He makes 3-5% almost every day. See his logs at TheStrategylab.com.
5% - 10% profit per day trading
- Thread starter spanish89
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K ive been reading more of Anneks journal thread, and he has said:
Amateurs want to be right, professionals just want to make money, therefore, I believe a 1:1 risk vs reward is a good starting point to FORCE yourself to trade well.
1.3 risk vs 1.0 reward MAYBE for starters but never above that. As you get more experienced it is your duty, yes your duty, to start expanding that reward area, and only then is that you reach constant profitability.
If you *have* to use a bigger stop then you simply need to polish your entry skills or else look for other risk management methods like adjusting stops on the fly, of course, always tightening NEVER widening.
The idea is to REDUCE risk not increase it.
And since he is at the same level of highness as Trader_Dante i am going to listen to him,
and so have decided that from now on even if i switch back to my trading for pullback moves after big spikes, my profit level to risk level is always going to be 1:1.
When i do my demo day today of 'intra-day trend following trades', i have decided that i am going to use stoploss of 62ticks, and at £2 per tick.
And if i do stick to trading this style with real money i am have decided to set the following rules-
*All trades at only £2 per tick no matter how easy and guaranteed the move looks, and ALL trades with a stoploss of 62ticks.
*If i get into a loss of £124 at anytime of the day to end the day there no matter what.
(Even if it my 1st trade that gets stopped out)
This way i wont ever have days where i lose more than £124, which is JUST about maneagle and is just about a low enough loss to not make me go drinking lost of my white rum and then feeling very sad and upset and angry and rage at myself all the day and night.
:/
Amateurs want to be right, professionals just want to make money, therefore, I believe a 1:1 risk vs reward is a good starting point to FORCE yourself to trade well.
1.3 risk vs 1.0 reward MAYBE for starters but never above that. As you get more experienced it is your duty, yes your duty, to start expanding that reward area, and only then is that you reach constant profitability.
If you *have* to use a bigger stop then you simply need to polish your entry skills or else look for other risk management methods like adjusting stops on the fly, of course, always tightening NEVER widening.
The idea is to REDUCE risk not increase it.
And since he is at the same level of highness as Trader_Dante i am going to listen to him,
and so have decided that from now on even if i switch back to my trading for pullback moves after big spikes, my profit level to risk level is always going to be 1:1.
When i do my demo day today of 'intra-day trend following trades', i have decided that i am going to use stoploss of 62ticks, and at £2 per tick.
And if i do stick to trading this style with real money i am have decided to set the following rules-
*All trades at only £2 per tick no matter how easy and guaranteed the move looks, and ALL trades with a stoploss of 62ticks.
*If i get into a loss of £124 at anytime of the day to end the day there no matter what.
(Even if it my 1st trade that gets stopped out)
This way i wont ever have days where i lose more than £124, which is JUST about maneagle and is just about a low enough loss to not make me go drinking lost of my white rum and then feeling very sad and upset and angry and rage at myself all the day and night.
:/Remember, two higher lows, two higher highs constitute an uptrend channel.
Two lower highs and two lower lows , constitute a downtrend channel.
Don't force your trades, let 'those' patterns form.
I have underlined that here because i have a pen but no paper in my flat, so i cant write it down anywhere..
But i wrote it here so i can always remember it...
I trade with lines not bars as i much prefer lines, so its gna be interesting trying to workout what counts as a 'completed low' in with a line... lol
Two lower highs and two lower lows , constitute a downtrend channel.
Don't force your trades, let 'those' patterns form.
I have underlined that here because i have a pen but no paper in my flat, so i cant write it down anywhere..
But i wrote it here so i can always remember it...
I trade with lines not bars as i much prefer lines, so its gna be interesting trying to workout what counts as a 'completed low' in with a line... lol
K well i held it down to the 1st of the 3 support levels,
at 49.96 i moved stoploss to b.e,
wanted a quick fall down to 49.81 cos i would have take rofit there, and sold the pop thene at £1 per tick.
But cos it started to form a block i took profit at 49.96 of after spread profit of £66.
Market did hodl that block for 2mins, then fell fast to the .81 level where its made a block again. :/
The reason it fell was cos it made the 'hanging man' formation.
Ive always LOVED selling as far to the right as possible of taht 1...
And so my next order is set as sell from 50.26 (the low of the handman shoulders), stoploss of 30ticks, or rather just above his hat, so if market does do a double top il still be in.
at 49.96 i moved stoploss to b.e,
wanted a quick fall down to 49.81 cos i would have take rofit there, and sold the pop thene at £1 per tick.
But cos it started to form a block i took profit at 49.96 of after spread profit of £66.
Market did hodl that block for 2mins, then fell fast to the .81 level where its made a block again. :/
The reason it fell was cos it made the 'hanging man' formation.
Ive always LOVED selling as far to the right as possible of taht 1...
And so my next order is set as sell from 50.26 (the low of the handman shoulders), stoploss of 30ticks, or rather just above his hat, so if market does do a double top il still be in.
if you are here porph and not too busy please could you do me a favour and just look at the oil chart quick as let me know if im still being too cautious about 'not holding in fear of chasing trend'??
Cos the market just fell a few ticks below my target, then bounced back over 15ticks, so it was a perfect target...
But cos im a long-time 'pullbacks trader', when i saw it fall steeply i pulled the trade as was scared of pullback coming..
Cos the market just fell a few ticks below my target, then bounced back over 15ticks, so it was a perfect target...
But cos im a long-time 'pullbacks trader', when i saw it fall steeply i pulled the trade as was scared of pullback coming..
K next trade ive setup is £2 tick sell if oil price can touch and register on my sb platform at 50.13 (il get filled at 50.09 cos using teh 8ticks stoploss contract now ),
taht trade has a 30ticks stoploss, cos if oil goes over 50.30 level id know trend was trying to reverse, but i will have till 50.35 before id get stopped out.
(so technically only have a 24ticks stoploss). :/
if that trade gets filled on a quick pop up, but then down trend continues target for that trade is 49.02
),taht trade has a 30ticks stoploss, cos if oil goes over 50.30 level id know trend was trying to reverse, but i will have till 50.35 before id get stopped out.
(so technically only have a 24ticks stoploss). :/
if that trade gets filled on a quick pop up, but then down trend continues target for that trade is 49.02
K i saw another hang man form at the 49.52 level, was so slidey and falling down taht i just couldnt resist it, only did it at £1 per tick though since i knew i was about to get a bad fill, and did, as it slid 4ticks down as my fill came in, then bounced back up 2.
I got the fill as oil hit 49.48 (filled 49.44 after spread), and id set target level for 49.02 (so oil would have to touch 48.98).
As soon as it started moving in my favour i started lowering s/l, but not too fast to not allow for noise, but you could physically see teh price like some guy who fell down a tunnel, tryiing to clim up, but just couldnt do it...
And so as price kept falling i moved to breakeven as it touched 1st resistance, i was considering cashing in early again, but since it was only £1 tick and was gauranteed £1 profit worst case i just left it to run, which was a great move as price crashed though my target (that i knew was quite high above the 48.86 support), but seeing such a steep fall from the mid 50s where i started selling i didnt want to take any chances.
However my target was meant to be filled at 49.02 (oil at 48.98), yet cos it crashed so fast my sb firm actually filled my close at 48.97 AFTER the spread!!
so oil at 48.93.
Must remember to thank them for that
I was then gna have a cheeky quick buy, decided to not get cocky but did it on virtual, and made 20ticks more in seconds.
I got the fill as oil hit 49.48 (filled 49.44 after spread), and id set target level for 49.02 (so oil would have to touch 48.98).
As soon as it started moving in my favour i started lowering s/l, but not too fast to not allow for noise, but you could physically see teh price like some guy who fell down a tunnel, tryiing to clim up, but just couldnt do it...
And so as price kept falling i moved to breakeven as it touched 1st resistance, i was considering cashing in early again, but since it was only £1 tick and was gauranteed £1 profit worst case i just left it to run, which was a great move as price crashed though my target (that i knew was quite high above the 48.86 support), but seeing such a steep fall from the mid 50s where i started selling i didnt want to take any chances.
However my target was meant to be filled at 49.02 (oil at 48.98), yet cos it crashed so fast my sb firm actually filled my close at 48.97 AFTER the spread!!
so oil at 48.93.
Must remember to thank them for that
I was then gna have a cheeky quick buy, decided to not get cocky but did it on virtual, and made 20ticks more in seconds.
I seriously do love this style of trading as its so so easy, as all i have to do is chase the trend!!
+Even if i did take a loss itd be so small, and as i keep lowering the s/l every few ticks that price goes into my favour that potential loss is getting smaller and smaller infront of my eyes!!
So theres no more having to get drunk to get myself out of reality just to hold through losses, and always feeling scared inside...
Instead i can just now just sit back and keep chasing and hunting the market as it moves!!
Although i am in 2minds about going long with my monthly crude contract as i doo see quite a clear trend starting to form from the longerterm chart....
(pic attached)
Although i probs am gna wait for the dow to crash more before i do that, so i can see how well crude holds).
+Even if i did take a loss itd be so small, and as i keep lowering the s/l every few ticks that price goes into my favour that potential loss is getting smaller and smaller infront of my eyes!!
So theres no more having to get drunk to get myself out of reality just to hold through losses, and always feeling scared inside...
Instead i can just now just sit back and keep chasing and hunting the market as it moves!!
Although i am in 2minds about going long with my monthly crude contract as i doo see quite a clear trend starting to form from the longerterm chart....
(pic attached)
Although i probs am gna wait for the dow to crash more before i do that, so i can see how well crude holds).
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