Need Advice

trader99, why do you trade on multiple accounts on multiple assets?

I think it’s better to focus on and trade one only. The opportunities are the same in general, if you choose the right one.

You are day trading or very short term trading so there is no benefit to trade different assets if you are thinking about diversification.
 
Xela said:
I understand ... I do think this is a drawback of "single lot trades", though. Years ago, one of the reasons I tolerated spot forex for so long (perhaps wrongly, but I got away with it, as it turned out) was that I was reluctant to trade only single contracts of futures until I was better funded.
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My account can handle multiple NQ contracts. I trade other instruments too ZN, ZW, NQ, YM, CL, etc.

I'm focusing my training on NQ. For now, I will not trade more than 1 lot until I fixed all of my errors and become superconsistent. Then I'll scale up. :)
 
Applying some simple data analytics. As they say, you can't improve what you don't measure.

Here are some stats in terms of NQ points.

Acct 1

Min Max Average Avg Winner Avg Loser
01/24/18 -6.75 14.75 2.86 9.13 -5.25
01/26/18 -4.75 6.75 1.00 3.73 -4.75
01/29/18
01/30/18 -5.75 2.5 1.00 1.06 -15.25
01/31/18 1.25 13 6.17 6.17 0


Acct 2
Min Max Average Avg Winner Avg Loser
01/24/18 -17.25 14 -0.575 5.14 -15.13
01/26/18 -16.25 6.5 -0.638 2.03 -8.42
01/29/18 -11.5 3 -0.675 1.27 -8.44
01/30/18 -16.5 4.25 0.167 1.15 -16.50
01/31/18 -6 11.75 2.167 4.21 -6

I'm glad to see that the Min is going down. That means the maximum loss is going down over time. The Max point is erratic and probably dependent on the day. Some days I'm able to catch a big move. Other days I scalp. So, Max is not as an important stats to me.

My goals are:
1) Min < Max (e.g. Max Drawdown in points < Max Gain in points)
2) Average Point to be Positive and increasing
3) Avg Winner > Avg Loser ( Reward > Risk. Hopefully 2:1 if possible)


P.S. Do you guys know how to paste an Excel table and keep the format on here??
 
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Acct 1
Min Max Average Avg Winner Avg Loser
01/24/18 -6.75 14.75 2.86 9.13 -5.25
01/26/18 -4.75 6.75 1.00 3.73 -4.75
01/29/18
01/30/18 -5.75 2.5 1.00 1.06 -15.25
01/31/18 1.25 13 6.17 6.167 0
02/01/18 -1.75 3.5 1.125 1.7 -1.75

Let's check today's stats against my goals:


1) Min < Max (e.g. Max Drawdown in points < Max Gain in points)
Min(-1.75) < Max(3.5) Check.
2) Average Point to be Positive and increasing
1.125 Check. That number needs to go up.
3) Avg Winner > Avg Loser ( Reward > Risk. Hopefully 2:1 if possible)
1.7 < -1.75. It's slightly less. I need it to go to 2:1


Acct 2
Min Max Average Avg Winner Avg Loser
01/24/18 -17.25 14 -0.58 5.14 -15.13
01/26/18 -16.25 6.5 -0.64 2.03 -8.42
01/29/18 -11.5 3 -0.68 1.27 -8.44
01/30/18 -16.5 4.25 0.17 1.15 -16.50
01/31/18 -6 11.75 2.17 4.21 -6
02/01/18 -5.25 5.25 1.53 2.28 -5.25

Let's check today's stats against my goals:
1) Min < Max (e.g. Max Drawdown in points < Max Gain in points)
Min(-5.25) = Max(5.25) Hmm... Either my min needs to go down or my Max needs to go up.

2) Average Point to be Positive and increasing
1.53 Check. That number needs to go up.

3) Avg Winner > Avg Loser ( Reward > Risk. Hopefully 2:1 if possible)
2.28< -5.25
So the average winner for this account is BIGGER than Acct1. It actually made more money. But it took slightly bigger loss. Still need to get it to 2:1..

Some progress. But no dramatic improvements. Steadily improving..

While I made money today, I think my trading was horrible! I was stuck in NG and missed out on NQ trading. I tried to bottom fish instead of waiting for my clear signal. So I had open losses that took hours to finally came back and got me out at nice profit. That's not according to my trading plan.

Yes, this time it came back. What happened if it didn't come back?

I'm still not following my exact discipline. While I made money there are hidden risks.

I need to practice more on the tradingsim to cement certain behaviors so that when I trade in real life like in the mornings I can behave accordingly.
 
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Jzwu2017 said:
trader99, why do you trade on multiple accounts on multiple assets?

I think it’s better to focus on and trade one only. The opportunities are the same in general, if you choose the right one.

You are day trading or very short term trading so there is no benefit to trade different assets if you are thinking about diversification.
More...

That's a good point. Today I was trading NQ, ZW, and NG. I was stuck in NG for a while and missed out on some great short opportunities in NQ! I maxed out on # of lots on NG so I ran out of margin for NQ.

So there's something to be said to focus on just one instrument. Especially something as liquid and volatile as NQ. Lots of actions.
 
Another net positive day. I feel like I'm getting closer to a "real edge". Maybe it's too early to say.

But the more I trade the more I make. HOWEVER, there are still a few bad habits I need to get rid off. I was much more positive then a few bad trades at the end of the day made it less positive. Just avoiding these trades would in themselves make my PF and R:R really good. More practice. Practice. Practice. Practice. :)

Should I start a new thread in the Journal section? Document my trades and stats rather than continue with this thread.

Please let me know what ya think.

Thanks ET!
 
Why not become a CTA since you seem pretty smart. This way you would again make more money than your corporate job and you could lower your costs by becoming a professional trader.

Also known as CTA for short, the commodity trading advisor is the term given to a qualified professional or a firm that can offer trading and other services for clients in the futures markets, including options.

A Commodity trading advisor usually works with a managed futures fund or a firm including an Exchange Traded Fund (ETF) or a mutual fund as a money manager. You can also be a CTA privately as an individual instead of a firm.
 
oraclewizard77 said:
Why not become a CTA since you seem pretty smart. This way you would again make more money than your corporate job and you could lower your costs by becoming a professional trader.

Also known as CTA for short, the commodity trading advisor is the term given to a qualified professional or a firm that can offer trading and other services for clients in the futures markets, including options.

A Commodity trading advisor usually works with a managed futures fund or a firm including an Exchange Traded Fund (ETF) or a mutual fund as a money manager. You can also be a CTA privately as an individual instead of a firm.
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I think I would need at least 3-5 years track record before considering opening a CTA. I wouldn't want to work for a CTA. I would rather open my own CTA should it all work out.

I'm FAR from that now. For now, I just want to hone my little edge and be good enough for that to support my lifestyle while I build my other non-trading business.

I'm a believer in multiple streams of income. Having being through a few ups and downs in Corporate America, I realized it's never safe to depend on one source of income for your security.

Check back in a few years and see how things go. For now, I just focus on one day at a time.
 
Feel like a loser...

This morning I was up NICELY! Going both long and short. Then in the afternoon I thought it would bounce. Went long and didn't get out. Got destroyed. Then went kamikaze with a bunch of bad trades.

Had I just followed my plans and signals. This is my Achilles heels. Always predicting rather than following prices...
 
Most of us have been through it, the survivors learn. Failing is a learning process. You need tested and defined signals and rules not opinions.
 
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