Could really use some advice please

[acrary]

I took a look at your numbers in the beginning of the thread. From them you should be netting more than 175% per-month on average. You also have a 90% chance of one losing month per-year with more than a 50% drawdown and a 50/50 chance of a drawdown of 30% or more each month.

If you pull your initial money out after the first 100% gain and put it in the bank, then you've protected your investment and should be able to make some headway with your "protect the profits at all costs" stumbling block.

 

[daves2074]

I agree. You need to allow your winners to run, this is the key to successfully and profitable trading. It sounds like you have your risk under control, but you will only start to make serious money when you learn to let your good trades run, setting exit targets is massively limiting on your profit potential.
good luck

 

[Ansare]

Quote from acrary:

I took a look at your numbers in the beginning of the thread. From them you should be netting more than 175% per-month on average. You also have a 90% chance of one losing month per-year with more than a 50% drawdown and a 50/50 chance of a drawdown of 30% or more each month.

If you pull your initial money out after the first 100% gain and put it in the bank, then you've protected your investment and should be able to make some headway with your "protect the profits at all costs" stumbling block.

Would you mind explaining the numbers a bit? Trying to figure how earning roughly 1% per week equates to "should be netting more than 175% per-month..."

Also, a 90% chance of one losing month with a 50% drawdown and a 50/50 chance of 30% or more each month? Statistics was never a strong suit, but I'd have to be the biggest trading moron on the planet to hit those lows. I am really interested in how you came up with the numbers and sincerely appreciate your time.

 

[teasinggtara]

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...


...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.

 

[fearless9]

Quote from Ansare:

You know better than most the challenges applying the spiritual to the mundane.

Once you accept that it is a perpetual exercise ( a wee bit like breathing) it will eventually cease to bother you, taking with it a lot of the problems that you thought required answers. Like this thread for example.
goodluck

regards
f9

 

[Cutten]

My advice is simple - turn off your P&L.

 

[fearless9]

Quote from nysestocks:

...................................

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

You certainly know how to warm up a crowd and now you have our undivided attention, please impart your words of wisdom and tell us the 'obvious'

regards
f9

 

[Rabbitone]

I used to have the same problem when I looked at the “take” for the day or week.. Worrying about the money drove me crazy until one day I lost out on a major move my system projected correctly, but I had stopped trading because my profit limit had been reached. So I looked around and found a solution that worked for me. The solution is ditch the dollars and use percentages.

My advice is cover up as many dollar based trading displays as you can find. If you have an open trade or a goal in you plan, instead of keeping track of these trades in dollars you are either up or down, think in percentages, not dollars. I found dollars were too closely tied to my emotions. The big profitable day was the new dryer my wife wanted.

When I converted from dollar goals to percentages I found it was much easier to remain objective and take what ever trades came up. If you just watch the percentages for each trade, and forget about the money the emotions drain away. As long as the percentages are working, the money just happens. But every time I start thinking in terms of dollar profits and losses my trading is back being controlled by my emotions. Its still a struggle. From your post it sounds like your almost there.

I hope this helps.

 

[fearless9]

Quote from Rabbitone:

I used to have the same problem when I looked at the “take” for the day or week.. Worrying about the money drove me crazy until one day I lost out on a major move my system projected correctly, but I had stopped trading because my profit limit had been reached. So I looked around and found a solution that worked for me. The solution is ditch the dollars and use percentages.

My advice is cover up as many dollar based trading displays as you can find. If you have an open trade or a goal in you plan, instead of keeping track of these trades in dollars you are either up or down, think in percentages, not dollars. I found dollars were too closely tied to my emotions. The big profitable day was the new dryer my wife wanted.

When I converted from dollar goals to percentages I found it was much easier to remain objective and take what ever trades came up. If you just watch the percentages for each trade, and forget about the money the emotions drain away. As long as the percentages are working, the money just happens. But every time I start thinking in terms of dollar profits and losses my trading is back being controlled by my emotions. Its still a struggle. From your post it sounds like your almost there.

I hope this helps.

I do not know whether the next comment is of use to you or not.
If not then just dump it.
'Only display and pay attention to that information which enables you to enter, manage and exit your immediate trade'.

Anything more than this is a distraction.

regards
f9

 

[trackstar]

Your edge may be more your MM than you think. Trade simulated after you hit your targets and see what it does to your bottom line. You need to do it for at least a month.