De nada....good trade.
No day trader on this planet can make yearly profits
- Thread starter teewoods
- Start date
I know that a winning day means nothing, but for something you start 
You a 1000% percent right. I broke a rule today in my trading management plan by exiting a winning trade early in crude oil future, and missed $800. I exited early because I was staring at my PnL instead of my trade management plan. I took $200 instead of $800.
All personal fault, not technical fault. These type of mistakes NOONE on this earth can fix but me, and I can not bullshit or make excuses, or blame anyone or anything else it's all my fault. Very painful
You are one of the good ones sir.
Agree, but I would include all traders, day and swing, equity, commodity, future, forex, derivatives.... There are a numbers of retail traders following this path and successfully trade for a living:
Holding a day job, built up enough capitals, then accumulated enough profits over the years trading part time to hone their skills, one day quit/retire to trade full time.
The naysayers say in this case trading is a hobby. It is not a hobby if that is your major source of income, if you make more in trading than what you made in your day job. However, it is a long road not suitable for everyone. You need patience and a bid of luck. Don't dismiss luck, it is much easier if your timing coincides with a prolong bull market. Rising tide lifts all boats.
This is but one path and I am sure there are other paths. Best wishes to all.
Hello speedo,
A few questions for you:
1. How did you find an average maximum favorable excursion you was confident in to use a as your profit target? Was this through XXX amount of back testing trades?
1. How did you come up with stop no more than 7 ticks? Was it through Maximum Adverse Excursion testing or just knowing very well the intrument you trade or just personal preference based on risk style?
I agree, I have learned that what counts is having multiple opprtunities to enter the market.
Thanks for your response.
A few questions for you:
1. How did you find an average maximum favorable excursion you was confident in to use a as your profit target? Was this through XXX amount of back testing trades?
1. How did you come up with stop no more than 7 ticks? Was it through Maximum Adverse Excursion testing or just knowing very well the intrument you trade or just personal preference based on risk style?
I agree, I have learned that what counts is having multiple opprtunities to enter the market.
Thanks for your response.
SML, I have a practice habit I've done for years. Each week I track every signal, noting L or S, entry price, time of entry, type of trade (all are variations of 930 trend pullback), MFE, MAE and finally W or L and ticks gained or lost. This keeps me in touch with excursion rates but yes, personal preference weighs in heavily. I am a hit and run singles hitter, it suits my temperament. As to the 7 ticks, since I am targeting either 10 or 12 ticks, I have to limit loss size. Typically I can enter a signal within this limit with a bar takeout but when I can't, I put in a limit order after trigger and either it fills or it doesn't. There is always another bus coming down the road.
Same. Have you considered scaling (to just below slippage) to make the numbers bigger?
No I trade all in and all out. I look at different optimization scenarios from time to time but I haven't found anything worth complicating trade management.
Same. I used the wrong terminology. What I mean is have you considered trading larger size to make the numbers bigger?
Yes, there will come a point when slippage becomes a material issue but there are worse problems
