Quote from PropTraderMTL:
I know this example below is simple but think about it!
Strategy 1
+$2,500 (Day 1) + $3,000 (Day 2) - $3,800 (Day 3) - $1,000 (Day 4) +$1,200 (Day 5) = +$1,900 for the week
Strategy 2
+$600 (Day 1) + $800(Day 2) - $100 (Day 3) + $200 (Day 4) +$500 (Day 5) = +$2,000 for the week
Although its not fun and exciting you make more in the second strategy... It was not until I realised and fully accepted this that I was able to then implement my change.
I'm not making as much as I used to but now I am making $$$ much more consistently and more importantly I was able to get out of my hole. Nothing feels better then doing that
Quote from PropTraderMTL:
It really sounds like your trying to hit home runs. This is an awful strategy to come out of a hole. Trust me I have been there.... I got in a big hole... I would say I was about 25% responsible for it and the rest was a halt and I couldn't do anything about it.
Anyways, after getting in a big hole for the next 3-4 months I tried to really push it and make big trades. I really didn't make much back and was basically was just treading water and not making any progress.
For example I was easily making $2-4k a day but I wasn't being consistent and would lose 100% of what I made over 3 days in just one bad day. I would look back and go "wow if I just add up my positive days this month I would have made 25-30k" however then I include my bad days I would be up a couple of thousand if I was lucky.
The big change came when I just took small profits, smaller size, looking to have a string of positive days rather then up 1 day down the next. I started stringing runs together like 1-2 negative days out of 20. This is when things started to click again and I could make $$$. I had stopped trying to hit the ball out of the park and focused on making singles and focusing on not losing much when things were not going well.
I know this example below is simple but think about it!
Strategy 1
+$2,500 (Day 1) + $3,000 (Day 2) - $3,800 (Day 3) - $1,000 (Day 4) +$1,200 (Day 5) = +$1,900 for the week
Strategy 2
+$600 (Day 1) + $800(Day 2) - $100 (Day 3) + $200 (Day 4) +$500 (Day 5) = +$2,000 for the week
Although its not fun and exciting you make more in the second strategy... It was not until I realised and fully accepted this that I was able to then implement my change.
I'm not making as much as I used to but now I am making $$$ much more consistently and more importantly I was able to get out of my hole. Nothing feels better then doing that
Quote from PropTraderMTL:
It really sounds like your trying to hit home runs. This is an awful strategy to come out of a hole. Trust me I have been there.... I got in a big hole... I would say I was about 25% responsible for it and the rest was a halt and I couldn't do anything about it.
Anyways, after getting in a big hole for the next 3-4 months I tried to really push it and make big trades. I really didn't make much back and was basically was just treading water and not making any progress.
For example I was easily making $2-4k a day but I wasn't being consistent and would lose 100% of what I made over 3 days in just one bad day. I would look back and go "wow if I just add up my positive days this month I would have made 25-30k" however then I include my bad days I would be up a couple of thousand if I was lucky.
The big change came when I just took small profits, smaller size, looking to have a string of positive days rather then up 1 day down the next. I started stringing runs together like 1-2 negative days out of 20. This is when things started to click again and I could make $$$. I had stopped trying to hit the ball out of the park and focused on making singles and focusing on not losing much when things were not going well.
I know this example below is simple but think about it!
Strategy 1
+$2,500 (Day 1) + $3,000 (Day 2) - $3,800 (Day 3) - $1,000 (Day 4) +$1,200 (Day 5) = +$1,900 for the week
Strategy 2
+$600 (Day 1) + $800(Day 2) - $100 (Day 3) + $200 (Day 4) +$500 (Day 5) = +$2,000 for the week
Although its not fun and exciting you make more in the second strategy... It was not until I realised and fully accepted this that I was able to then implement my change.
I'm not making as much as I used to but now I am making $$$ much more consistently and more importantly I was able to get out of my hole. Nothing feels better then doing that
Quote from archimg77:
Agreed, it also took me some time to realize that ...
mastacoli71 has too big swings, I was doing the same thing win/loss : +/-15% per week.
You want to make 150k, it is 150%, you have 200 trading days (remainder holidays), you loose on 50 days max. 1% and you make 1-2% and you should get there.
You have to leverage down!
Quote from mastacoli71:
Steady week for me. Feeling a lot better about my trading (although I had a flu/cold all week) then I have in a long time. I am sure volatility is helping matters but also the fact that I am staying disciplined, going for singles, and not letting losers get out of control.
Size I am trading is still relatively small compared to the past but the last 2 weeks results will allow me to size up some next week. Still going to take it slow and be very cautious. It's not a race.
I started trading a larger group of stocks based on predetermined criteria and also stopped trading F and FFIV. Amazingly my single stock intraday trading results improved dramatically. I am still doing pairs which are moving nicely now with the increased volatility. However, not going to let this fool me like it did before.
LOL, I just realized end of last week was not 3/11 but 3/4 so to keep the records straight my results for 3/4 are posted below.
Week ending 3/4/11
Daily Net P/L: +310, -193, -226, +2320
Week Net P/L: +2200 on 123,000 shares traded
Week ending 3/11/11
Daily Net P/L: -720, -50, +1950, +2690, +990
Week Net P/L: +4860 on 156000 shares traded
Quote from trader198:
your annual goal is $150k
trading day in a year is about 250 days, may deduct some for holidays/vactions/sicks, how about 220days
that is about $730/day, actually that is ideal
I saw lots of your gains are above this level, and lots of your loss are above this level too
normally people will win at 80%time , at 20% time they may lose (inavoidable). if R/R is 1:2
0.8*220*2x-0.2*220*1x=150000, x or
then the winning day, you should net at least: $1200
and you losing day should not lose more than $600.
too wild swing in your gain and loss, that is not consistent in P/L.
I do not know what is your consistency concept. you mean your trading strategy? or your P/L
if it is your trading consistent strategy,P/L may post wild results. in another way, that means your strategy is not good or flawed since it did not produce what you want "you want a consistent P/L"?