I keep a journal of all my signals AND all my takes during each day. While trades may tend to take longer to eventuate during certain times of the day, I find no W/L differential. If I did, I would adjust but the other posters are correct....study YOUR stats.
Hit it and Quit it VS. Trading the whole session
- Thread starter Jdesey
- Start date
MattZ
Sponsor
No. This is a feeling and a hunch. You need to go back many days because you could have individual good days that cover the losses from previous days. Sample size is important.
Yes MattZ,,, I will be doing that. I do have my blow away days, like a +13 on Friday, and a +10 earlier in June. But more times than not, I am not rewarded for the additional risk and effort to keep trading past my daily goal.
It is a very tough decision. 2 trades or 3 and done. Even at 5 trades I am so much more under control than I was years ago. I over traded BIG BIG BIG time.
It is a very tough decision. 2 trades or 3 and done. Even at 5 trades I am so much more under control than I was years ago. I over traded BIG BIG BIG time.
MattZ
Sponsor
in general terms you may be right. The less decisions you make the better. But, again, you need an objective basis. Try an excel spreadsheet. I will try to get some formulas for you that may be helpful.
exactly... I like to think of it like a baseball player going up to bat. The more times he goes to the plate yes there is a chance he will get a hit (winning trade), but there's also a chance he strikes out (stop out). So in my mind, the fewer times I have to go to bat to reach my goal the better off I am. Certainly it is a better risk management strategy.
Trust me, for me to even talk and think like this is light years of experience and wisdom from where I started. I would have never thought about stop trading for the day! I was a horrible over trader and had no sense of stops and preset exits like I do know. My average is 4.5 trades per day.... I won't even post how many trades I used to do years ago.
Trust me, for me to even talk and think like this is light years of experience and wisdom from where I started. I would have never thought about stop trading for the day! I was a horrible over trader and had no sense of stops and preset exits like I do know. My average is 4.5 trades per day.... I won't even post how many trades I used to do years ago.
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Good points MattZ; bigger is better/sample size+ small sample size is wrong.
But a couple of exceptions to that; smaller number of trades = less commissions,+ more money for me . I noticed as the clock got closer to midnight, my mind slows strikes out- slows down like dark mud LOL
But the smaller number of minutes in the last hour can make for a roller coaster, so a limit order may get filled better then.The 2 day trading system$ i saw ,that one that was more profitable; traded 20% less ,+made 20 % more profit , but that is a small sample ,so it may not help you@ all !!
I did not like batting in baseball,JDesy, saw too many people hit, with baseball.LOL IBD does not even record open price/charts, close is more important, but i record open price.........I like wise hunting right till closing time, but shooting 500 times per day is to painful/expemsive for me to do all the time.......