1 YM contract, 50-points a day...

B

bmills313

What do you think? Is that a doable goal?

Say you aim for higher probability winners and the risk/reward is lower, opposed to the trades that have a much higher reward, but greater risk in taking them. Maybe that means scalping 10-points and jumping out before it reverses (or even goes 20 more points in your direction), rinsing and repeating 5-6 more times a day. Maybe you trade completely different strategies; that's irrelevant.

What is relevant is that on these days where the norm is average ranges of 200+ points there's obviously a lot of opportunities to be had, be it on 60-point bounces between S/R or little 15-point pullbacks.

Of course, this assumes dedication to your trading plan and just an AVERAGE of 50-points as there may be days of 100-points and others of -50.

I mix paper trading and actual trading as I formulate/tweak strategies and in the few weeks I've traded religiously with these new strategies for the YM I've been awfully damn close to that figure and due to poor trade exit/management I've clipped several winners short that could have easily put me over that goal (e.g: leaving at least 80-points on the table Friday during that wicked blast-off at opening). So, it's very exciting as it's not that I'm making poor trade decisions, just need better management to keep those winners running which is a never-ending process and one I'm excited about working on every day.

I know ANYTHING is possible I guess I just look to other YM traders for their thoughts on daily yields.

Anyway, thanks for looking, I appreciate any thoughts, encouragement or criticism and great trading to everyone out there!

bmills
 
Thanks, Cheese :)

BTW, do you typically trade YM? Do you also trade other index futures or are you trying other commodity contracts?
 
Quote from Cheese:

Yes.
:)
More...

what cheese forgot to mention is

there will be drawdowns

there will be 0 days

there will be loss of volatility eventually


all these things cheese forgot to mention

I am sure he was getting to it :cool:
 
HAHA!! Great stuff, guys!

To follow up, today made my 50-points pretty easily within the first couple hours and then I sat back and watched the various setups and such as everything went down and in a hurry. I know today isn't a "normal" day in anyone's imagination but it was awesome to see all the setups and how how nicely it trended (sorry LONGS).

I'll keep plugging away at it but I'm very encouraged by what I've experienced thus far being in the markets, both on the choppy days and the vert ramps like today. You're right: spend long enough looking at the screen and being a keen observer and you'll know pretty quickly what you can and cannot obtain!

I'm trying not to be a "target" guy who says "I want to make X each day" and would rather focus on just making good trades rather than watch them pass by while I'm holding my 50-points on the sidelines. But, I guess it's good to have goals somewhere in your mind if for nothing else as a barometer of your success, however you may define it.

Thanks, gang!

bmills
 
Hi bmills. Where did the 50 points come from as your target goal? I used to think of 100 points per contract as the "mythical" daily goal. I now find it is better to just trade as you see your setups. Like someone mentioned there will be 0 days and (-) days. So ride your winning days. I also found that pulling the plug on bad days keeps them from becoming terrible days. Bottom line cap your losses not your wins. Anyway, keep up the good work.
 
Quote from vrtrop22:

Hi bmills. Where did the 50 points come from as your target goal? I used to think of 100 points per contract as the "mythical" daily goal. I now find it is better to just trade as you see your setups. Like someone mentioned there will be 0 days and (-) days. So ride your winning days. I also found that pulling the plug on bad days keeps them from becoming terrible days. Bottom line cap your losses not your wins. Anyway, keep up the good work.
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I dunno, for sure. I guess I look at it as a nice return and one that through observation seems like it's not really a huge stretch with sound setups and money management. Maybe by aiming for 100-points it would force me to work smarter and not harder to get the 50...then in a roundabout way if I get my 50-point original goal I still feel like I fell short of my original goal and can work on sharpening the saw and make better trades so I can reach 100-points. I like that idea...a little deception never hurts! LOL!

As has been mentioned here, I'm really trying to just trade setups instead of considering that each day is a race and I gotta get to the finish, in this case 50-points. Of course I'd LOVE to make more but I'm liking the goal of 50-points as I get all my setups and management strategies working. Then, onto bigger goals!

Anyway, thanks for the comment/question!
 
You are selling yourself short, focus on the max risk on each day but make your goal for everyday to KILL the market for all it will give you. Reach for the sky my friend.
 
Paraphrasing from Ayn Rand: Always operate within the limits of your ability, but keep expanding those limits til the end of your life.
 
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