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Building Consistency (6 of 6)


Options involve risk and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options before deciding to invest in options.

There is an old joke about a man entering a taxi in NYC and asking the driver if he knows how to get to Carnegie Hall and the driver responds, “practice, practice, practice” well the same goes for scalping and in this 6th segment of the series we focus on building consistency through practice and other consistency measures. There aren't many slides so you really need to listen to get the most out of it.

Malcolm Gladwell put forward the idea that it takes 10,000 hours of practice to master a skill. It’s difficult to measure time spent scalping but practice certainly doesn't hurt. A great free throw shooter shoots his free throws the same way every time. He watches the positioning of his feet, how he bends his knees, grips the ball, etc. It’s the same in scalping. Your trade size, what you scalp and some other important areas are discussed. You need to know these things to be successful.

The 5th segment of this series demonstrated that we are in the “scalping zone.” about two thirds of the time. That gives you plenty of time to practice. A pilot can’t become a first officer without 1500 hours of training and he still needs another 100 hours to become a captain. A pre-med student in college will have four years of medical school and another three years to become an Internist and three more years of a Fellowship to become a Cardiologist. Scalping success takes time too.

Watch this segment of Scalping with Tom Sosnoff and Tony Battista for the key areas to focus on to be consistent in your scalping, a reminder about when you can scalp and how important practice is.

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