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I am still finalizing my max per-trade Draw Down, but on the day, it is 5% per day. At $7k, that would be $350. This would give me at least a bare minimum of 20 to 25 trading days of "air."

To finish up with my last post, here is an actual chart from an actual trader. QED.

I use a 7 tick range bar candlestick chart on the ES as my main chart. I showed a picture of it previously. But indeed, the Line-on-close chart is my fast-entry scalping chart. I prefer them because I can squeeze everything together and still see a lot of data, whereas the candlestick just...

You must be talking about the first two trades here? The CDelta was fairly strong long at the time and I did, in fact, average down. I see that. Good catch. But notice how close together the entries are and how fast the market was moving. It is certainly not a normal averaging down -...

Thanks for the encouragement. "BANG FOR THE BUCK" is an interesting phrase that fits perfectly with the "high-probability" idea. And you have expanded the concept into a time-of-day and day-of-week concept. I only have two weeks of data now, which is statistically pretty small. But at the 4...

Where can I see the "proof" you mentioned that supports my personal observation? Thanks.

I should really proof read my posts before I hit send. I see so many errors. And to think I got an "A" in English in high school. I need to correct a line from #6 above. It should say "See WHAT IS, not what you want to see." For example, this means if the market is going UP, then...

Great chart. I will work on this.

WOW, pretty amazing journey on both the good and bad. Great cautionary accounts of your friends. Your comments are welcome.

I am actually trading all four indices S&P, Nasdaq, DJIA, Russell with micros. I have done the hedging you discuss in the past (taking an opposite position on a different instrument), but not recently. Because these four are often in sync, I am usually just going after the more probable...

Yep. Mental only. It's all about psychology. It was an important discussion I had with him. Maybe there is a word for a "Dark Side Epiphany" LOL? Maybe "Bombshell"? "Missile to the brain?" or "Thunderbolt?" I recognized that there may be a big evil boogeyman out there I hadn't counted on...

Yesterday I took 35 trades, and you saw the charts with about half of them - hot off the press. With 98 dollars NET profit after fees, I got about 50% of the goal for the day, but the price action seemed weird yesterday, and I don't have any regrets. "When in doubt, stay out." On a per-trade...

Thanks for the great explanation. Indeed, "the mental game" is the entire focus of this journal. After today, with about $90 net profit, my current S&P points/day average is 28. If I can keep this number above 20 full points per day and slowly grow the contract size as planned, then things...

I am guessing you are not referring to Pacific Daylight Time. LOL. What is PDT?

Before the micros there were only E-minis. Need I say more? Okay. I will. This is an semi-abbreviated version of my whole story of the last 14 years: IB Between 2005 and 2007, some freaking idiot who looks a lot like me took my $100k Interactive Brokers trading account and made lots of...

I like to hear from everyone and see what good ideas there are. The BIG problem with POLITICS in the USA (and probably everywhere) right now is the increasing polarization: I don't want to only be in an echo chamber, so I welcome day traders, swing traders, and investors! There is much...

Thanks for taking the time to write that. Lots to think about. Good stuff. Two weeks trading is not enough time to get any good stats. In two months lets see where I am.

I probably said I am doing better at going with the trend. But my main mode is mean reversion. The market is ranging 70% of the time I keep hearing, and that is what I have seen too. Ranges and mean reversion are my mainstay. I am doing better at seeing the trend entries and actually going...

I agree 100%. My main mode is mean reversion, but indeed sometimes the market tanks and sometimes it shoots to the moon. I am prepared for this. IF I don't jump on board, I simply take a small loss and patiently sit out the move. There will always be another trade. And I want to say this...

@Laissez Faire If you look at my daily report again, you will see the following columns after the number of trades. I added these 5 columns for the very reason you mentioned. The average contracts per trade will now start to rise, yet my average Ticks/Trade should remain stable (or rise...