Scalping My Way

Discussion in 'Trading Diary' started by Dom Perignon, Dec 5, 2016.

  1. Dom Perignon

    Dom Perignon Active Member

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    Hi all
    why scalping my way?


    I am not saying it is the right way but isn't the wrong way either ... just another way of trading.. so DD

    Strategy - Plan - Psychology - Money Management are my best "tools"
    Select the right stock
    Buy-enter the stock at the right time
    Limit your losses (the winners take care themselves)
    Known when to realizes profit (take profit while is there, set out the Target)
    Limit your losses (the winners take care themselves)
    I sell if I see weakness..... I would exit a trade and not wait for it to hit a stop-loss...JMO

    SL IMO is not meant to be hit! It is there to protect you from huge price moves and losses

    implement a money management technique when trading, control your emotions and trade with confidence and consistency

    My Golden Rule 1:1.5 (2) (even higher but I leave it for now)

    Time frame is 2-3 minutes max when is already moving I jump in get my centss (target) and get out (I trade ticks not %) but as soon as I see a weakness I get out regardless..
    if ever-when that happen IMO it is because I didn't do my DD (researches) properly
    (I hate losing.. so every trade I safeguard my capital...getting out too early? yes most likely but I call it got in too early.... remember I only trade ticks) the rule "let your profit run doesn't apply to my scalp"

    don't forget that if you buy XYZ at $3... it move to 3.06... selling with 6 ticks with 3k or 5K shares it make a nice gain .. do that 4-5 times a day and.........$$$$$/rupee will accumulate ;)

    IMO isn't difficult to get 5 to 10 ticks the difficult part it is to find the right stock, be psychologically ready, quick decision on executing them... and getting out isn't as easy as it look for many reasons (will tell you another time)

    look at the past OPTT MGT HMNY or recent PSPM AUPH to name few... those vertical climbs 10 ticks are a drop in the ocean ... so those are $$$$ reward not centsss (just mention those as to give you an idea of many ticks can even be made)

    I never open more than 2 stocks at time(got 2 monitors + sometime the laptop) if I am heavily involved I open only 1 and never leave my eyes from it...

    let face it how many stocks go up vertically? quite few isn't it... so the task is to trade them and get out on time... because many time they come down as quick or even quicker

    sell a certain reversal patterns... I would exit a trade and not wait for it to hit a stop-loss...just my opinion... I just look for my target not where the stocks go

    that is what came out from my "my cocktail's mixing" my D.I.Y. my way ...
    too easy to scalp? well just try it
    if-when I read about a good idea, I won't trade it but then I thoroughly test it and see how it fits into my trading plan ... will it improve it? (I will explain later)



    Finally...
    DO NOT: Trade When You’re Emotional
    Your measures of success are whether you followed your trading plan and you were able to limit your losses. If you get these things right, the money will flow.

    the ability to stay completely flat and allow yourself to execute your trading plan with no emotion, will allow you to always think clearly and objectively

    At the end of the day, you determine what it means to be a successful day trader, no one else. The minute you realize that is the answer, the expectations you set for yourself when trading will become more relaxed as these are tailored to you and your trading style.

    for the newbie; I advice that before trying that.... do some virtual trading and get experiences
     
  2. Dom Perignon

    Dom Perignon Active Member

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    introduction-presentation

    to avoid answering the same questions I thought I'd introduce some quote - hint - advice
    some are mine some long time ago I copied but sometime I still like to go over just to remind them
    each one can do their own DD and decide with their own head
    learn to know how to control your emotions, instead of being controlled by them

    You do not need a perfect exit strategy to be successful. You just need to be able to protect your money when you are wrong - and take profits when you are right

    There is no “bad market,” there’s just a “bad trading approach to the market.”

    .Learn how to be positive, learn how to have discipline, learn how to be successful etc.etc

    I take consistent small profits instead of waiting for that one ‘big’ trade
    Limit losses (trade with discipline)... learn to lose less than the profit will increase


    Sell into strength by offering at the ask.
    I Do not trade stocks that I am completely unfamiliar with.

    The desire to succeed is essential but it is not enough in itself. Only when you have the faith in yourself you will become successful. Even If you have strong desires, if you don’t firmly belief that they will happen, they won’t.

    If you have doubts in times of adversity you will abandon your goals too early and your fear of failure will become a reality without faith.
    Losing is easier then gain it... improve your plan get the strategy that is adapted to you.... a sI keep on say>>>you wouldn't wear someone else suit bigger or smaller then you (?) so why should you trade other plans

    Instead of following guru advice I did the opposite. yes take note of good advice but adapt them to you , would them work on you? NO then why insist to do what the other do .... how can you get in a suit that is 3-4 times smaller!!!!!
    Using money management to grow your account;
    Clear exit rules. You’ll know how to exit a trade before you even get into one.

    You’ll discover how to put a trade on autopilot so you don't have to be worried about over managing it! You’ll know what to do, and when to get out.
    With this strategy you can capture small, intraday trends that allow you to trade with stability, amidst a sea of volatility.

    The simple strategy can be traded with virtually any charting software.
    How to distinguish between retracements and reversals. Most investors get fooled, but you’ll know exactly how to spot the difference.

    NO Money management can be the number one reason traders fail.

    The importance of rules, discipline and strategy in trading cannot possibly be over- emphasized. Without these factors NO TRADER regardless of knowledge or experience will survive. Ignore them and ultimately you are doomed.

    Because every minute is yours! You are in command. You are in control. Anything you want is available.
    got your day's profit...stop..... you only give part back if not all.... who said that you have to trade endless time...there always is tomorrow the day after and so on..... lock in today profit ...stop don't be greedy
    greediness take you to destruction of your account.... don't look at today profit but look at it that it will increase your stack-pile so you'll have a nice profit at the end of the year

    an off day? then stop or don't trade you only lose.... we all have days-weeks-months that nothing seems to go right... I don't trade... why losing?....


    Take advantage of small intraday trends
    Trends are short-lived. The times when you could enter the market in the morning and exit the market in the afternoon are over. These days the markets can turn around on a dime. Low trading commissions and computerized trading have destroyed the nice and long intraday trends. today everything move fast

    There is no perfect strategy
    I've tried just about every exit strategy out there. None are perfect. Sometimes you sell too soon. Sometimes you sell too late. That's the bad news.
    The good news? You do not need a perfect exit strategy to be successful. You just need to be able to protect your money when you are wrong - and take profits when you are right.
    There is no “bad market,” there’s just a “bad trading approach to the market.”

    that's all for now folks ... now let's scalp

    PS I got many strategies as I trade but for now I don't want to confuse or bore you any further...but one of them you could see during my scalp--- many of my stocks move on a longer wave so I jump on 6 min chart and stay in few minutes more to double my ticks but that I could explain better as I trade-scalp......
    BTW I forgot to mention but I got quite few years of experiences (still improving though) so this is MY Way and stick to it even if many of you might not agree but I like to wear my own size suit
    ;):D
     
  3. Dom Perignon

    Dom Perignon Active Member

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    first of all I have to thanks
    Aja-NoviceStockTrader-Vrikris-Vjay for their warm encouragement to open this thread BIG thanks :thumb::clapping:

    for many that don't know me (I have posted around the forum) all my posts on this thread are referring to the USA market and will be in $ (I scalp that market)

    if my broker will let me trade some.... I will try to learn some of your (Indian) stocks.. difficult task there :D:)

    Please don't ask me prove of my trading because I will never post them (I did in the pass then found them all over the Webb (FB Twt +++) that I don't tollerate so you have to believe me or stay away from here if you think I "sell smoke" but if ever you pass my way I can show you what I have achieved with my trading profit :)

    Finally I do still have many notes from my newbie days + some that I copy and paste here and there to work out my strategy .... I could post them to give another way of trading to the less experience and newbies
     
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  4. Dom Perignon

    Dom Perignon Active Member

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    first info

    our referendum (voting) result half way YES 40.36% NO 59.64%
    Renzi our Prime Minister already declare that he will resign ... :clap::clap:
    tomorrow I will get drunk :thumb::D

    bed time now nearly time for you to get up so
    good morning to you but good night to me :lol:;)
     
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  5. VJAY

    VJAY Well-Known Member

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    Dear DOM,
    Thanks for starting a great thread which helps a lot for traders. since a long time in traderji missing realy value threads.Specially Really a step by step presentation with simple which is clearly states traders need simple mind setup first to success...looking forward this thread gain more to simplify in my trades...:clap:
     
  6. Dom Perignon

    Dom Perignon Active Member

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    Hello and thanks Vjay :thumb:
    it was a bit difficult to think how to start this thread... at the end I opted
    this way with in mind when I started trading not many explained the base of trading so I wanted to started with in mind more for the less experiences one newbie the other don't need my "strategy" they already got one themselves...
    of course today I got a bit more sophisticated one but not to confuse all I will explain it along the way...

    as we say one doesn't start building a house from the roof ;):D

    tace care:)
     
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  7. Dom Perignon

    Dom Perignon Active Member

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    on Monday I used to start with some quotes....so lets have some here as well

    "Be stubborn about your goals, and flexible about your methods."

    The distance between dreams and reality is called action."

    "Just because you have found a bad apple doesn't mean you should give up the whole tree"

    avoid this
    [​IMG]

    remember this
    [​IMG]

    if you don't wont to join him :eek::D
    [​IMG]


    meditate, my friends meditate :):D
     
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  8. vagar11

    vagar11 Well-Known Member

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    One way to scalp is just buy/sell at the breakout. In nifty you can get 8 points.

    Another is using H1 bar entry(Albrooks). I keep R:R 1:1 for scalps.

    What other methods do u use ? Do u use scalp in a vertical move of a stock ? Where do u put SL and how do u trail?
     
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  9. Dom Perignon

    Dom Perignon Active Member

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    Hi Vagar
    IMO there are many ways to scalp..each on eto the strategy that he feel comfortable and above all bring in many $$$.. RRR... €€€

    in my 2 first posts I gave my base ... but then of course I could change as I go along hard me to say now here what... I have to be live trading and decided... but don't forget my scalping is not the compliance with standard- rule I got my DIY and until it bring me $$$ I stick to it ;):)
    I go a lot on knowing my stocks (I will explain one day how I get the winners)
    my base it is to start with 5 stocks trade 3 and get 2 winners... then I either carry on or stop .. I am not greedy and like to keep my profit....

    I only trade what goes up and in the first hours (market very volatile)...quick decision etc... therefore I put a SL (mentally only) straight way because 95% they move few candles so if I see it enter wrongly (come back down) I sell and save my capital ....and if it carryon to my target I move my SL (mentally) at that point >I can't lose (+/- like a mentally TS) to explain it better I will post some in real time so I can explain better...
    my English isn't too good to explain complicated matters :eek::eek:


    vertical? you mean those that take off? yes I scalp them they are my biggest winners (but in the past I lost quite a bit on those because I wanted more and more (greed) but lesson learn now I prefer scalp them few times (in-out)
    example few days ago I took COGT in 2 minutes I made 75 ticks ($730 net)
    in USA many of those stocks specially small cap (my favorite) easy to pump them ..

    hope it help ... nice to have another scalper :)

    but I am not a professional trader. far from it.. but I know hoe to make few centssss.. I like to past my time trading and it help my living
    got an expensive wife ;):rofl:
     
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  10. Dom Perignon

    Dom Perignon Active Member

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    before the referendum we got "bombarded" that was better to vote YES otherwise market would collapse etc.....
    strange it is green :thumb: they tell us any rubbish to keep us in EU
    it show them that the population are not so silly still voting NO

    FTSE 100
    6.753,86 +0,34%
    CAC 40
    4.581,68 +1,17%
    Nikkei
    18.274,99 -0,82%
    BEL 20
    3.468,48 +1,19%
    SBF 120
    3.613,86 +1,12%
    Euronext 100
    882,98 +1,26%
    Dax
    10.662,62 +1,42%
    Ftse Mib (Milan)
    17.074,34 -0,07% it has been green up yo now ...
     

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