I use a different approach to scalping, but completely agree with what you are doing and wish you the best,,,good luck OTL
Scalpers Progress
- Thread starter DblArrow
- Start date
you are working hard and have the right discipline. its nice to see
Nice start, Chris. I especially liked the 1.25 pointer - that'll teach'em not to fill ya! On a lighter note, I see no mention anywhere of a daily stop loss - do you have one?
By daily stop loss, what I had in mind was whether you have a figure for the total loss you are willing to take for the day ie. after losing X points you quit for the day.
OOOOPs, sorry, Didn't see the daily part (part of my problem).
No, I do not have a daily stop as of yet. If there is a set up I will take it. The next setup does not know how the last 1 went or if I am down $300 or not.
As a side - while I am here - I am done for the day and took 11 trades 10 winners - this is what I am looking for - will put out the stats tonight - gotta go deal with the snow for now.
Make 'em pretty, Chris
Hmm say, you take 1 point profits and 1 point losses. which translates to 0.75 wins and 1.25 losses including commission of $12.5/RT. with hit rate of 60% we have E = 0.6*0.75-0.4*1.25=
-0.05points If we assume IB comm. rate of $5. We have E=0.6*(1-0.1)-0.4*(1+0.1)=0.1points Of course 60% don't cut it. I have doubts on whether you can consistently hit 80%. If not you'd prolly have to change your whole W/L Win% equation...
-0.05points If we assume IB comm. rate of $5. We have E=0.6*(1-0.1)-0.4*(1+0.1)=0.1points Of course 60% don't cut it. I have doubts on whether you can consistently hit 80%. If not you'd prolly have to change your whole W/L Win% equation...
traderkay - Somewhere back I stated that 60% is not good enough - at this point I do not have the same doubts as you about hitting 80%....But time will tell. As a side thought dropping the target will improve the percentage.
11 Trades 10 winners (91%) for a total of 7 points = $297.20
I really love chop time - just bounces! Used all sessions again because of the gap. I have marked on the chart for the trades and the L or S is directly above or below the entry bar. Most trades were right on target as far as entries go and targets. I bailed early on a couple because I have a hard time giving the trade enough time - if I see slight hesitation I often get out to early.
Trades 1,2,3,5,10,11 all worked as they were supposed to. Here are the remainder.
Trade 4 - +.5; I got out early due the fact that price hit the 20 and then looked like it wouldn't make it back up.
Trade 6 - +.5; Again paniced, it looked like it was slowing (to me) so I got out.
Trade 7 - +.5; Couldn't believe that I didn't get a fill at my target here. Hit the target for 2 bars then I bailed.
Trade 8 - +.5; Was looking for a continuation down, didn't get to target it bounced twice there so I bailed.
Trade 9 - -1; Not quite the right setup, the 5,2,1 had not quite gotten to the 15 but I thought that there was some upage after not taking out the low of trade 7 - came down took out my stop and proceeded with out me.
Overall I am satisfied with the morning - and this is what I am expecting and hoping for from this little system.
Make 'em pretty, Chris