jasinhbca's quest for discipline, knowledge & profits

I'm trying to look at this objectively.


I think I did OK today.

First trade went quickly to target in 2 minutes

I was only moderately tested.


Next two trades failed to move past resistance quickly.

One was a reversal trade

the other a PB after an extended up move.

So I wasn't willing to give them much time. BE & -1.


Those were traded pretty much per the guidelines I currently have.

I want quick MFE and levels being taken out.



I'm also testing and tracking fixed stop;

less Thinking while trading.

That would have resulted in + 25 & maybe 10-15 on the last two trades.

So did I screw up today ?


I don't think so.

But there may be some adjustments I need to make.

all trades were valid in plan trades.


If I'm deluding myself here RN, please, and I'm sure you will
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let me know.


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There is a fine line between being overly impatient.., or…, being cut and dry (it either works…, or it doesn’t)

Given the time of year – which do you think you were today

Always – our expectations must marry up with what the mkt is doing… and…, how fast.., or slow – it is doing it


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


My thinking – you were a bit too impatient…, in that..., trades were taking longer to work than you’d like

But overall…, You did a Great Job today


Celebrate the victories


RN
 
Thanks, Mods.

Thanks, ND, Dratsum & RN.

I'm not going to over think it but I agree RN I believe I was a bit too impatient.

The trades will be logged and i'll review the overall data I compile.

Thanks, I will celebrate the victories as I stay focused on improving my execution of the plan.

====

I may have said this before;I was always opposed to fixed targets. Let profits run has been ingrained in me, probably from the Market Wizard book. A fixed target seems absolutely contrary to this. But right now I'm really liking the no decision, take reasonable profit approach. And in the past seeing price run another 20+ ticks beyond my exit would drive me a bit crazy. I still would like to play test with 2 cars and scale out but for now I'm very happy with the target exit.
 
Yup - we have positives - we build on those


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

On another note

Day trader scalping (reduced fixed targeting) is the mainstay approach of a lot of successful day traders - never underestimate its effectiveness - especially when scaling up is included


otoh - there are very few day traders who can capture the majority of a move (the let profit run) on a regular basis - it takes a combination of traits that are rarely found together


Best we keep focused on what is working.., and scale it up when we're ready :)

RN
 
so when you guys are talking fixed targets are you saying the same profit target on every trade or setting your profit target based on current price action. some would argue that since no two trades are alike and every moment in the market is unique that this would be hard to do
 
Same profit target on every trade, however I will adjust lower based on S/R levels. The problem I was running into was I'd move target higher, price would miss it and I'd end up getting out with a profit of 10 instead of my original 25 target. I'd rather take steady chunks and miss further profits than give back too much in open profits. It also takes out decision making on the exit and reduces stress. Based on my experience with CL and current volatility 20-25 is a good target. I'm tracking MFE assuming I had not exited to see if I should be using larger targets. In a lower volatility market I may have to lower target.

I'm also looking at if I get a new signal before my target is hit then increase target based on the new signal.

Bottom line objective is to have wins average 20+ and losses average < 11. With even less than a 50% win rate I still have an edge. From there then look to see what I can improve or just be content being "The House"
 
Slugar

Be mindful - we all see things differently / trade differently


J is finding / developing / using - that which plays into his unique personality - hence turning what's been a frustration - into a strength


Many ways to skin the ole cat :)

RN
 
jas_in_hbca said:
Same profit target on every trade, however I will adjust lower based on S/R levels. The problem I was running into was I'd move target higher, price would miss it and I'd end up getting out with a profit of 10 instead of my original 25 target. I'd rather take steady chunks and miss further profits than give back too much in open profits. It also takes out decision making on the exit and reduces stress. Based on my experience with CL and current volatility 20-25 is a good target. I'm tracking MFE assuming I had not exited to see if I should be using larger targets. In a lower volatility market I may have to lower target.

I'm also looking at if I get a new signal before my target is hit then increase target based on the new signal.

Bottom line objective is to have wins average 20+ and losses average < 11. With even less than a 50% win rate I still have an edge. From there then look to see what I can improve or just be content being "The House"
More...
Makes sense jas I would like to eventually do something similar when I'm trading multiple contracts and set a target and manage the rest according to the current price action environment.
 
Since I've switched back to CL I've been trading pretty well.

Tomorrow I want to be sure I'm not over confident. Be patient and wait for valid set ups. They will be obvious when they are there.

Manage trades properly . Set stop and target and avoid micro managing & thinking while trading. Relax.

Keep trading. Don't worry about giving up profits. As long as I'm focused and valid trades are there take them.

Expect this will be uncomfortable. Know this is the proper way to trade and the stats are in your favor.
 
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