5% - 10% profit per day trading

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Quote from porph:

Spanish, the outlook everywhere is negative with companies going bankrupt, unemployment figures rising etc etc.

Sometimes you have to go with the flow rather than being contrarian.

Made some of my profits today on 2 dow sells where there was a pullback up to levels of short term resistance. Both orders were predetermined with limits orders.

Closed out with over 320pts in total for those two.

Also traded a lot of smaller positions on pullbacks in crude.

Broke my rules on total directional exposure but I guess it worked out today.

Profit of £7493.65 of which some of it was last night after my last posting.

Balance up to £35,005.23 from £5,000 after 15 trading days.
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That is an excellent run.

What is your maximum position size as a % of account?

Did you short at 58.87? That was the only clear cut trade I saw today. Took 100 PIPS into S1 for 30 PIPS risk.

I was tempted to short the break of S1 but thought the price had moved too low already - turns out I was wrong and the price has settled just above S2.

Spanish - as Warren Buffet said " the market can say irrational longer than you can say solvent". You won't get them all right just be prepared to cut your losses - what ever you do don't let them run.
 
Quote from candles:

doing good traders :)

Good return today mr proph. Took a similar amount from the market myself today, but it really should have been LOTS more. My nightly systems homework came up very negative for todays session. Should have had a bit more confidence in the trade. Still managed a few hundred points though.... :)
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good to hear. I took about 1k in losses but I felt they were necessary in making sure I was in the market for the bigger needs.

You've mentioned your system a few times before, what sort of indications do you look for? (understand if you want to keep them to yourself)

Personally I just read as many news stories as possible, look at the charts and note down my ideal entry points if the price action confirms my thinking.
 
Quote from MJUK:

That is an excellent run.

What is your maximum position size as a % of account?

Did you short at 58.87? That was the only clear cut trade I saw today. Took 100 PIPS into S1 for 30 PIPS risk.

I was tempted to short the break of S1 but thought the price had moved too low already - turns out I was wrong and the price has settled just above S2.

Spanish - as Warren Buffet said " the market can say irrational longer than you can say solvent". You won't get them all right just be prepared to cut your losses - what ever you do don't let them run.
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I've always liked that quote. I've felt it on a few occasions where I've not closed out losses quickly.

I shorted crude though I trade brent so the price is a little different. I sold a few of the pullbacks too for some small profits.

As I said before, the majority of my profits were from shorting indices.

With regards to % of account per trade i look to a max of about 3-4% though I am looking to reduce that as my account grows. I tend to quickly increase position size if a trade is proven correctly and it looks like a larger move. I use stop losses to try to limit it to a break even worst case scenario.

I dont stick to the textbook trading 101 style as I believe at times you need to take on additional risk but thats just my personality.
 
Quote from porph:

good to hear. I took about 1k in losses but I felt they were necessary in making sure I was in the market for the bigger needs.

You've mentioned your system a few times before, what sort of indications do you look for? (understand if you want to keep them to yourself)

Personally I just read as many news stories as possible, look at the charts and note down my ideal entry points if the price action confirms my thinking.
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I cant really go into the system side of things because I feel it is one of my definite 'edges' over the 90% of the people who lose in trading, and it took me about 4 years of analysing data to develop. In its simplest definition, it is just an excel speadsheet with hundreds of market readings taking periodically and observations that are given a number rating which eventually gives me a bias for the following day.

Dont get hung up on it though. It gives me generally just 1 trade per day and I tend to make LOTS more trades based on my chart trading alone throughout the day.

Good trading.
 
FUCK!!!!!


I lost £1,392 on that dow trade as it hit my stoploss!!

It only went down 14points lower but then bounced!! :( :mad: :mad: :( :(


I now have barely over £9,000 capital left, and that oil trade is nearing 1k loss!!


Where the fuck is all the bounce!!!!!?? :confused: :confused: :eek:
 
:'(


i just took a loss of £975 by closing out that oil trade as dow kept falling!!


Thats now a total loss for today of £2,286 today!!!! :'(


And i now have just over £8,000 capital left, and gna have to withdraw nearly £1,500 more before the 16th to pay rent and living expenses for the next 1month!! :(


This is when i did follow my stratergy even, but the market just hasnt had any bouce whatsoever!
 
Quote from spanish89:

:'(


i just took a loss of £975 by closing out that oil trade as dow kept falling!!


Thats now a total loss for today of £2,286 today!!!! :'(


And i now have just over £8,000 capital left, and gna have to withdraw nearly £1,500 more before the 16th to pay rent and living expenses for the next 1month!! :(


This is when i did follow my stratergy even, but the market just hasnt had any bouce whatsoever!
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When I take a bad loss I often take a few days off - might be worth considering if you are hurting from it.
 
Quote from porph:

Spanish, the outlook everywhere is negative with companies going bankrupt, unemployment figures rising etc etc.

Sometimes you have to go with the flow rather than being contrarian.
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Isnt this all just stale old news now though?? :confused: :eek:


For the dow i could just about accept that it fell 1000points+ in last 2days because of bad earnings reports,
but oil losing 2/3 of its price in 3months??!!


There hasnt been anywhere close to even 1/3 less demmand from people and companies for oil, especially when its as cheap as it is now. :(



can i just ask till what price it will have to fall to before you say ''ok now this is enough, its just too risky to keep on selling from this level''???
 
Quote from MJUK:

When I take a bad loss I often take a few days off - might be worth considering if you are hurting from it.
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I cant afford to.

Ive fucked up so soo bad for the last 2weeks missing out on thousands by not being greedy, and instead merely taking hundreds per day!1

And then now losing this money and taking this hit to my capital is crushing financially.


Im now only on £2,169 profit so far for this contract month, and going to have to spend £1,500 of that by next week! :(


And so i cant afford to take any more days off as i need to start earning again so i can keep from being homeless and having no food.. :(:(
 
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