Road to 120% - 2019....if anyone even cares
- Thread starter Palindrome
- Start date
During those years that I worked hard to become a consistent profitable trader, I found whenever I wanted to trade aggressively, I ended up to lose more. In the presents, I only take a trade when my setup gets triggered which I know exactly where my entry, exit and stop loss for each setup will be. By doing so, I stopped trading with emotion involved. Maybe, it's time for you to focus more on why your setups aren't working reliably this time than on the percentage of returns that you plan to achieve. Good luck.
Maybe you need to work on your exit strategy. Each different setup has different exit strategy as well as your trade is with or against the trend, lacking momentum due to sideways and etc....
Thanks I appreciate it. I hear you on the learning experience that makes sense. At the same time, I'm really dedicated to my system and executing it, I'm optimistic it will outperform.
I use bracket orders, so I'm with you here. I know exactly where I'm in and out on all trades. I risk 1.4% per trade. So...I've placed 50 trades in the past 8 weeks or so...I don't know the specifics but it probably looks like 23 have been correct and 27 have been wrong very roughly.... I've just hit a rough stretch.
I appreciate all of your comments.
Hell of a week, Green for the year now. Dug myself out of that hole.
What a grind, I came to realize this week that many of my issues in trading growth over the years was a lack of patience with the systems I have developed. Sometimes instant gratification does not exist, and in my case it can last for 8 weeks.
Not knocking some of the recommendations, but for the past 2 weeks I contemplated changing my system, looking for shorter term/smaller gains. This works for some, but for me I would just bleed to death. We are wired to want short term instant gratification, I think this is a major reason why traders bleed out. I overcame this temptation and stuck with the plan with the wind not at my back.
8 weeks is a long time to have no results, and every time I overcome a draw down, I learn something new. Look at draw downs as a way to make you stronger.
I will post my results once IB is up and running again, some reason I can't access metrics.
Hows everyone else doing out there, anyone crushing it?
Not knocking some of the recommendations, but for the past 2 weeks I contemplated changing my system, looking for shorter term/smaller gains. This works for some, but for me I would just bleed to death. We are wired to want short term instant gratification, I think this is a major reason why traders bleed out. I overcame this temptation and stuck with the plan with the wind not at my back.
8 weeks is a long time to have no results, and every time I overcome a draw down, I learn something new. Look at draw downs as a way to make you stronger.
I will post my results once IB is up and running again, some reason I can't access metrics.
Hows everyone else doing out there, anyone crushing it?
Or as a way to go broke. Consistent big drawdowns mean well....a few things. Ones read on the market is off....consistently. Ones stoploss is consistently out of kilter with the markets. And it can mean ones profit taking is consistently out of tune with the markets. Everyone experiences drawdowns. That comes with trading. However, going through big drawdowns over and over indicate problems in one area or another. While overcoming adversity can make one stronger, if it is too much adversity, it can destroy one’s account. Especially when the pain gets too much to bear anymore and a trader just bites the bullet and exits. Often, when the market proves one is “off” the mark it is, many times, best to take a loss immediately, then double up, and go in the opposite direction. You only have to go 1/2 the distance to get out of the previous loss.
In addition, I sometimes fight fire with fire (if the conditions are right for doing so). Yes, I will average down a losing position (adversity) as opposed to scaling into a winning position, when my timing has been off abit. But averaging down has to be done within certain scenarios..settings..and parameters. Otherwise, just best to take the loss and look for another opportunity.
Big drawdowns, yes... a clear issue. "Contained" draw downs part of the business.
Perhaps I'm still "young" in the process where It's difficult to look past the moment or time period while in the red. I did successfully perform through AND not change my strategy during the course. That was my point.
Years ago, every time my trading did not go my way... A.D.D. kicked in and I was formulating a new system to avoid further pain. I think this is a mistake many make or just me. I saw it creep in this time, but I did not succumb to the the temptation of altering my approach.
Long way to go, up 2% for the year. Marginally in the green, nothing to celebrate. This week was good though.
This month... I basically look at it as flat. Up marginally. So far not tracking anywhere near my original goal. And so the struggle of trading.
