Could really use some advice please

Quote from MAESTRO:

I am sorry, I was just trying to help. I was implying in my post that the MM technique is a core of a trading talent. That's all.

Cheers
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No biggie, you were trying to help and I appreciate it. Thank you.
 
Quote from fearless9:

No. Still working in the school of hard knocks.

regards
f9
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Well, then, let me humbly suggest you check out the website. Twenty years ago or so while I was dealing with my mid-life crisis I found the Self-Realization Fellowship and it did more to get my head on straight than anything else.

http://www.yogananda-srf.org/
 
I mean no disrespect, but you need to man the fuck up.

If you have positive expectancy than you have to trade it no matter what. I often lose hundreds in the last hour which bugs me but I don't turn off my ATS because I know at the end of the month I'll still have positive expectancy that last hour.

It bugs me but I'll forget about it 10 minutes after the close and it leaves no lingering bitterness. You'll be the same eventually.

Quitting after reaching goals is such a bad idea. You most likely hit your goal because favorable market conditions were present for your strategy. Why stop? I bet you wouldn't stop if you were even and the market conditions needed for your strategy weren't there (which is when you should actually stop).

edit: listen to acrary. man knows what he's talking about
 
Quote from acrary:

Unless you have a logical reason for stopping trading such as, "you expect market conditions to become unfavorable for your trading method", there is no reason to stop trading. I suspect your fear of giving back profits is caused by your excessive trading size. It's logical to stop trading daily, weekly, etc. when you're doing poorly due to market conditions, poor focus, or other adverse reasons. Check your pulse and blood pressure when trading. If it's significantly different than at rest, then stress is probably your real problem. With your excellent record, you could reduce your stress by reducing your trade size to 1-2% of account and trade every day (with firewalls in place to halt trading during losing periods). If you need to trade 5% of your account for financial reasons, consider stopping trading and get a job to build your bankroll so you can trade without risking so much.
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Appreciate your response, thank you, but interestingly, as I increased investment size from 1% to 5% over a period of a year, my feelings about holding onto profits did not suddenly emerge. They were always there, regardless of size.
 
Quote from Ansare:

Have been working hard at becoming a competent and consistent day trader for three years.

The good news is that I am now at a point where I expect to consistently earn about 1% of my account size per week. The bad news is that I'm struggling with some decisions about some very important things.

I have daily/weekly/monthly goals, and--like all of you--just HATE giving back profits. If I hit my goal by 11 am, like I did today, I stop trading. If I hit my weekly goal, like I did today, I stop for the week. If I hit my monthly goal, like I did by February 24th, I stop. While it is great locking in profits, it's not so great to be (I would hope, anyway) leaving some very nice money on the table--and it's eating me up.

I also know--from first hand experience of course--that if I continue trading past my goal and end giving back even a small amount, then THAT eats me up.

If it matters, I average about 3.25 trades per day, win rate just over 50%, average winner is twice the size of the average loser. Position size is 5% of portfolio with goal of getting to at least 7.5%.

Thanks for reading and any suggestions.

A.
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Hey Ansare, I'm in the boat your in, I'm consistently profitable now but still not fluid, if you know what I mean. But it isn't worrying me. I've been skilled and successful in other fields and I'm thinking this works similar in regards to mastering the skill. In my other business's I reached a stage where I could make a living but I knew I wasn't there yet, I made mistakes and some wrong decisions. Experience took care of all that, eventually after doing the same thing over and over and going over my success and failure and learning from them I became skilled and competent. And that is the way I look at this business, takes time and practice and work. Nothing beats experience, except maybe an experienced person helping you along the way.
You've probably read it already but Mark Douglas book "Trading in the Zone" is a big help for me.
 
Quote from fearless9:

Interesting ... I would not have picked that from your opening post.

regards
f9
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You know better than most the challenges applying the spiritual to the mundane.
 
Quote from bigarrow:

Hey Ansare, I'm in the boat your in, I'm consistently profitable now but still not fluid, if you know what I mean. But it isn't worrying me. I've been skilled and successful in other fields and I'm thinking this works similar in regards to mastering the skill. In my other business's I reached a stage where I could make a living but I knew I wasn't there yet, I made mistakes and some wrong decisions. Experience took care of all that, eventually after doing the same thing over and over and going over my success and failure and learning from them I became skilled and competent. And that is the way I look at this business, takes time and practice and work. Nothing beats experience, except maybe an experienced person helping you along the way.
You've probably read it already but Mark Douglas book "Trading in the Zone" is a big help for me.
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Many thanks, bigarrow, and continued success in all you do.

Your book suggestion is interesting because it's the next one on my list when I finish Carter's "Mastering The Trade." Thanks, again.
 
Quote from Ansare:

Have been working hard at becoming a competent and consistent day trader for three years.

The good news is that I am now at a point where I expect to consistently earn about 1% of my account size per week. The bad news is that I'm struggling with some decisions about some very important things.

I have daily/weekly/monthly goals, and--like all of you--just HATE giving back profits. If I hit my goal by 11 am, like I did today, I stop trading. If I hit my weekly goal, like I did today, I stop for the week. If I hit my monthly goal, like I did by February 24th, I stop. While it is great locking in profits, it's not so great to be (I would hope, anyway) leaving some very nice money on the table--and it's eating me up.

I also know--from first hand experience of course--that if I continue trading past my goal and end giving back even a small amount, then THAT eats me up.

If it matters, I average about 3.25 trades per day, win rate just over 50%, average winner is twice the size of the average loser. Position size is 5% of portfolio with goal of getting to at least 7.5%.

Thanks for reading and any suggestions.

A.
More...


It is all a load of crap!

You trade when the opportunity is there.

Setting targets is a mugs game!

You must know when to trade big, and when to trade small.

Small losers are your best friends!

Big winners are your reward for having your best friends!

Ignore all the crap in the general public arena, know and do what you must, and then you will easily take money from other traders, especially the seventh sons of the seventh sons :D
 
Quote from bespoke:

I mean no disrespect, but you need to man the fuck up.

If you have positive expectancy than you have to trade it no matter what. I often lose hundreds in the last hour which bugs me but I don't turn off my ATS because I know at the end of the month I'll still have positive expectancy that last hour.

It bugs me but I'll forget about it 10 minutes after the close and it leaves no lingering bitterness. You'll be the same eventually.

Quitting after reaching goals is such a bad idea. You most likely hit your goal because favorable market conditions were present for your strategy. Why stop? I bet you wouldn't stop if you were even and the market conditions needed for your strategy weren't there (which is when you should actually stop).

edit: listen to acrary. man knows what he's talking about
More...

Another big misconception about trading!

Van Twerp and his "patented" Positive Expectancy is just one big load of rubbish!

It is just more of the same old crap churned out for suckers to cling to!

Not one person on this site has come near mentioning the obvious, and the reason is simple, it is because,

It is so obvious no one can see it, but a very small handful of extremely experienced and level headed traders!

Not even the market makers know what the obvious is :D
 
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