I'm not sure if you saw the other thread in which @nooby_mcnoob talked about his long winning streak. That resulted in him being pressured by other posters to increase his trade size. So in my humble opinion is "peer pressure" also a factor.
Developing "Spartan"
- Thread starter nooby_mcnoob
- Start date
I was actually happy to stay making $4K/day-ish and scaling up next year... But why not now? I had never thought about it. I took in the suggestions, looked at my stats and said yeah, let's try it. So I'm currently now trading 2-3x the size I was trading at that time, but the fat loss was me sizing up 3x beyond THAT. So 9x my initial size.
Humbly, I think the way to do it is to first find a size you're comfortable with or % risk per trade which is suited to your performance metrics and then scale up proportionally as equity grows.
I.e., 20K per contract => Add one contract for every new 20K worth of profits.
% risk per trade = Add x contracts as your account grows while keeping the % risk stable at a maximum.
This means decreasing size in a drawdown, too. Something I never did.
Keep up the good work, n00b.
Humbly, I think the way to do it is to first find a size you're comfortable with or % risk per trade which is suited to your performance metrics and then scale up proportionally as equity grows.
I.e., 20K per contract => Add one contract for every new 20K worth of profits.
% risk per trade = Add x contracts as your account grows while keeping the % risk stable at a maximum.
This means decreasing size in a drawdown, too. Something I never did.
Keep up the good work, n00b.
I actually have a script to size the trades and I follow it each morning. But the rule of thumb "add X contracts per Y K of profit" is easy to follow as well.
I've been trying too hard to get massive days after recent massive days. Consistency is better, I don't need to be aggressive every day. I'll let the automated sizing do the job.
Curious, @nooby_mcnoob.
How much of your system/trading is based on rules and/or have an element of automation?
I know you have an IT background and you've spoken warmly about using coding as a tool and you mention having scripts.
But is all this just to assist your trading which in the end is discretionary?
Personally, I have a lot of stuff that's automated. Mostly collection of statistics and metrics within a trading model and a few custom indicators which display what I want to perceive, but at the end of the day I trade on my own discretion.
How much of your system/trading is based on rules and/or have an element of automation?
I know you have an IT background and you've spoken warmly about using coding as a tool and you mention having scripts.
But is all this just to assist your trading which in the end is discretionary?
Personally, I have a lot of stuff that's automated. Mostly collection of statistics and metrics within a trading model and a few custom indicators which display what I want to perceive, but at the end of the day I trade on my own discretion.
The difference the sizing made to annualized estimate in case anyone cares.
Same as you, lots of trading stats and metrics are automated. Zero indicators for me though (for the most part). Sometimes I will put on a pivot indicator, or plot round numbers but other than that it's straight price action.
Gotcha.
I don't use any indicators which signals entries/exits per se, but I'd love to. Just haven't found anything that works sufficiently or is properly auto-adaptive.
Just basic stuff which plots some stuff I like tracking without my lazy ass having to plot it manually (and even risk messing it up). The less I have to do, the better.
Past couple of days are in the "one or two trades per day" regime, which is what I have been fearing for a while (low vol uptrend). Fortunately, I have been trading these successfully and I am glad that I was able to adapt very quickly.
If I were to have a year full of these days, I would still be a medium-high six figure trader which is alright by me.
The key thing is I adapted quickly without needing to change the system. No FOMO, no stubborn trades.
The job also got confirmed this morning.
All I do is win.
jk, this is hard work.
If I were to have a year full of these days, I would still be a medium-high six figure trader which is alright by me.
The key thing is I adapted quickly without needing to change the system. No FOMO, no stubborn trades.
The job also got confirmed this morning.
All I do is win.
jk, this is hard work.