Chronicles of an Idiot

[VisionTrader]

Here is the last trade. It occurred to me that I had not posted a chart VTDT trade yet.

Again, it was good for 2 points only.

 

[Breakout]

Quote from VisionTrader:

Thanks. Going to work on my money management. I was just looking back over the day. I saw most of the signals, but the one's I didn't take are the one's that produced.

Caught this last one though. Going to ride it out and I am done. Have enjoyed typing with you. I'll be back next week.

Also, I will try to get some more info posted on the other types of trades that I look for to get some feedback. Will also try to get a spreadsheet posted to track the trades for feedback.

Have a great weekend and Father's Day if it applies. Later.

Sounds good...enjoyed today. Here's a couple of quotes from one of my favorite traders.


"Anyone who enters the financial markets
expecting to be right on most of their trades is in for a rude awakening. It's a lot like hitting a baseball-the best players only
get hits 30 to 40% of the time."


"If you pick oportunities so that the probable
reward is at least three times greater than the objectively measurable potential loss, you will make profits consistently over
time."


Trader Vic-Methods of a WallStreet Master...pg 25

 

[wally_]

Quote from Breakout:




"If you pick oportunities so that the probable
reward is at least three times greater than the objectively measurable potential loss, you will make profits consistently over
time."


Trader Vic-Methods of a WallStreet Master...pg 25

I could not agree more... Victor is my favorite author....

 

[VisionTrader]

Quote from inandlong:

I think you should have success with this method. Sometimes you will get a divergence from the double bottom only to have price make an even lower low. Hey it happens. But overall, the MACD divergence is one of the most poweful signals you can use.

One caveat though, the shorter the time frame, in my experience, the tougher the trading is. But again, I use the MACD as a setup along with MA's and have had very good success.

Oh and one more thing, as far as the ES and NQ go, try not to trade them between 1130-1415 eastern time. You will get chopped to death. Sure once a week there will be a nice move that you might have caught, but the rest of the time is whip city.

Good luck.

Meant to say thanks today, things were a bit hectic. Have you read thru my trades, any suggestions about risk/reward.

 

[VisionTrader]

I tried to post a excel spreadsheet with the records of the trades in it. Too Big.

I copied it to a word doc. Still too big. The word doc is only 432 KB, but I guess it will grow as time goes on.

Any ideas how to make this available. I wanted to keep the success rates, P/L etc in the journal.

 

[jhburton]

Quote from Breakout:




Even if you make it this time...risking 2 to make 2 isn't going to
make it over the long run, chief.

Breakout,
Going to bombard you with questions.

What is you normal stop loss? 1pt.? I agree with your 3 to 1 ratio but a 1 minute bar can easily move one point. Do you get chop around a lot? If you get a signal and get stop out but the signal is still valid, do you take the trade again?

 

[AAAintheBeltway]

Vision Trader,

Congrats on the start of an interesting journal and a nice two days. Unlike many of the newbie journals that have appeared here, I think your approach makes sense and can be viable. Good luck.

 

[nkhoi]

Quote from VisionTrader:

I tried to post a excel spreadsheet with the records of the trades in it. Too Big.

I copied it to a word doc. Still too big. The word doc is only 432 KB, but I guess it will grow as time goes on.

Any ideas how to make this available. I wanted to keep the success rates, P/L etc in the journal.

go to yahoo groups http://groups.yahoo.com/ create a yourself a group then upload your file into file section, then report the link to it here or you can get 1M of free space on boomspeed.com then save your file there and post the link here.

 

[Ditch]

Quote from VisionTrader:



Meant to say thanks today, things were a bit hectic. Have you read thru my trades, any suggestions about risk/reward.

if your sytem has a high expextancy, like yours (71% till now)you don't need to have a high reward to risk ratio to be profitable on the long run.

 

[Uni]

Quote from wally_:



I could not agree more... Victor is my favorite author....

I love Trader Vic too, but his books are painful to read because he just can't write (or he has a crappy editor).

There's an interesting interview with him in the latest S&C.

Sorry to get off topic, I'm really enjoying this thread. It's nice to read maturely-written posts for a change.