5% - 10% profit per day trading

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Quote from pocrel:

took your advice morph and ordered that book but i have nt with drawn my money one step at a time ha cheers mate and a massive congrads on your winning may it long continue mate
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You will see that a lot of the top traders interviewed in the book were unsuccessful to begin with (sometimes over a few years) and some got lucky but taking a massive risk (without really realising it) but then got stung when they thought they knew what they were doing.

The main thing linking all of the traders interviewed is that they all have a plan with strict rules (except perhaps Rogers who isnt really a 'trader' as such) regarding risk, money management, losing runs etc.

That is the next step for myself as I need to limit my risk much more now I've got myself a half decent stake.
 
Quote from porph:

You will see that a lot of the top traders interviewed in the book were unsuccessful to begin with (sometimes over a few years) and some got lucky but taking a massive risk (without really realising it) but then got stung when they thought they knew what they were doing.

The main thing linking all of the traders interviewed is that they all have a plan with strict rules (except perhaps Rogers who isnt really a 'trader' as such) regarding risk, money management, losing runs etc.

That is the next step for myself as I need to limit my risk much more now I've got myself a half decent stake.
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You and I are at similar stages Porph. Although your ascent has been exceptionally impressive where as I got my stake through a fundamental opinion that gave me a 800% return in 6 months but was more judgement than trading skill.

I have not made much day trading oil. I have developed a system of entering trades when pivot points are reached and staying in the trade till it reaches another PP or S/R. It seems to work well in theory - I have analysed it in an excel spreadsheet over the last 2 months and it would have made me 40k based on a maximum risk of £300-400 per trade. I also have rules in regards to position sizing - I give a weighting to certain factors such as the daily trend, the stock market trend, the dollar trend, the interday trend, the opening price and the net price. So, on paper, I have an edge of 30%+ based on a combination of a barely adequate risk to reward ratio and the fact most winners have oversized positions and most losers undersized.

At the present moment, however, I think oil is being influenced too much by the equity market. How are you profiting from the oil market? Trend following and using technical entries?
 
Mainly. However some of my trades are more instinctive though I use v tight stops with these. For example, yesterday the dow was moving v quickly so i went long with a fairly tight stop. If I had have been wrong the loss would have been about 40pts however I saw good momentum and made a lot of points.

Today its been pretty choppy which Im sure is more frequent on a friday and ive not had a huge amount of success after my overnight oil trade I posted earlier.
 
:'(


I just got up and looked at the oil chart, and once again i had made the right trade, but had pulled it for a huge loss s i started to doubt myself.. :(


Had sold lastnight with that £6 tick trade from 58.24, target set at 56.86, then had moved target to 57.26 to be extra safe... :/


Im not gna go in and buy oil now, as am just going to take the full day off and restart from monday.


But atleast this week has taught me to ALWAYS trust my calls and trades, and to always stick by them even if they start looking slighty frightening.



Since ive been doing that everday for weeks and weeks and months and months now, and had very very few lossing days during that time, and no losses that i couldnt handle.

Then this week as i had started using higher amounts per tick i started to look at the £s in loss, not the number of ticks,
and so bailed all the trades because of fear, not cos of thinking that the trades were wrong. :/


Gna come back monday and start hitting the oil like i used to before again though.. :)
 
enoying my day off 'work' today lol.

Amazing porph. You are my trading hero/idol!!

£50k+ account now! you dont seem very excited though, lol. You've made what a decent salary for a young guy in the UK wouild take the best part of 2 years in a month or so!!

Just keep on doing what you're doing and you'll never have to worry about money again in a few years time!!
 
cheers mate. About a year ago I opened an account with about 5k, got it up to around 20k and proceeded to lose all but a few hundred pounds. I've learnt a lot from that- It was very painful at the time, a massive dent to the ego. I was telling all my mates 'look how much money im making, ill be a millionaire this time next year'. Deserved the slapping I got and so this time I'm trying to stay calm and unemotional.

My aim is to keep it steady and this time If i suffer a 30% drawdown I will immediately cease trading, withdraw capital and take time off before resuming with much less capital.

I'm really tempted to withdraw some cash now but I have nothing I really need to buy. I thought about buying a Honda NSX as I've got an Integra which is an absolute blast but I think I'll hold out and save to buy a flat next year.

Cue disasterous 50k losing streak!
 
Quote from porph:

cheers mate. About a year ago I opened an account with about 5k, got it up to around 20k and proceeded to lose all but a few hundred pounds. I've learnt a lot from that- It was very painful at the time, a massive dent to the ego. I was telling all my mates 'look how much money im making, ill be a millionaire this time next year'. Deserved the slapping I got and so this time I'm trying to stay calm and unemotional.

My aim is to keep it steady and this time If i suffer a 30% drawdown I will immediately cease trading, withdraw capital and take time off before resuming with much less capital.

I'm really tempted to withdraw some cash now but I have nothing I really need to buy. I thought about buying a Honda NSX as I've got an Integra which is an absolute blast but I think I'll hold out and save to buy a flat next year.

Cue disasterous 50k losing streak!
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Sometimes your biggest gains are followed by your biggest losses. It sounds like you have that under control this time around. Instead of waiting for a 30% drawdown, pick a day and trade on the smaller side to keep you in the correct perspective. I wish you continued success.
 
Quote from porph:

cheers mate. About a year ago I opened an account with about 5k, got it up to around 20k and proceeded to lose all but a few hundred pounds. I've learnt a lot from that- It was very painful at the time, a massive dent to the ego. I was telling all my mates 'look how much money im making, ill be a millionaire this time next year'. Deserved the slapping I got and so this time I'm trying to stay calm and unemotional.

My aim is to keep it steady and this time If i suffer a 30% drawdown I will immediately cease trading, withdraw capital and take time off before resuming with much less capital.

I'm really tempted to withdraw some cash now but I have nothing I really need to buy. I thought about buying a Honda NSX as I've got an Integra which is an absolute blast but I think I'll hold out and save to buy a flat next year.

Cue disasterous 50k losing streak!
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Do you work full-time?
 
Quote from ps0013:

Sometimes your biggest gains are followed by your biggest losses. It sounds like you have that under control this time around. Instead of waiting for a 30% drawdown, pick a day and trade on the smaller side to keep you in the correct perspective. I wish you continued success.
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Thanks, sound advice. I've limited my number of trades, position sizes and stop loss sizes today. I've made 3 trades, all dow short trades for about £1000 profit.
 
Quote from porph:

Thanks, sound advice. I've limited my number of trades, position sizes and stop loss sizes today. I've made 3 trades, all dow short trades for about £1000 profit.
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Good Job.
 
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