former-ABC
投机如同火中取粟
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一篇关于炒股的文章。对认识从股市赚钱的难度有帮助。一句话：股市赚钱不容易。刚刚开始的不要对投机股市抱太高期望。
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TradingMarkets.com
Swing Trading vs. Scalping: The Pros And Cons
Wednesday August 24, 11:21 am ET
By TradingMarkets Research
Pre-market futures are modestly red from yesterday's close, which in essence means little to nothing in this period of time. Intraday price action has been covering a decent range for traders while it remains pinned between a defined sideways roll. It's quite probable a directional break session will happen when we least expect it, but the overall expectation is continued sideways action on waning volume into the end of next week to come.
Record Straight
Yesterday's blurb about intraday scalp trading versus swing trading brought a heavy volume of email response. First and foremost, I never meant to dismiss or poo-poo fast action, small profit target scalp trading as pure folly or an impossible feat to accomplish. Far from it: I personally know some people who are very good at it.
For anyone who was even slightly offended by anything I wrote, I am truly sorry and apologize sincerely. I have the utmost respect for every single successful trader regardless of markets preferred or methods used. No question about it... anyone who makes a living or even a solid second income as a trader will always have my personal respect (and admiration) above all else. The degree of difficulty is exceedingly high in our profession, partly because the expectation of what it takes to succeed is usually too low.
By that I mean the average person who is new to trading figures they can just buy some books or cruise some websites, glean a few pointers that give them an edge, follow a simple A-B-C recipe for success, open a live account and start to compete with seasoned veterans on an equal basis. Possible? Yes. Probable? I'll let you be the judge of that based on your own starting experience(s).
Daytona 500
Taking a new or inexperienced trader and trying to teach them how to scalp trade for a living right off the bat is akin to handing a fledgling driver the keys to Jeff Gordon's, er, make that Ernhardt Jr.'s NASCAR and turning them loose in Daytona on race day.
Now, our fledgling driver may have already aced the written exam at their local DMV office. Maybe they've taken the family van out on some back roads for a spin, and a little bit of white-knuckle driving in traffic to boot. Perhaps even a little driver's education in high school to polish things up. Whatever. Their whole world changes when they fire up those harnessed horses beneath the hood of that #8 car and press the peddle as a green flag drops. Life immediately goes 100+ miles per hour with their hands on the wheel.
Decisions must now be made in a nanosecond... far faster than their undeveloped central nervous system can handle. Traffic is flying all around in seeming discord from their windshield's view when in fact the whole field of cars is moving in fluid grace if viewed from back the stands. Occasionally there is the surprise crash or three out of nowhere, but for the most part NASCAR racing is just a bunch of cars going really fast around a circular track. How hard is that?
That analogy is not far off taking new or even experienced but not supremely confident traders and arming them with a one-minute or two-minute chart to trade. Pick your indicators, pick your symbol, it doesn't matter. The speed at which setup, entry and exit decisions must be made has been sped up to the max.
The smaller a timeframe chart, the more random price action appears to be. The further one dials out a view to larger charts, the clearer price action movement becomes. That is fundamentally true because the action slows down. It is easier to hit a slow-pitch softball than major league fastball. Right or right? Get real good at hitting a major league fastball (along with a few other skills) and profit potential there is enormous. But how many new baseball players are truly able to do that?
Before a professional baseball player can be successful at the highest level where speed of the game is fastest, he must be proficient in the minor leagues. Before that happens, he needs to learn at the college level, high school level, sand-lot level and pee-wee level. Before any of that is possible, playing toss & hit in the backyard with someone is where it all begins.
Highest Degrees
Can you see where I'm going here with various analogies? Scalp trading successfully requires THE GREATEST degree of focus on charts, speed of decision making, personal discipline, everything that is necessary for success. It's the pinnacle of difficulty in our profession not because it is impossible to capture +$100 moves in the ES, ER or XYZ market, but because it is very hard to do so while avoiding oodles of -$50 losses along the way. Without pinpoint precise entries and exits, scalp trading is probable to completely churn an account. Pinpoint precision comes from discipline, skill, confidence and decision making of the highest degree possible in shortest periods of time.
Aspiring traders have an incredibly high failure rate mostly because they seldom internalize what it takes to succeed long-term. That is partially because in the beginning, all of us have blind hope of massive profits with little effort or struggles involved. Who amongst us hasn't searched too long and too far seeking the simple answer to success in a complex world? My hand was the very first one stretching northward on that question.
Mail Bag
Yesterday's email ran about three to one negative views versus positive views on scalp trading. The trader I spoke of who works 100-lots in the ES has no affiliation with any website or public venue, and was one of the first to respond in agreement of how challenging it was to become proficient at scalping.
Actually, proponents of scalping wrote the longest, most articulate and colorful email responses. That in itself demonstrates to some degree a high level of intelligence, patience (you try composing = typing 1,000 to 1,500 words email and see how long it takes) and open-minded view. some of the characteristics necessary for scalp trading success.
The heavier volume of email in disfavor of scalp trading essentially stated what I have heard (and experienced myself) countless times since year 2001: they have been successful trading longer timeframe charts, but not so good inside those frenetic 1-minute or 2-minute timeframes.
This has less to do with methodology than application. The method I use will trade any timeframe chart, from one tick to one week in length. Same tools, same framework, same approach. The degree of focus, intensity and discipline needed while trading a one tick to one minute chart is far, far higher than trading a ten minute, sixty minute or daily chart. That fact is true regardless of methods, chart tools or any other factors involved. Speed kills and kills the quickest... until one learns to handle it.
Kicked Back A Bit
I enjoy working a more relaxed pace of intraday trading myself. I like to use an eight minute chart, targeting three to five turns per day on average. When seeking new trade entries, I like to focus on the chart for about two minutes out of every eight on the clock. Two minutes before the next candle close to assess what may happen next. When a candle closes above, below or at certain points of action, I act accordingly.
The other six minutes are free time to move around, step away and take care of other things. On days where trade entries are stretched quite thin, I do not endure hours-long focus on two minute bars with no physical or emotional break from the screen. Anyone who has watched a one minute chart trade a 2pt total & entire range on the S&P for over an hour can attest to how draining that is.
When I first began trading a number of years ago, I loved sitting in front of the screens all day. It was so fascinating, watching all that potential money in my pocket flying around. At some point in time, it ceased being fun to just stare at the charts for 6.5 hours each day, uninterrupted. For those who love to watch every tick on the chart without missing a beat, I understand. For those who'd rather multitask, I equally understand.
These days I like to incorporate a bit of living inside my trading day. I enjoy cooking in the kitchen with a wireless laptop running charts on the counter. I like to lift weights in the garage. I handle housekeeping chores, business admin chores, phone calls, nutritious meals and a host of other daily tasks while trading. None of that would be possible, none of that was possible when I was enslaved to the screens from bell to bell.
I can and sometimes do trade a two-minute chart... for the first and last two hours of a session. sitting thru an entire session of unbroken focus simply does not work for me anymore. To each there own. If what you are doing right now is profitable and suits you well, by all means keep up the good work! On the other hand, if short-term charts and intraday trading seems to fast paced or frenetic, consider stepping back a bit and slow the action down. Taking 10 ~ 50 trades per day or 2 ~ 4 trades is irrelevant: whether the end result is black or red at week's and month's end is the only true measure of accomplishment in our profession.
Summation
Recent intraday action has been profitable on a sideways or reversal-trade basis. Plenty of signals long and short between the bells, but no range travel outside the established zones. Same thing is expected most days until past the holiday weekend and Fed gathering in Jackson Hole next week. We'll return to our usual chart views tomorrow, and I hope today's explanation help bring clarity to my concise thoughts of yesterday.
The World's Largest Site For Traders -- www.tradingmarkets.com. Visit us now.
Austin Passamonte is a full-time professional trader who specializes in E-mini stock index futures, equity options and commodity markets. Mr. Passamonte's trading approach uses proprietary chart patterns found on an intraday basis. Austin trades privately in the Finger Lakes region of New York.
http://biz.yahoo.com/tm/050824/12979.html?.v=2
==================================
TradingMarkets.com
Swing Trading vs. Scalping: The Pros And Cons
Wednesday August 24, 11:21 am ET
By TradingMarkets Research
Pre-market futures are modestly red from yesterday's close, which in essence means little to nothing in this period of time. Intraday price action has been covering a decent range for traders while it remains pinned between a defined sideways roll. It's quite probable a directional break session will happen when we least expect it, but the overall expectation is continued sideways action on waning volume into the end of next week to come.
Record Straight
Yesterday's blurb about intraday scalp trading versus swing trading brought a heavy volume of email response. First and foremost, I never meant to dismiss or poo-poo fast action, small profit target scalp trading as pure folly or an impossible feat to accomplish. Far from it: I personally know some people who are very good at it.
For anyone who was even slightly offended by anything I wrote, I am truly sorry and apologize sincerely. I have the utmost respect for every single successful trader regardless of markets preferred or methods used. No question about it... anyone who makes a living or even a solid second income as a trader will always have my personal respect (and admiration) above all else. The degree of difficulty is exceedingly high in our profession, partly because the expectation of what it takes to succeed is usually too low.
By that I mean the average person who is new to trading figures they can just buy some books or cruise some websites, glean a few pointers that give them an edge, follow a simple A-B-C recipe for success, open a live account and start to compete with seasoned veterans on an equal basis. Possible? Yes. Probable? I'll let you be the judge of that based on your own starting experience(s).
Daytona 500
Taking a new or inexperienced trader and trying to teach them how to scalp trade for a living right off the bat is akin to handing a fledgling driver the keys to Jeff Gordon's, er, make that Ernhardt Jr.'s NASCAR and turning them loose in Daytona on race day.
Now, our fledgling driver may have already aced the written exam at their local DMV office. Maybe they've taken the family van out on some back roads for a spin, and a little bit of white-knuckle driving in traffic to boot. Perhaps even a little driver's education in high school to polish things up. Whatever. Their whole world changes when they fire up those harnessed horses beneath the hood of that #8 car and press the peddle as a green flag drops. Life immediately goes 100+ miles per hour with their hands on the wheel.
Decisions must now be made in a nanosecond... far faster than their undeveloped central nervous system can handle. Traffic is flying all around in seeming discord from their windshield's view when in fact the whole field of cars is moving in fluid grace if viewed from back the stands. Occasionally there is the surprise crash or three out of nowhere, but for the most part NASCAR racing is just a bunch of cars going really fast around a circular track. How hard is that?
That analogy is not far off taking new or even experienced but not supremely confident traders and arming them with a one-minute or two-minute chart to trade. Pick your indicators, pick your symbol, it doesn't matter. The speed at which setup, entry and exit decisions must be made has been sped up to the max.
The smaller a timeframe chart, the more random price action appears to be. The further one dials out a view to larger charts, the clearer price action movement becomes. That is fundamentally true because the action slows down. It is easier to hit a slow-pitch softball than major league fastball. Right or right? Get real good at hitting a major league fastball (along with a few other skills) and profit potential there is enormous. But how many new baseball players are truly able to do that?
Before a professional baseball player can be successful at the highest level where speed of the game is fastest, he must be proficient in the minor leagues. Before that happens, he needs to learn at the college level, high school level, sand-lot level and pee-wee level. Before any of that is possible, playing toss & hit in the backyard with someone is where it all begins.
Highest Degrees
Can you see where I'm going here with various analogies? Scalp trading successfully requires THE GREATEST degree of focus on charts, speed of decision making, personal discipline, everything that is necessary for success. It's the pinnacle of difficulty in our profession not because it is impossible to capture +$100 moves in the ES, ER or XYZ market, but because it is very hard to do so while avoiding oodles of -$50 losses along the way. Without pinpoint precise entries and exits, scalp trading is probable to completely churn an account. Pinpoint precision comes from discipline, skill, confidence and decision making of the highest degree possible in shortest periods of time.
Aspiring traders have an incredibly high failure rate mostly because they seldom internalize what it takes to succeed long-term. That is partially because in the beginning, all of us have blind hope of massive profits with little effort or struggles involved. Who amongst us hasn't searched too long and too far seeking the simple answer to success in a complex world? My hand was the very first one stretching northward on that question.
Mail Bag
Yesterday's email ran about three to one negative views versus positive views on scalp trading. The trader I spoke of who works 100-lots in the ES has no affiliation with any website or public venue, and was one of the first to respond in agreement of how challenging it was to become proficient at scalping.
Actually, proponents of scalping wrote the longest, most articulate and colorful email responses. That in itself demonstrates to some degree a high level of intelligence, patience (you try composing = typing 1,000 to 1,500 words email and see how long it takes) and open-minded view. some of the characteristics necessary for scalp trading success.
The heavier volume of email in disfavor of scalp trading essentially stated what I have heard (and experienced myself) countless times since year 2001: they have been successful trading longer timeframe charts, but not so good inside those frenetic 1-minute or 2-minute timeframes.
This has less to do with methodology than application. The method I use will trade any timeframe chart, from one tick to one week in length. Same tools, same framework, same approach. The degree of focus, intensity and discipline needed while trading a one tick to one minute chart is far, far higher than trading a ten minute, sixty minute or daily chart. That fact is true regardless of methods, chart tools or any other factors involved. Speed kills and kills the quickest... until one learns to handle it.
Kicked Back A Bit
I enjoy working a more relaxed pace of intraday trading myself. I like to use an eight minute chart, targeting three to five turns per day on average. When seeking new trade entries, I like to focus on the chart for about two minutes out of every eight on the clock. Two minutes before the next candle close to assess what may happen next. When a candle closes above, below or at certain points of action, I act accordingly.
The other six minutes are free time to move around, step away and take care of other things. On days where trade entries are stretched quite thin, I do not endure hours-long focus on two minute bars with no physical or emotional break from the screen. Anyone who has watched a one minute chart trade a 2pt total & entire range on the S&P for over an hour can attest to how draining that is.
When I first began trading a number of years ago, I loved sitting in front of the screens all day. It was so fascinating, watching all that potential money in my pocket flying around. At some point in time, it ceased being fun to just stare at the charts for 6.5 hours each day, uninterrupted. For those who love to watch every tick on the chart without missing a beat, I understand. For those who'd rather multitask, I equally understand.
These days I like to incorporate a bit of living inside my trading day. I enjoy cooking in the kitchen with a wireless laptop running charts on the counter. I like to lift weights in the garage. I handle housekeeping chores, business admin chores, phone calls, nutritious meals and a host of other daily tasks while trading. None of that would be possible, none of that was possible when I was enslaved to the screens from bell to bell.
I can and sometimes do trade a two-minute chart... for the first and last two hours of a session. sitting thru an entire session of unbroken focus simply does not work for me anymore. To each there own. If what you are doing right now is profitable and suits you well, by all means keep up the good work! On the other hand, if short-term charts and intraday trading seems to fast paced or frenetic, consider stepping back a bit and slow the action down. Taking 10 ~ 50 trades per day or 2 ~ 4 trades is irrelevant: whether the end result is black or red at week's and month's end is the only true measure of accomplishment in our profession.
Summation
Recent intraday action has been profitable on a sideways or reversal-trade basis. Plenty of signals long and short between the bells, but no range travel outside the established zones. Same thing is expected most days until past the holiday weekend and Fed gathering in Jackson Hole next week. We'll return to our usual chart views tomorrow, and I hope today's explanation help bring clarity to my concise thoughts of yesterday.
The World's Largest Site For Traders -- www.tradingmarkets.com. Visit us now.
Austin Passamonte is a full-time professional trader who specializes in E-mini stock index futures, equity options and commodity markets. Mr. Passamonte's trading approach uses proprietary chart patterns found on an intraday basis. Austin trades privately in the Finger Lakes region of New York.
http://biz.yahoo.com/tm/050824/12979.html?.v=2
