jasinhbca's quest for discipline, knowledge & profits

[Handle123]

Off to a good start w/ lower target. Easy CL day ? Maybe the new target made it seem that way.

My execution was perfect today. Only on last trade did I consider the idea of raising target but I did not. Also had a couple trades where I thought just take the 5 or 10 ticks. It was a good day so I was thinking even if I add just 5 more ticks it will be nice. But instead stayed with the trades to target. Average time in trade was less than 5 minutes I believe. As we've said before a lot goes through the head in those 5 minutes. Mostly it was good focus during trades and good emotional detachment.

Wild week emotionally. I think the personal life and work had some influence on trading. Everything is fine but just a hectic week. Yea , Friday !

I may trade Monday half session. Originally that was the plan then leave when LA traffic settles down. See how I feel Sunday night and monday morning. I'll post again before I leave.


Another profitable week. 6 trades today +74 ticks (yeah, the lower target worked well !!)

For week: + 60 ticks PnL attached.

Feels really good to have executed trade management well today.

Overall, I make more taking profit on 10 tick profit targets than trying to get 50 ticks and I have tested where is best targets for long profits, but give how many times I get 10 ticks and then on runners to get 50 ticks I end up with -2 to +2 are lost profits. I wish that one out of five trades would nail down the 50 but it doesn't, but it just closes down to feeling good to nail a bigger profit trade and not making the most money. You have to have different mindset to keep dinking out smaller profits, and when I stop getting min of five trades a week of less than 50, then I will just take them all at a dime.

Congrats on your week Jas.

 

[jas_in_hbca]

Thanks, Handle. I appreciate the info and the good wishes. I have certainly been the go for homerun type trader and then end up with less. Already liking the small target approach.

Have a great weekend.

 

[Redneck]

Off to a good start w/ lower target.

was good focus during trades and good emotional detachment.

Easy CL day ? Maybe the new target made it seem that way.

Well..., we certainly can't have this crap..., now can we - so it back to the higher target we go

(read much sarcasm in my words - did I say much..., add more)


Anyway...., do the above - and the result is...............

Another profitable week

Go figure


Good Job J...., Really Good Job

This shit need not be stressful - just routine - and..., within the boundaries of what PA / the mkt is providing

RN

 

[jas_in_hbca]

Thanks RN. have a great week end

jas

 

[Alpha Trader]

Hi @jas_in_hbca

The last few posts have been very interesting and nicely shows how slight alterations/modifications can improve results drastically.

Your change in target value has changed the way your PnL looks. Even though you have decreased your target value (= less profit THEORETICALLY), you are potentially making more money. This is very good for the confidence (huge), which gets rid of the double mindedness, as well as having better control over the trades.

There is nothing wrong with what you have done atm with your target values for now. However, I believe that within a short while, you will be very settled in your trading and may have a better read of price action. At that point, I think it is EXTREMELY important that you make appropriate changes in regards to your target values.

Some trades will give you $0.15, some 0.25 and some even 0.50 and you would be cutting yourself very short if you just kept on picking up 0.15. On some moves, days and even periods (such as now), the 0.15 target may be a prudent strategy. At other times, you may want to sit tight and squeeze more out of the trade, via you superior PA reading.

@jas_in_hbca trading is a business, with the aim being that of extracting maximum profits. Failure to do this can impact your overall income negatively. Let's say you give away $0.10 away on each trade and you are trading a 1000 share size, with an average of 10 trades a day. That is a LOSS of $1000 per day, which comes close to leaving $250K on the table per year. Even if you are very conservative, one could easily leave $100k on the table without realizing it.

It's just something I thought I should catch your attention on, so you have it in the back of your mind and exercise appropriate aggressiveness when required.

Enjoy your vaca and see you back here soon.

 

[Redneck]

Before learning to "run"..., let's get walking consistently - down (cart before horse does not work except to go backwards)

Once walking we'll talk...., there is more than one way to "run" effectively

RN

 

[moonmist]

Four years ago, crude oil was much more volatile. Many traders set their first target between 40 and 50 ticks. The following data may be irrelevant now:

http://www.elitetrader.com/et/index.php?threads/what-is-your-win-rate.222119/page-2#post-3209473

http://www.elitetrader.com/et/index.php?threads/finding-the-holy-grail.226494/page-21#post-3357090

http://www.elitetrader.com/et/index.php?threads/what-is-your-win-rate.222119/#post-3209460

IMHO, we need to adapt, and take smaller profits now.

 

[jas_in_hbca]

thanks traders ! I appreciate the info.

Alpha, I agree with your thoughts. Capturing the bigger moves I do feel is necessary from a business standpoint and to keep my mindset balanced. i do like to capture the occasional bigger moves.

I know from my stats of valid trades when managed perfectly that a 25 tick target performs very, very well. So i do go into this lower target with the idea in mind that perhaps the best solution is just better discipline and same 25 target. Having said that I'm very excited and interested to see what results i get with the lower target. I think we're all in agreement that that's the best course for now. I'm willing to spend time with it to see what happens.

Perhaps, we can revisit this topic again. My current thinking is that a scale out strategy would be the best way to capture bigger targets.

==

I did notice my thinking change a little the other day. Capturing a 25 tick target my mind thinks "great job take a quick break". Friday after a 15 target hit, i thought "stay focused, this move may not be over, look for possible re-entry".

Lot's of ways to pull money out. I'm certainly interested in exploring different approaches and adapting to market conditions.

 

[NoDoji]

@jas_in_hbca trading is a business, with the aim being that of extracting maximum profits offered by the trader's business plan.

I think it's important to add the above. Otherwise, we run the risk of over-analyzing, second-guessing, and generally ending up underperforming our probability-based plan much like the Yale students who were outdone by rats.

 

[Redneck]

Half day..., or full day - takes the same level of intensity..., and Mondays are Mondays (historically a bitch)


What you do today - will affect how you perform tomorrow

So make ready..., and prepare properly today


btw..., good to know Mondays are a bitch - that way we're ready for it / them


================

side note;

You see folks supporting Friday's epiphany - and pushing you onward

That is reaffirmation the epiphany legit


Now back to my hard ass-ness

One day does not consistency make - tomorrow will make a half at best - then off on vacation

Like I said - lets get / maintain consistent - then figure out how to strive for more

Shit has been an uphill battle - like to not repeat it

As we both know - small changes have a dramatic impact - big one's could very well send us back to square 1

slow - steady - ever forward

RN