Hi guys,
I have started trading pre-race (trying to scalp or make a few ticks at a time), and am aiming at making £10 per race to start with.
What I have sometimes trouble with is finding a good entry point consistently. Could anybody successful enough at scalping tell me what signs you're looking at to make sure you get at least 1 or 2 ticks profit most of the time ?
Thanks a lot, much appreciated.
Hervé
Pre-race trading technique
if you have just started scalping i think you are being unrealistic wishing to achieve £10 green per race, unless you dont mean greened up.
first of all give up any aims of making x amount red or green. targets are not good to aim for when you first start out. breaking even is probably your best aim.
secondly search this forum especially the beginners section on scalping etc. read a much as you can take in (james1st posts might be a good start), look at some vids on utube etc. then ask questions.
first of all give up any aims of making x amount red or green. targets are not good to aim for when you first start out. breaking even is probably your best aim.
secondly search this forum especially the beginners section on scalping etc. read a much as you can take in (james1st posts might be a good start), look at some vids on utube etc. then ask questions.
Thanks for the reply. I have done some research and have been doing it for a bit now. My problem is that I can make £15 on one race (always greening up), but lose 20 on the next...
I am trying to find signs to help me achieve more consistency...
Any pointers ?
Thks
I am trying to find signs to help me achieve more consistency...
Any pointers ?
Thks
When you open your initial trade, have you got into a position to scratch it at the same price or 1 or ticks lower instantly if the price moves against you, or appears about to move against you?
Likewise are you closing out instantly your opening trade is taken, i.e. closing out for 1 tick gain?
Likewise are you closing out instantly your opening trade is taken, i.e. closing out for 1 tick gain?
I don't always have a stop loss at 1 or 2 ticks against my entry level. Sometimes I do (unless the odds are within a range and I am confident that they will stay there...). I know this is a way to cut your loss, should the odds move against you.
But this is exactly what I want to avoid by trying to find some signs to identify my entry point. The more I get 1 or 2 ticks losses, the more it eats into my profit...
But this is exactly what I want to avoid by trying to find some signs to identify my entry point. The more I get 1 or 2 ticks losses, the more it eats into my profit...
I was not talking about applying a auto stop loss (i.e. via offsetting) or right clicking one in. although they are very good methods especially when your learning.
Are you in position to scratch or take a single tick as quick as possible. Either manually or by a pre-applied stops.
You will have to take zero,1 and 2 tick scratches when the price is moving against you because in essence you have no opinion which way the price will go, you are trying to take ticks in a very short time frame. If your scalping it’s in and out quickly. The objective is to take more ticks then you lose. You need a relatively stable price not a volatile price i.e. one jumping all over the place, does not matter if it’s gently trending, just quite stable.
A good entry (my opinion) is 2 or 3 ticks away from the current price. Let the price come to you, all the while your money is moving nearer to top of the queue. As it reaches your price you enter your counter trade. If you’re initial trade is taken and it seems that your counter trade will not, then scratch.(likewise if your counter is taken before your initial trade) Go in again at an appropriate price.
Prices don’t move up and down in a straight line, they zig zag. I suppose you could say your trading the zig zags in the price. Hope that makes some sense.
Are you in position to scratch or take a single tick as quick as possible. Either manually or by a pre-applied stops.
You will have to take zero,1 and 2 tick scratches when the price is moving against you because in essence you have no opinion which way the price will go, you are trying to take ticks in a very short time frame. If your scalping it’s in and out quickly. The objective is to take more ticks then you lose. You need a relatively stable price not a volatile price i.e. one jumping all over the place, does not matter if it’s gently trending, just quite stable.
A good entry (my opinion) is 2 or 3 ticks away from the current price. Let the price come to you, all the while your money is moving nearer to top of the queue. As it reaches your price you enter your counter trade. If you’re initial trade is taken and it seems that your counter trade will not, then scratch.(likewise if your counter is taken before your initial trade) Go in again at an appropriate price.
Prices don’t move up and down in a straight line, they zig zag. I suppose you could say your trading the zig zags in the price. Hope that makes some sense.
Last edited by to75ne on Sat Jan 29, 2011 7:42 pm, edited 1 time in total.
If you find a way to green consistently (what means on most races) just open a trading school because it means you are an elite trader.rvdart01 wrote:Hi guys,
What I have sometimes trouble with is finding a good entry point consistently
For the start just try to make more winning trades than loosing trades or win more than you loose on average etc.
