I say yes.
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Core principles of stock trading are the DNA of success. The only thing that changes is your objective. Stock scalping is often confused with momentum trading today.
Pure stock scalping was level 2 trading. It later evolved into momentum trading.
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This was probably one of the best stock scalping books from back then. My copy is well-worn. In the above picture, you would buy on the bid and old school trading strategy on the ask. The price did not need to change to make money.
A common trading plan was 1, share lots. Definitely put you at a disadvantage.
Stock Scalping Fractions This strategy worked well if you had the right commission structure. Trading costs actually affected trading decisions.
You can buy on the bid or buy at the offer ask. If you buy on the bid, you advertised and someone sold it to you.
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They paid your price. You increased liquidity on that routing destination, therefore you got paid if you got filled.
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If you buy at the ask, you are taking shares from someone else who is advertising and they would get paid. Why would you do this? One word, urgency. The more you need or want to get in our out of a trade, the more active you need to be getting a fill.
So how does this help you today? It improves your ability to place limit orders at certain levels to get your price.
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- Быть может, я сумею протянуть еще дней .
Placing market orders on every trade is silly and expensive. Trade smart and start to get a feel for urgency.
The easier it is to get a fill on a limit order, the less of a reason you have to exit a position. If you have 1, shares for example, put out and see how quick you get filled.
This was discussed a lot in Reminiscences of Stock Operator. Why sell old school trading strategy the buyers are hungry? Back then, the money you earned for getting fills on limit order meant a lot to knock your costs down. ECN fees are dramatically different. Think about what that meant for the cost of the trade.
Richard Dennis said that it is possible, and William Eckhardt believed that it is impossible. He thought that you need to have some sixth sense or intuition to work on the exchange.
You bet I was paying attention to urgency for better fills. This is how many day traders earned a living. So, how did scalping transform into modern momentum trading?
Stock Scalping Decimals When quotes changed from fractions to decimals in the personality of stocks changed. This means a stock now needed to trade through 6. Visually and practically this was a big change for day trading.
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- Нет, этого не будет, - наконец проговорил он, - но я не могу раскрывать детали.
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Prices still moved from point A to point B but the mechanics of the trade were different. We needed to adjust and technical analysis became the new Level 2. We needed a method to identify institutional order flow.
Prior to this, if GSCO was on the bid with size, we would bid with conviction. If time and sales were spraying read and green prints we saw indecision and we would exit.
You can learn more detail in this post on tape reading. Technical analysis was not new, but we needed something more than the one minute chart or the jig was up.
Trading of securitizations has been slow to catch on to the modern electronic trading systems employed in other areas of the capital markets. It is often said that this is down to the more complicated nature of structured products, but the reality is more simple — it is just easier to make more money when you can keep your cards close to your chest.