$2,000 to $200,000 in 2020 at 2.00% per day.
- Thread starter sstheo
- Start date
I am afraid to look, LOL! But your idea is a good one. I believe it will help me focus on higher-probability entries. I will see how I can best do this on Multicharts. If not, then maybe it is time to pull out Sierra Charts which I have free through AMP.
I have used MultiCharts for about 5 years for manual trading and like it. If I were into algos, I would appreciate it even more. It has lots of nice features. I have experimented with different algos at times, and I like the genetic algorithm feature which shaves off about 90% of the optimization testing.
Today was one of the toughest trading days for me in a long time. The 2 pm ET FOMC rate decision put things in an odd state before and then after. I thought things would stay in a tight range and then be volatile after, but it was reversed. They plunged and then rebounded, then after the release we stayed in the tight range which chopped me up a bit.
The first chart (10 tick range chart) is the YM with the full ETH (extended trading hours) session. I have my magic 50 sma with my favorite Cumulative Delta graph (light blue). Notice the plunge right after the open (7:30 on my chart). Then it rebounded and stayed in a tight range for most of the morning.
The second chart (5 tick range chart) is the closeup of the tight range and 6 short MYM trades.
Trades 1 and 2, were a bit risky because the 250 sma was still rising.
Trade 3 was risky because while the MA was flattening, I was not extended above or below, but was right on it. Trading with a flat MA can be suicidal.
Trade 4 was awesome. It felt too extended just before the news release. I did not want to hold through the interest rate decision release, but I don't mind going seconds up to it.
Trade 5 was over-extended above a fairly flat MA.
Trade 6 was after a pop against the 50 sma in a flat market.
The first chart (10 tick range chart) is the YM with the full ETH (extended trading hours) session. I have my magic 50 sma with my favorite Cumulative Delta graph (light blue). Notice the plunge right after the open (7:30 on my chart). Then it rebounded and stayed in a tight range for most of the morning.
The second chart (5 tick range chart) is the closeup of the tight range and 6 short MYM trades.
Trades 1 and 2, were a bit risky because the 250 sma was still rising.
Trade 3 was risky because while the MA was flattening, I was not extended above or below, but was right on it. Trading with a flat MA can be suicidal.
Trade 4 was awesome. It felt too extended just before the news release. I did not want to hold through the interest rate decision release, but I don't mind going seconds up to it.
Trade 5 was over-extended above a fairly flat MA.
Trade 6 was after a pop against the 50 sma in a flat market.
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Made $98 today. I made 31 trades. This gives me a net gain of about $3.20 per trade. (My historic norm is about 10 to 20 trades per day)
@Laissez Faire here we go...
Some of my trades are on the MES, but most are on the MNQ, MYM, and M2k which all have a 50 cent tick value, so $3.20 gives me 6 ticks.
So as I add contracts, I can try to meet or surpass 6 ticks. If I don't think a trade can reach 6 ticks, then I should refrain.
Here is the updated table and chart.
@Laissez Faire here we go...
Some of my trades are on the MES, but most are on the MNQ, MYM, and M2k which all have a 50 cent tick value, so $3.20 gives me 6 ticks.
So as I add contracts, I can try to meet or surpass 6 ticks. If I don't think a trade can reach 6 ticks, then I should refrain.
Here is the updated table and chart.
I was up $60 today taking some shorts on a big down day, but then I decided for a bit more, and started to nibble on longs near yesterday's low, and what I thought was today's low.
MISTAKE!!! I ended up down for the day. I will post the damage when I get the AMP report. It could have been much worse, but I have become a better trader than I used to be.
But still, I ask you: Why did I not clean up on shorts??? I am still trying to figure that out.
The corona virus pandemic beginnings seem to be capturing the public attention. Can news like this really move markets, or is it just an excuse for the selling that the big boys were going to do anyway? We will never know. I have heard it both ways.
MISTAKE!!! I ended up down for the day. I will post the damage when I get the AMP report. It could have been much worse, but I have become a better trader than I used to be.
But still, I ask you: Why did I not clean up on shorts??? I am still trying to figure that out.
The corona virus pandemic beginnings seem to be capturing the public attention. Can news like this really move markets, or is it just an excuse for the selling that the big boys were going to do anyway? We will never know. I have heard it both ways.
My first losing day. Down $66.
And I know it will not be my last. But I will keep trying to hold my losses small.
And I will just pull the plug if I get to a 4% daily max loss on the account. I say 4% because this way I can adjust the dollar value as the account grows.
My stop on Monday will therefore be $2600 x 4% = approximately $100 max loss for the day (or 5 bad contracts/trades in a row at $20/contract.)
Here is the updated chart.
And I know it will not be my last. But I will keep trying to hold my losses small.
And I will just pull the plug if I get to a 4% daily max loss on the account. I say 4% because this way I can adjust the dollar value as the account grows.
My stop on Monday will therefore be $2600 x 4% = approximately $100 max loss for the day (or 5 bad contracts/trades in a row at $20/contract.)
Here is the updated chart.
Here's another way to look at it...
From Day 8 to day 10, you made $12. So you basically made money on day 8, took day 9 off, and came back on day 10 to make 12 bux. Maybe that will help your perspective?