Live Scalping the E-mini Using Price Action
Would you bother with a trade worth +3 ticks? If you’re scalping multiple times a day and/or using multiple contracts, you might seek out these trade specifically! Here’s an example of how John Paul from DayTradeToWin.com scalps the E-mini S&P 500 using price action. Watch how fast this trade is over.
He’s using eight contracts. If you do the math, the trade is worth $300. The whole thing is done and over within a couple of minutes. Keeping in mind there can be no performance guarantee and trading is always subjecting the trader to potential significant loss, wouldn’t you like to have an extra $300 for just a couple minutes of “work”? For some people, that amount is considered a nice daily wage.
Trading for income is not something you can do after buying a course, reading it, and then starting the next day. It takes practice. You have to make sure you’re following the rules. When you got your first bike, did you use training wheels or did you slalom an interstate highway on a multi-geared, aerodynamic cycle? Probably the former. Take baby steps; practice in a real-time simulated account for some time. Then as time goes on, attempt to grow your account by first trading the MES (Micro E-mini) for a while followed by the regular ES.
With the Trade Scalper, you’ll want to enter the trade as soon as possible after the signal appears. Remember, the candle has to close for the signal to appear. Then it’s up to you to place the trade. Slippage will occur depending on the type of order used. When trading for a small number of ticks, slippage becomes more of a factor. Follow the instructions and use the correct order type. Avoid chasing the trade, as this can reduce the profit potential as well.