I am going to journal my daily PnL and thoughts for awhile. Maybe a month, maybe more.
I deposited $26,000 @ IB. I am giving myself $1000 draw down before I would pull the plug.
There will be 100% discretionary entries. I have things I look for based on scans. When I see something I like I will pull the trigger. 100% mechanical stops set at +1/2% or -1/2% from entry price. Initially with a ridiculously small risk per trade of $25.00 gross. In other words each trade will risk .001% of total account size. I will adjust that each day according to closing cash balance on the ledger. Position size accordingly. Winners will be held for either a 2% min gain from entry or MOC. Or if I get a fat tail move in my favor(should I get so lucky) I will look for capitulation in the PA and then punt.
My intent here is not to make a difference in my lifestyle. But to take it back to where I started in individual equity land. And see if there is something there for me again. There are many more opps on a daily basis than trading ES. And I look forward to tracking the universe and hopefully picking a few bright stars intraday while keeping the black holes count small.
If I get to a certain number of trades under my belt and come to the conclusion that risk metrics need to change then I will adjust. Nothing is ever set in stone but max max loss allowed.
Funds will be in tomorrow. 12/4/14 I will be ready to rock.
I deposited $26,000 @ IB. I am giving myself $1000 draw down before I would pull the plug.
There will be 100% discretionary entries. I have things I look for based on scans. When I see something I like I will pull the trigger. 100% mechanical stops set at +1/2% or -1/2% from entry price. Initially with a ridiculously small risk per trade of $25.00 gross. In other words each trade will risk .001% of total account size. I will adjust that each day according to closing cash balance on the ledger. Position size accordingly. Winners will be held for either a 2% min gain from entry or MOC. Or if I get a fat tail move in my favor(should I get so lucky) I will look for capitulation in the PA and then punt.
My intent here is not to make a difference in my lifestyle. But to take it back to where I started in individual equity land. And see if there is something there for me again. There are many more opps on a daily basis than trading ES. And I look forward to tracking the universe and hopefully picking a few bright stars intraday while keeping the black holes count small.
If I get to a certain number of trades under my belt and come to the conclusion that risk metrics need to change then I will adjust. Nothing is ever set in stone but max max loss allowed.
Funds will be in tomorrow. 12/4/14 I will be ready to rock.
