops for resistance , you just put in your order at the level of the old top/bottom and hope for a fill 3 ticks away, and pray that your 6 tick stop loss is not hit. I believe that this strategy would have a slight edge , but I don't know if that edge would be enough to cover commissions and slippage (if any). I will sim trade it on Ninja Trader using replay data and give you the results. I don't know what ATO or Atlas Line is - feel free to share!

As for the question about why alleged successful traders sell their systems , I would say the answer is very simple : make risk free money! I would like to have more than one income stream, but I have one stream coming in and 100 going out, thus I remain with J.O.B. - Just Off Broke.

One red flag for me is that the scalper guy says that if you manage to make just a few wins from his method then you should walk away for the day. Why would you do that? If I had a consistently profitable reliable strategy then I would want to milk it for all it's worth. To walk away is like saying "if you are lucky enough to get 2 or 3 blackjacks in a row then walk away before you lose it back" - that's gambling WITHOUT an edge, not with one.

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  #25 (permalink)
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Mr Bean (love that comedy show!),

In my experience when you scalp for 3 ticks and your risk is 6 ticks ideally you would trade more contracts to make your daily target and minimize the number of trades in a day because 1 losing trade nullifies 2 winning trades (without covering commissions). So if you start out with a winner or 2 count yourself lucky and walk away, go play golf, spend time with family, etc. Its when these type of scalp trades consistently lose that you get in trouble trying to win it all back the same day or week and get further in the hole.

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  #26 (permalink)
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I ran the replay data and traded ES using one minute candles. I looked at price only and used old tops and bottoms as levels to trade with the trend. 3 of 4 trades were winners and the result was a small profit . However I wouldn't trade it live you need to maintain a very high win rate to make decent profits, it's just too hard to do that.

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  #27 (permalink)
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MrBean View Post
One red flag for me is that the scalper guy says that if you manage to make just a few wins from his method then you should walk away for the day. Why would you do that?

It's marketing: just trade for 1hr a day and your done! Now you have the rest of the day to sail your yacht, lay out by the pool, or get in 18 holes down at the country club. You're living the American dream!

I watched some of his webinar videos on YouTube. He claims to have 80+% win rates.

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  #28 (permalink)
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shodson View Post
It's marketing: just trade for 1hr a day and your done! Now you have the rest of the day to sail your yacht, lay out by the pool, or get in 18 holes down at the country club. You're living the American dream!

I watched some of his webinar videos on YouTube. He claims to have 80+% win rates.

If it were 90%+ it would be worth considering, me thinks. If 73% is needed to break even, then in a perfect world 80% would do, but in my world 90%+ would be needed to make up for inevitable losses due to human weaknesses.

I tested it again just now 8 winners , 2 losers ( not counting one loser, trade #5 , in which I went against the trend - a kamikaze gamble trade, the human weakness I mentioned! ). That is $150 for the day. I might try this strategy on SPY then I can take 2 lots (200) and scale out. Oh, it doesn't include commissions that would be $50.

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  #29 (permalink)
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For the 15th, 6 trades, 4 winners, 2 losers, gross P/L of $0.00 , after commissions would be -$30. Conclusion is this isn't the way to trade. I'll replay 16th data tomorrow and use 2 lots for a second profit target of say 6 tiks, see how that works out.

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