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Since you'd came from prop trading I'd like to hear your opinion when we hear people saying that scalping is basically dead due to HFT's, yourself when you say that as soon you got in on a position you stop looking at the DOM but when we search for prop firms what we see is their screens are DOM's.
So on one hand we have prop traders saying that scalping is basically dead, it's almost impossible for a human being compete with HFT's and all their algos that screws DOM reading but on the other hand we have most prop firms offering programs that are focused on scalping, putting traders looking at a DOM a trade based on it.
If I become half a percent smarter each year, I'll be a genius by the time I die
I just finished listening to the webinar on futures.io (formerly BMT), "Getting started in scalping". As I listened to you do the demo trading of scalping, I noticed that I could hear you breathe. However, it sounded like you were breathing in a very specific pattern. If I had to guess at it, I would say deep breathing through your nose and exhaling through your mouth.
Have you trained yourself to breathe a certain way while trading? And if so, is this recommended to other traders?
This is a comprehensive process that I'm creating for trader training. I'm basically taking all of my prop experience and providing a course that approaches all traders the same way. This is very different than the traditional "here buy my indicator or buy my DVD, see you later" type of thing. There will be more details as it gets closer to being done.
In fact, the only reason I was part of starting Stage 5 Trading is to develop a prop trading environment but for all online traders. It is a complex task but we are getting there slowly.
I get a lot of emails and notes from all over the place. It is very interesting that those from futures.io (formerly BMT) are consistently the most detailed and the most observant. Credit can only go to Big Mike for that.
As far as your question, although I have a heightened state of emotion while in a trade until I get my first scale out, it is a habit to be aware of my breathing and to focus only on those things that affect my next trade decision rather than on my P&L or how things are going with the market confirming my bias. I'm not aware of it now, but I remain consistently calm through my trades whether they last for hours or are just heavy size + very short term. It doesn't matter. My state of agitation or emotional turbulence can only thwart my plan and it can't contribute to it. So it is key for me to just being self-aware and calm. This is something that becomes very obvious to most traders I have worked with when they start trading larger and larger size.
These are subtle but very important things. Just remember, you are not the same person who is in the trade as you were before the trade (this is my experience and my opinion).
I hope that makes sense.
Best,
FT71
Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
@futures71 , yes that makes complete sense. Appreciate you sharing! I find it interesting the part about trading bigger and bigger size, and how important it is to be self-aware and calm.
Now I am trying to figure out who I become once I am in the trade.... and how to get the previous guy to stick around a bit longer.
On Tuesday, Feb 3 @ 4:30PM Eastern, @FuturesTrader71 (Morad Askar) will be doing a special webinar on futures.io (formerly BMT). The webinar will be an extended Q&A session (like an Ask Me Anything) where Morad will field questions from users and answer a broad range of topics.
Prizes will be given away...
Attend live to get your own personal questions answered.