Grinding it out, day after day

Quote from lescor:

I trade at a prop firm
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Thanks for sharing trading info...

Two Questions...

1) What percentage (out of 100%) are your profits made using your Opening Orders R-TO-M Strategy compared with the rest of your strategies in total...

2) How late into the day do you hold your opening orders at the very most... 10 mins in, 30 mins in, 1 hour... what is the longest time period you have held them..

thanks...
 
Quote from Steelers Baby:

please try to keep this thread clean mods as Lescor is one of the few remaining people worth listening to.


Thx for doing this Lescor.
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and maybe the newer traders can keep questions somewhat to a minimum. He (she?) said he was planning a journal; that does not mean responding to a sea of posts - some 8-10 questions long and expect detailed responses.
 
Corey its good to see something worth reading on this site. Finally one of you boys from the Ass and Tool Society are going to share some of that knowledge to the noobs. I wish you tremendous success for the year as well as longevity in this thread. If the noobs can read what you write in this thread and let it set into their brains and in their lives and trading, they will have an advantage over the hot shot trader who comes in and thinks he is going to rule the world only to end up with nothing in their account. Trading is something that is lived. It boils in your blood when your on vacation. It taunts you as you sleep. It takes time and knowledge to learn and discipline yourself the way Corey has. Please pay attention to what he says.
Good luck Corey and say hi to the others for me.
 
Thanks for the kudos. Geez, you guys have high expectations, I hope you can get something useful out of it.

Nice to hear from you again Mk... hope you are still ripping it up and enjoying life.

Like I said, I don't want to turn this into a question and answer on strategy specifics. There are about 8 years worth of continuous opening order postings and I'm sure I've covered a lot of the details of how I trade in there.
 
Good thread, Lescor. Two questions. How many trades do you average during a typical day? Ballpark. Also, and I know this is difficult to generalize, what is your approximate risk/reward ratio for a typical trade? I'm just looking for a rough guess based on your historical performance. I ask because I only trade a single index and I'm curious.
 
Number of trades is usually directly proportional to volatility. The last few months it's been a bit of a dud and I might have only one or two dozen trades. Other times it could be 100+. Most of those are not put on or managed manually though.

I don't use risk:reward ratios at all, so I couldn't tell you. I look at cents per share and expectancy of a strategy.
 
Quote from lescor:

Number of trades is usually directly proportional to volatility. The last few months it's been a bit of a dud and I might have only one or two dozen trades. Other times it could be 100+. Most of those are not put on or managed manually though.

I don't use risk:reward ratios at all, so I couldn't tell you. I look at cents per share and expectancy of a strategy.
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Damn, I envy those who can automate their trading, either entirely or in part.

Regarding risk/reward, perhaps I should have chosen my words more carefully. What multiple of your predetermined risk would you typically score on an "average" profitable trade? I'm looking for a ballpark range, since I know the variance can be substantial. Just that I don't know if you stock wizards normally make, say, 2 or 3 dollars for every dollar you risk, or substantially more on profitable trades on average. And I refer to the bread-and-butter "grinding it out" type of trades rather than the occasional homeruns.
 
Quote from lescor:

The last few months it's been a bit of a dud and I might have only one or two dozen trades.
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During these slow times. is it safe to assume most of your trading (other than OPGs) is during the active morning hours?
 
You say gaps are a large part of your trading? ...and you're basically a RTM trader?
So, is it safe to say that you expect the gaps you play to close (at least partially)? It's been my experience that 'gap ups' keep going up and 'gap downs' keep going down.
 
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