Is it possible to make money day trading? Is day trading an expensive hobby or can it be used to replace income? John Paul from DayTradeToWin.com believes it’s possible to make a living day trading. His updated website has videos going back to 2009 showing consistent trades on the E-mini S&P. What is the E-mini S&P? It’s a market that anyone can trade. The purpose of DayTradeToWin.com is to teach traders how to become consistently successful with the E-mini and other markets. To learn day trading, they have a free get started trading guide. For beginner traders, it’s a great first step. For traders with some experience, continue reading because the latest webinar is a must-see.
Scalping is a type of day trading that focuses on making profit through multiple, small moves. Scalping requires discipline because there are so many potentially good trading opportunities. Knowing when to stop trading and having the discipline to keep from trading can be difficult for some. Also, if you have a couple of losing trades, you might want to call it a trade instead of creating more risk by trying to recover on a challenging day. In this live webinar presentation, John Paul takes a calculated approach to the two scalp trades he takes. He uses the Trade Scalper software to find the enry points. This software produces signals on the chart letting him know when to enter. You, too, can learn how this strategy works and get the trading software on your NinjaTrader chart.
John Paul also provides many free trading tips. For example, for the first 10 min. or so after market open, you’re likely to encounter increased volatility. The market can chop back and forth. Friday is always a tricky day to trade because of fewer traders and manipulation. When scalping, avoid the Dow (YM) because of its low tick value of $5. It makes more sense to trade the E-mini (ES), Russell (TF), and Nasdaq (NQ) instead. The last hour of the day and evening trading is also challenging to trade because of less activity. Stay out unless conditions are acceptable. Take time to practice first, then when ready to trade with real money, use only one contract. Even if you are wealthy, start small and grow to more contracts as you see success.
The Trade Scalper software for NinjaTrader installs like most indicators – File > Utilities > Import NinjaScript > Find the .zip file and select it > the indicator imports. Adding it to a chart is quite simple. With a 1-min chart open, right-click the chart > Indicators > Find the Trade Scalper > Double-click the indicator name > Click OK. At this point, the Trade Scalper signals should appear on the chart. The Trade Scalper seen in the public videos lacks a few of the features included with the retail version. For example, the horizontal and vertical lines are absent. These are valuable markings that tell you when a trade may appear.
Looking at the actual signals themselves, it’s easy to see why the Trade Scalper is easy to use. A simple Long and Short text signal appear showing the entry price. A triangle is also drawn, letting you know the exact point of entry. John Paul recommends increasing the right-side chart margin to allow for more spacing between the right (price axis) and the text signals. Otherwise, text signals may extend beyond the right edge of the chart, making for difficult reading. In the video, you will see how Dbl Wick short and long trades are similar, only they occur after two consecutive wicks. This feature can be turned off, but you’ll probably want to keep it enabled at first.
E-mini S&P Trading is Simplified Using the Trade Scalper
At an almost regular interval, the Trade Scalper will produce a Long or Short signal. A Dbl Wick trade here at 2181.75 is an exact point of entry. That’s the price you want to be filled at. The profit target and stop loss are based on current market conditions. When the market is slow, the profit target and stop loss are smaller because the market will not be able to move as much. When the market is faster, the profit target and stop loss increase because the market has more potential for producing a winning trade. The ATR (Average True Range) is used to determine the targets and assess overall risk. The goal of the Trade Scalper is to make profit on many small trades.
The Trade Scalper is one of the most popular trading courses sold by DayTradeToWin.com. That’s because it comes with a lifetime license, a live training session, a downloadable course, a bonus course called the X-5, and email support. DayTradeToWin.com mentions that remote support is included for installation. If you’re a trader who prefers constant action and want more freedom in the hours you trade, the Trade Scalper is definitely worth a look. This strategy can be combined with others, like the Atlas Line, to provide additional confirmation and add confidence to each trade. The Mentorship Program contains the Trade Scalper and all of the other strategies taught by John Paul.
Day Trade to Win’s Trade Scalper is both a trading course and an indicator. The course itself is delivered as a downloadable manual. It’s about 90 pages in length and explains how to find specific patterns that qualify as Trade Scalper trades. The indicator automates the finding of these trades, but it does not trade them for you. When a trade is found, an entry signal is displayed. Then it’s up to you to place the trade and manage it according to the rules.
Because the strategy is fully disclosed in the manual, you do not need the indicator to trade. This is especially useful because the indicator is only programmed for NinjaTrader at this time. You can manually trade the strategy on other platforms that offer 1-min charts, such as MultiCharts, MetaTrader, TradeStation, eSignal, and more.
What is Scalping?
Think multiple trades, held for a few minutes each, taken throughout the day.
The goal of scalping is to make a decent amount of profit through many trades while minimizing the risk of each trade. According to my research, the maximum stop loss is six ticks. Compared to the other DayTradeToWin.com courses, this one has the least risk involved in terms of maximum stop loss.
The E-mini S&P is John Paul’s favorite market. As expected, most of the Day Trade to Win videos that show the Trade Scalper focus on this market. The official page indicates the strategy will work on other markets, such as:
- TF (Russell)
- 6E (Euro futures)
- CL (Crude oil futures)
- GC (Gold futures)
- 6A (Australian dollar futures)
Many other supported markets are listed on the website. I would be careful with true currency pair forex markets, because the spread can easily work against a strategy that has smaller profit targets.
Traders who want constant action will be at home with the Trade Scalper: 8 to 12 trades per day is common.
The strategy is said to work both day and night. This implies that you will be able to find trades when the market is less volatile. For traders who cannot trade the 9:30 a.m. to 12:00 p.m. US/Eastern morning period, the Trade Scalper may be the best alternative.
Traders can use the Trade Scalper with the Atlas Line. The Trade Scalper uses a 1-min chart. The Atlas Line uses a 5-min chart. In NinjaTrader, it’s best to keep charts of different time frames in separate windows. With the Atlas Line, you can confirm the expected market direction (say, short) and then look for scalping trades in that direction. One strategy can be used to confirm and filter the other. Using both methods is said to increase overall trading accuracy.
A bonus course, the X-5 (also called the Floor Trader Secrets Manual), is included. Considering the Trade Scalper is sold as a lifetime license for $1,797and you receive a course, indicator, bonus course, live training, free email support, and remote installation assistance, it’s a great deal. I expect to see more traders taking the leap on the Trade Scalper because of the competitive pricing and versatility of this price action trading course.