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ProfLogic's Method
- Thread starter El Guapo
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The charts I posted are a cross section of the markets I monitor each week. By far it is not the total. I monitor over 1400 individual charts each week.
My philosophy is that, "If you monitor 1500 charts per year and each chart executes "1" single perfect trade per year and that trade averages a profit of $1000.00 per contract, you have a gross profit of a million and a half a year. Even at $500 per contract, $750K isn't bad.
Now I'm being stupidly conservative because most charts will product well more than "1" perfect trade but others might not create a single one. Take into consideration as well that total profit is based on a single contract.
Intraday trading is fine for those that have the "gamers" mindset and want to set in from of the screens for 8+ hours a day but I for one would prefer to spend a couple hours in front of the screens and the rest of the day doing things that are not market related.
I currently monitor those Swing trades and still trade some Intraday charts but that will change over the next year. Intraday trading is simply to time consuming. Other enjoy Intraday and even scalping but I just don't personally find a lot of satisfaction in it anymore.
My philosophy is that, "If you monitor 1500 charts per year and each chart executes "1" single perfect trade per year and that trade averages a profit of $1000.00 per contract, you have a gross profit of a million and a half a year. Even at $500 per contract, $750K isn't bad.
Now I'm being stupidly conservative because most charts will product well more than "1" perfect trade but others might not create a single one. Take into consideration as well that total profit is based on a single contract.
Intraday trading is fine for those that have the "gamers" mindset and want to set in from of the screens for 8+ hours a day but I for one would prefer to spend a couple hours in front of the screens and the rest of the day doing things that are not market related.
I currently monitor those Swing trades and still trade some Intraday charts but that will change over the next year. Intraday trading is simply to time consuming. Other enjoy Intraday and even scalping but I just don't personally find a lot of satisfaction in it anymore.
Quote from raven4ns:
Hi Bill,
Your comments are interesting about monitoring those markets. Is there any way to scan for say 1 perfect set up using your criteria? Even if the criteria wasn't fully completed, have some method to bring it to your attention much like a scan that would flag a set-up.
Tim
Since everything is logical and objective it can be programmed and I have a few students working on a simple program to do that but even though it is a simple result you are looking for the task is hardy. I do it manually on the weekends now and it takes me about 10 hours.
We know what a Perfect Trade looks like so when monitoring a chart you can check a chart in a couple seconds. It is just loading the charts that is time consuming.
Sorry no better solution yet.
plogic's birthday??
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