A 70k bet that I can't make a 50% gain in 2009

Geez,

I enjoy reading your journal. Your trading style is similar to what I would like to take live here very soon. It looks like you're well on your way to winning the bet.

It would be helpful if you could summarize your winning percentage and your $W/$L each week and YTD so that we can see the ups and downs of trading.

I noticed that your $W/$L is around 1.8 which doesn't leave you too much room for error if your winning percentage happens to fall below 50%. I guess you would have to either cut your losses a little tighter or extend you gains a little.

Great thread...
 
Quote from Scorpiano:

Geez,

I enjoy reading your journal. Your trading style is similar to what I would like to take live here very soon. It looks like you're well on your way to winning the bet.

It would be helpful if you could summarize your winning percentage and your $W/$L each week and YTD so that we can see the ups and downs of trading.

I noticed that your $W/$L is around 1.8 which doesn't leave you too much room for error if your winning percentage happens to fall below 50%. I guess you would have to either cut your losses a little tighter or extend you gains a little.

Great thread...
More...

I'm not quite sure what you would like to see. Is it my win % ?

If so, I can post that on a weekly or monthly basis too. As for the 1.8 to 1, I actually go for 2 to1 and with slippage here and there I make sure I get AT LEAST 1.8 to1 on avg. My trade % is usually over 50% (closer to 60%), so it gives me some wiggle room, but I do agree with you when you say that if you fall below 50% 1.8 to 1 is a tight margin to play with.
 
Geez,
If you just add a couple stats to your weekly summary it helps to monitor your progress. Its also valuable information for you to evaluate if you need to make adjustments along the way. I know its more work but helps clarify the journal results.
Thanks.

maybe something like this?

WEEK ENDING 02/13/09:

TOTAL P/L -322.86
Wins: 2
Loses: 6
W%: 25%
$Wavg/$Lavg= 2.11

YEAR TO DATE
P/L + 4,662.17
Wins: xx
Loses: xx
W%: 60%
$Wavg/$Lavg= x.xx
 
Quote from geez:

I'm not quite sure what you would like to see. Is it my win % ?

If so, I can post that on a weekly or monthly basis too. As for the 1.8 to 1, I actually go for 2 to1 and with slippage here and there I make sure I get AT LEAST 1.8 to1 on avg. My trade % is usually over 50% (closer to 60%), so it gives me some wiggle room, but I do agree with you when you say that if you fall below 50% 1.8 to 1 is a tight margin to play with.
More...

Interesting posts, I am at a loss to decifer how you determine your entry points for daytrading?

I use stochastics, MACD, and OBV. Not the holy grail, but they do help!

You are doing very well though! I am at a loss, do you just use volume? A 5 minute line chart only??
 
Quote from Scorpiano:

Geez,
If you just add a couple stats to your weekly summary it helps to monitor your progress. Its also valuable information for you to evaluate if you need to make adjustments along the way. I know its more work but helps clarify the journal results.
Thanks.

maybe something like this?

WEEK ENDING 02/13/09:

TOTAL P/L -322.86
Wins: 2
Loses: 6
W%: 25%
$Wavg/$Lavg= 2.11

YEAR TO DATE
P/L + 4,662.17
Wins: xx
Loses: xx
W%: 60%
$Wavg/$Lavg= x.xx
More...

YEAR TO DATE:

Wins: 29
Losses:25
B/E: 3
Win % : 54%
Avg Win: 369.47
Avg Loss: 218.62
Ratio: 1.69
 
Quote from pstallone:

Interesting posts, I am at a loss to decifer how you determine your entry points for daytrading?

I use stochastics, MACD, and OBV. Not the holy grail, but they do help!

You are doing very well though! I am at a loss, do you just use volume? A 5 minute line chart only??
More...

Thanks pstallone,

I just look for 4 select patterns on the 5 min charts intraday and scan the daily charts at night to give me a bias for the next day. Volume really does not factor in on my patterns. I'm a patterns trader.

I post my trades here in real time when I actually enter them. I will start to include the pattern that I entered on, or why I entered the trade to help understand what I am looking at during each trade.
 
Quote from geez:

Thanks pstallone,

I just look for 4 select patterns on the 5 min charts intraday and scan the daily charts at night to give me a bias for the next day. Volume really does not factor in on my patterns. I'm a patterns trader.

I post my trades here in real time when I actually enter them. I will start to include the pattern that I entered on, or why I entered the trade to help understand what I am looking at during each trade.
More...

Thats very interesting, I always look for trends, obviously. what patterns do you look for?

With daytrading, patterns sometimes emerge to late to take advantage of them, thats why I use the indicators, but i have been getting whipsawed quite a bit with this crazy market.

Stocks, to me anyway, seem much to jumpy lately!

Market trends change dramatically midday. I call it the OBI (Obama Index!)
 
02/17/09:

Daily charts of SPY and DIA look short, and we are gapping down this a.m., so it will be hard to get into an early short.

I may try to find a stock holding well to scalp long at the 1st reversal(on the 5 min charts), but for the most part I will be looking to get into an index short(or buy DXD, SDS, FAZ..etc)..
The key for today will be waiting for that setup....wait for the short to come to and don't chase........
Of course all goes out the window if we rock straight up from the get go!!!:)
 
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