Day Trading with a Full Time Job | Live Scalping 008
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- Опубліковано 13 лют 2020
- 🎓 Trade with me: www.firesidetrading.com/
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Day trading with a full time job can be tough. Michael describes the challenges that he faces trading with a 9-5 job, while commentating on the live trades that he takes during his morning trading session.
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DISCLAIMER: These videos are for educational and entertainment purposes only. There are inherent risks associated with investing in securities and other financial instruments. Please carefully consider whether trading is suitable for you given your current circumstances, knowledge, and financial situation.
#DayTrading #FiresideTrading #MichaelChin
My comment is I realize MC is no longer posting live trades (which I love and benefit from) for a reason. Speculating why is understandable but knowing why is really none of my business. I just wish Michael the best and want him to know how much I (and many others) appreciate his overall trading protocol shared with us.
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his scalping day trading vids really helped me understand the market as a whole
It's crazy how once u over come the fear it becomes an addition. Now all I want is trade!!!!! Thank u for the video!!!!!!
no se hablar ingles pero uso traductor de you tube y la verdad q me gusta comprender tu forma de interpretar los trades sos un gran trader mis respetos para vos desde argentina
love your scalping videos, keep it up💪🏼
O
Michael you are AMAZING!!! God bless you!
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This guy understands half truth of trading strategy..
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Michael, I too have Riley to thank for referring me to your UA-cam page. This is exactly the style of trading I've been looking for for about 7 years! I felt a "light bulbmoment" when I saw your scalp trading style. I can't wait to try in real money. Definitely going to practice in paper first. I have been using TOS, but am opening a Ninja Trader account for the lower margin requirement and less fees. Question: can you put a trailing stop on the runner in Ninja trader? If yes, why not do that every time?
Hi Susan, I'm glad Riley referred so many of you guys over here! Yes you can definitely put a trailing stop on the runner in Ninjatrader. I'm just way too greedy when it comes to runners...but yes that's probably a much better way to manage them
Riley sent me here, glad he did. Great video thank you!
Hey Jerry that's awesome! Riley is an amazing teacher. I can't thank him enough for sending so many of you guys over here
too good man ,thank you
Thanks for sharing! Great videos!
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I learned alot!
This is really valuable stuff to see thankyou man
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With my full-time job and living in the Midwest. I am only going to be able to trade 3 days a week. Still, better then no days and when I can master your strat. An extra $500 to $800 per week will be nice.
3 days a week is good enough! I only trade 2-3 hours a day
@@MichaelChin Hello I'm becoming a big fan of your videos... Futures market is almost 24h everyday. Why not trade after work? What's so special about 5:30-8:30 time frame?
@@shinjiccs volatility
@@shinjiccs more volume meaning a lot more trades and movement in the market.
wow man, you rock. i m studying scalping and i hope someday to be as good as you!
Be as great as yourself ... You xan axhieve anything more than you know
@@thevirtuousaint thsnks man 🙏🏻
@@danienteaqualcosa 😊 as always god is good 💯
Keep up the good vids! 👍
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Mickael, Well done on the vids, couple ?? what time of the day are you trading? I heared you say east coast then west coast. Could you let me know what time are you trading if it were east coast. Also i see you type in /ES but this vid its says your trading e mini. Which is it or both? Thanks and keep up the grt work.
Nice Michael. Really like your 2 legged scalp traders and the way to explain 'em. It seems like you stopped posting 2 years ago? No more community ?
Hey recently discovered your videos and I'm loving them, but I've been curious, why not just quit the job and do this full time?
Depending on where you are, $500 a day is a ton of money for most people as is. You're making that with about 2 hours. So why not quit your full time job and just do the trading full time? Feels like with your skill level you could pull in at least $1,000 a day by just trading for about 4 or 5 hours.
2 questions,
1. On days off do you trade longer?
2. What is the most wins you've had in a single day!?
First off, great content and insight, thanks! I do have a question -- you often say that you love the double-leg moves, but you often play against the second move without a whole lot of explanation. Like "you know I normally love the double-leg move, but I'm not going to do that this time and people are going to get trapped". How do you know that it's not going to happen when you say that you normally would look for it to happen? Thanks for any info from you or people in the comments.
please these are very great videos , please do you still post videos
In prior videos you mention you don't sell on a bullish trend yet at 1:15 put a sell order in. Does this go against the previous strategy or is this a different strategy?
Hey! Great video again, thanks! At 9:10 , the ‚twolegged pullback‘, do you mean the following: the first leg is the long red downward movement, then a very small pullback (one green bar), and then the next red bar is the fake continuation of that? So this trap is similar to the one before with the looong upward leg and the very short red pullback.
Hey Dino! This is tough to explain without drawing it out, but the long red downward move is actually the second leg. We then enter on the small one green bar with a stop below at 3374. Prices do trade against us, but never hit our stop order. Remember traps take advantage of traders in trouble. Prices haven't broken through my stop order, so I am not in trouble yet. Shoot me an email if this isn't super clear
Michael what type of ma blue line are you using on your ES Scalping with your 2000 tick chart?
So for futures is the risk reward is opposite than those for stocks? From the video the the stop loss looks wider than the profit target. Is this the basis of the scalping strategy? Pardon the noob question
Do you have a video that explains the 2 legged pull back set ups? Thanks.
Michael, what broker do you use?
Hi Michael, I am one of your followers. I have a questions. on ATM what parameters are U using? Stop loss and profit.. ?
can you make a video on this ? appreciated./
jose b
Um, I been watching all your vids. And haven't read comments or heard the reason for this buy why why why do you still go to work?????? Your talking about being a successful trader with a full time job. That makes no sense. A successful trader doesn't need a job. You sit and make like 300 to 1200 every morning. You must have a very important job or something... I don't get it. Don't you get this question a lot and why don't you let us know. Our whole goal is to escape the rat race. You say work has you stressed and you stop trading because of it. That's ridiculous. Stop working and trade all day and live like a rockstar! Thanks for the content! I love your style.
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I appreciate your expert sharing but don't seem to be able to catch up with you. I would have been one of those trapped traders at 3366 because I would think that after the 2 legged pullback prices would go with the previous trend. Isn't that what is expected? Or is it because the highs and lows and therefore the trend seem to be changing from the previous trend so that the normal trend expectation after pullback no longer applies? Also, I don't get how going short helps trapped traders. Someone mistakenly going long has to sell, the same as you, to exit their position. True? So how does your selling also help them?
Sucks trying to day trade/scalp while living in EST and having a job. Overnight market is so slow. There is a little window of volume around 8-9pm EST when the Asian markets open..
@michael chin I want to buy your course but I see that you haven't made a video in over 2 years. Is the course still relevant?
How you can I show the $ I lose or win live in the order, when I placed them? Like 1 Buy STP > 100$
Great video would like to see more detail on the 1-2 pullbacks
Sure thing Roger. I'm working on a detailed strategy video that should be up in the next 1-2 weeks!
I feel the same more detail on the 1-2 pullbacks is what I need as well. You haven't posted in a few months will you be back? I'm not on Facebook so can you please give insight on this.
Micheal, how big is normally your stop, thank you
I am confused in a previous video you said not too short in and uptrend but you are shorting what is clearly an uptrend
Successful day traders does not have a day job, easy as that.
That's so not true😂 people trade part time all the time
@@JAbc360 Notice the word "successful"
What trading platform are youusing sir?
Love your vids man! Gotta ask you though, how bad are your fees/commissions every day you scalp? What % do they eat from your profits?
With ninja trader , if you own their platform , it's $1.94 per contract one way. So, for 4 contract round trip (buy and sell) , it would be about $15 .
So, $15 commission per each trade he did for 4 contract. And for 3 trades his total commission is about $45. That's not bad for $735 profit.
what timeframe you trade in sir
Great video Michael. My question for you is, how do you spot the 2 leg pattern. Is it with a long candle or doji or what. I've just started looking at your videos after I found Riley's video. I really like how you get the 99% with your 3 contracts and you leave the runner in play. I'm learning trade forex, but the futures market is so much more fun. At the moment I'm trading a virtual account with Infinity. Do you know much about the Infinity platform, and if so could you share with me your thoughts. I want the best platform when I start traded real money. I'll be starting out with about $1,000-$1,200 so I won't be looking right away to join the more expensive platforms yet; although I do have a TOS account for options trading. Again thanks for all of your videos.
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michael .hi Iam from india ,and regularly watch your videos.I must say that your content is a great help for the newbies like myself.thanks a ton. Hoping that you could make a video on two legged pullbacks and about the mindset for trapping other traders..
That's a plan for the future, check back soon!
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Do you still trade? Are you profitable?
Banknifty me apply karke dekha kya
what software you using ? ninjatrade ?
Realy like your videos they have some good content, my question is why don't you put your runner a little closer like 2 or 3 points after your stop limit?
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when you make 700 for the day how much are you investing to make that return?
Michael 4:26 trade. Can you please explain what you saw that told you that the market would continue to go down through the resistance and is this still a 90% guarantee ?. Thank you
I promise you. It isn't 90% guaranteed. That trade could have totally gone against him.
This type of videos are for entertainment purposes only. Yes, you can learn a few things you might want to test on your own. But for real, I can make this videos as well with my sim account. I'll make a bunch of trades and simply publish the winning ones. He isn't trading live.
I cant think anything why someone would still keep full time job while making 300$+ even for once in a week for my country :)
Amazing videos btw ^^
...taxes
Can you or anyone tell me how much taxes or % for day traders? For example someone who makes 100 k a year day trading , how much tax that would be?
@@saifmahmood1944 it depends on what you trade and which state. But for futures you'd probably pay somewhere around 20k on that 100k maybe more
indeed I don't know who can that afford for sure
Thinking about getting your scalping course. anyone else on here have it?
Nice video!! Very engaging from the beginning to the End., I'm new to crypto trade and I have been making huge losses but recently i see a lot of people earning from it. Can someone please tell me what I'm doing wrong
That is true, you need an expert broker and account manager to make good profit from Bitcoin trade.
How can someone know a professional acount manager that is trustworthy when legit once are hard to find this days.
Because my portfolio has been going down the drain while I try trading, I just don't know what I do wrong!
Have a target profile on Bitcoin
Keep investing Keep holding 90% of millionaires right now are investors in the crypto market
Seeking for her whatsapp
why do you trading on a demo and represent it as real account?
is your account a marigin acc ?
Hey what EMA do u use
Hi Michael i followed your set up but even though I saved it as a new template when I open it the template is there but the quantities keep going to zero, can you help?
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Looks like your doing well. The question is do you plan to go full time if so what criteria are you looking for before you do?
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Okay. So it has been a year since you have posted anything. You have great content. I have so many questions for you. Did you stop day trading with ETF? If your job is stressful as you suggest in this video why do you still have a job. Why not day trade full time?
Hi..
question on the runner...given how infrequently the far-out runner pans out, why not move that stop in your favor and get a little extra (albeit less) cash more frequently than waiting for the big gifts? Figuring if you're watching it and see the big momentum moves you can always move it accordingly and you're still where you would have been otherwise. But what are your theories on not taking 1-3pts and instead waiting for 4 or 5? I see you sometimes move your stop to trail/accommodate market movement, but not super often (at least in these videos).
I still haven't perfected the runner strategy yet...and sometimes I get greedy. It's more of an experimental thing!
@@MichaelChin Just started watching your video series not long ago. I got here from Riley's videos. You guys are awesome! To Trevor's point, I was wondering if you happen to track your statistics on the runners. How often and how far they go to find out what the most profitable strategy is? Keep up the great work. I've learned a lot from you. I also signed up on the FB group a day or 2 ago. Just waiting on approval. Obviously, you don't have to answer if it's personal, but what do you do for your full-time job? I saw on some of your replies that you ask people to email you with questions. Where can we find your email? Can someone really scale this up to 1000 contracts??
Can you go over your recording set up? Is this OBS? How do you put the profit and loss live in the corner? Or did you add that via video editing after the fact? Can you do a video on your video set up. I want to record my trades to share on social media.
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What broker and platform
Hello Michael,
I have few questions
1. Which platform u use to scalp and chart analysis.
2. How are u fast enter the market the way u want everyone u place order?
Thanks
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Thank you for your great videos. At TD Ameritrade Margins on ES futures are thousands of dollars wile Ninga Trader its $500. arn't the margins set by the Exchange. how can NT do it so cheap.
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if i made 1 successful trade a day with this method it'd be better than my previous full time job (laid off due to covid), in other words if I could do this consistently I would have no reason to go back to a "normal" job
Call me crazy but after I enter a trade, I change the style over to haiken Ashli candles and hold the trade until i see an opposite color candle or stalling action.
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hi michael congrats for your channel pretty nice...i have a question that i think is valid.. how many contracts of 50 dollars can i buy with a brand new account of 500 dollars, i just want to get the idea how the money works ?
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May I ask why you didn't take the trade even after you missed your entry? Thanks :)
Its not live he is acting he is commetating his plays that s it
Sir i really love your videos, the way you teaching is awesome. Not everybody is a good teacher! I live in NYC. Please add me to your group. Ayan h.
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Do you show ALL your trades in your videos or only your winning trades? I have never seen you lose in your videos so I am wondering . Thanks.
I'd rather not lose...but there are bad trades in my videos. I post my sessions, win or lose
@@MichaelChin Your win rate is almost unreal which is why I ask. I understand how all this works, build an audience, then sell a course. Since you don't commentate live while trading (which I understand) it's hard to know if you cherry pick the trades you show so that people buy the course. I hope you understand where I am coming from. There's a lot of scams out there. Thank you for answering and I'll take you at your word Michael.
@@tomrusso6577 Tom, only take this video for the entertainment value. You are right to be skeptical. There is no way anyone can get perfect trades everyday. But it's easy to always have a winning trade, just take 1 Long and 1 Short, and only show the winning trade. But I'll be convinced if Michael can post unedited footage of 2-3 consecutive trading days, or livestream the trades or something.
why do you work a job if you could make over a grand a day? what kind a job do you have that pays more?
Which time frame do you use for trades?
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What kind of system are you using?
Ever since i found out the secret behind forex trading, i have been making enough profits daily. I'm very grateful to forextradercoach on telegram for teaching me the secret behind forex trading..
i wish i could pick up and move to the West Coast since i live in NYC and work 9-5 during trading hours 😭
That's rough :( Sorry to hear that
Same here :( i need to switch to a night job until I learn enough of these !!! Nice profits
Are you always looking at 1 min chart or also 15?
2000 tick chart
Hi Michael Excellent presentation and explanation of the work. You have a 10 great work .As a beginner I don't understand the part where you trade 3 at the same time is it 3 different contracts or you just automatically have it set up.How to do that.could you please explain how.to set it up will love to learn how to set it up TP thanks
Thanks Roy! All of the contracts are on the same order template. Try checking out my platform setup here. That should answer all your questions.
bit.ly/NT8_Setup
Hi Michael, thank you for your videos. Quick question, how do you setup "the runner"? Is is part of a bracket order? I'm new to trading, so any tip will help. Thanks again.
Make a note to my trusted trader miss Lisa so she can make a good trade for you
+1 7 3.4 2 5 2 0 4 5 1
I am really interested to learn from u bt is it work for indian NSE market? If yes, pls reply I will do accordingly
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Do you buy shares or how much do you risk to make that 50 a point profit?
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Are u still actively trading, if so can u suggest what platforms and accounts someone should use if this is there first try at trading. Thanks
Make a note to me on WA
+1 7 3 4 2 5 2 0 4 5 1
which broker do you trade with?
that you can work on your limit quickly and easily?
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what platform is this and can I trade like this in canada?
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On which time frame, your live trading going?
2000 tick chart
Hi Michael, may I ask how to close a runner and keep its profit? Like your last trade. Thanks!
The way he seems to be doing it is moving his stop up behind (adjusting per 2000 ticks or so). When he wants to close he brings the bar up or uses the red line to sell the remaining 1 position
Where are you now.
hi michael,
can we trade with 9 to 5 job in canada? what are the options...
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do you offer any training by any chance?
There's no training available at the moment, but I am working on a strategy course. Stay tuned!
Michael Chin awesome thx
Smart move not trading if you're not on your A game. That can make a bad day worse.
Thanks! I see no shame in taking a break...the markets will always be there tomorrow
My friend,
How comes your video are over 2 years old? are you still trading?
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Micheal I have a full time job as well but my success isn't close to yours yet. I'm wondering if your trading $500-$750 a day why you don't scale up on your contracts and say good bye to the job?
That's a good question
1:30 3:55 5:26 8:05
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Hi Micheal I'm sorry your having a rough go at work I can definitely relate. That's why I want to supplement income with trading. Can I open a TOS
Account funded with only $2-3k to trade ES?
spdrasr3 _ No the margin requirement on ToS is almost 100%. I believe you need at least 8k. I use tradeovate but NinjaTrader would be what I would use if I didn’t
@@gorgeousj206 thanks for the reply. I contacted ToS and they told me I need $1500 to trade es micro and $3450 to trade mini minimum
spdrasr3 _ Jesus lol. I love ToS but I won’t pay those crazy commissions and margin. Ninja trader is 500 for minis and 50 for micros
How many stimulus checks do I need to start trading ?
Hey Michael, I was wondering at what point, if at all, you decide to go fulltime on trading? I mean, working for a boss can't beat your performance money wise.
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How much per trade on (/es) and you trade 2 or 3 shares at a time. And based on that. What is the min. TD Ameriteade will require in my brokerage account. ????
I used paper money today.. my P/L for the day was $4,300.00. Beginners luck I’m sure. 🤔
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Savage
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Do you Trade at Lunch Time on your Job???
Ever since i found out the secret behind forex trading, i have been able to clear my loans. I'm very grateful to forextradercoach on telegram for teaching me the secret behind forex trading.
Bro, you should change your microphone bc its too tuned lol
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How much do you risk per scalp trade?
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What's your risk per trade?
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First trade is not a good trade imo. Signal bar is too big and much too far from ema.
Candle stick doesn't make sense to me at all. that's why I will never day trade
Michael, you're showing us 95% winners so, why aren't you trading 8 contracts for over $1000.00 a day and saying goodbye to the daily grind and travel... ? 👍😎
Hahaha if only it were that easy! Why not just 40 contracts?? These past few weeks have been very fortunate, but I'll slip at some point...that'll be a fun video to review.
One thing about trading more contracts is the risk tolerance. I'm fine losing $400 on 4 contracts, but losing $800? That's not financially responsible right now, and would mess with my head. To be honest, it already has. I haven't been showing all of the missed trades, but lately I've been hesitating to take good setups because I'm scared to lose!
@@MichaelChin You're currently risking $400 per trade. I'm assuming that's also equal to or less than 5% of your trading capital. (I hope) That would be $8000. If you're averaging $500 a day, you would make another $8000 in 16 days. even if it took 20 days or a little longer, you could double your contracts and still risk only 5%. You're now averaging $1000 a day or $200k per year. At that point, I would stick to 8 contracts until you're risk is only 1% or 2% of capital.. Good trading Michael.. We're enjoying going with you on this journey... 👍😎
@@_Randwulf Thanks Randwulf, your math is totally right! The number of contracts you trade can quickly ramp up with this strategy. That's one reason why I love this trading style, and want to perfect it
@@MichaelChin hey Michael 3 questions! (I'm still learning terms and concepts) 1. please tell me what platform .... I heard you say NINJA ON ANOTHER VIDEO do your trade on? 2. You know of robin hood your teaching on these options ? How's it work any different? Would you ever look at oil stocks like DNR DENBURY OR XXEON FOR SHORT SELLING? your trading for a scapling ?do you recommending your awesome I never new what short selling was intill you showed me
Maybe it’s like have one good wife , having another 4 could give you more head aches 😆