Sekiyo's journal. 1Risk 2Rewards. ES. TsT ?

SimpleMeLike · Jan 29, 2020

Hello Sekiyo

Sekiyo said:
Great move to adjust your stance according to price behavior.

Yes, I like to put the stop loss away from the price structure rather than a predefined stop loss or risk per trade. I did this because I did not like get the fake stop out and then price go in my favor.

But there is high risk that comes with this and my stops are bigger because of this.

Sekiyo said:
Might do the same but always with 2Reward 1Risk in mind.
Because sometimes 4 ticks Stop Loss feels too tight.

I have been thinking of using limit orders to enter a position to reduce my risk. Currently I use market order or stop orders to enter the market, because i kinda do not like missing trades because as you know price might not retrace back to that limit order and keep going up or down.

I believe this is where testing comes in to play to see which helps the bottom line for profits long term.

You should try to put your stop away from the action and limit order within 1risk of your stop. Atleast for testing.

Sekiyo · Jan 29, 2020

Just made another trade.
Short +8

Cumulative Report:

Total :
8 trades +8
4 trades +1
1 trades -4

13 trades for 64 ticks
4.92 ticks per trade.

Commissions are 6.47% of PnL

Sekiyo · Jan 29, 2020

@SimpleMeLike

Agree. To let the profit run into the wild isn’t professional. It isn’t great for the trade to go out of hands. The trade has to be prepared before being executed, not processed while running. Good point.

That’s the problem with under capitalized account. You need to let the price some space to move and give yourself some room to be wrong. We may not catch the top or bottom therefore we need amplitude before to close the trade with a loss. Otherwise it’s getting to difficult. So we need to take greater risk in order to overcome timing errors.

For me market order is for the impatient, the impulsive and surprised guy

But it’s fine ! I mean ... I could use market orders too.

What I sometimes do is I don’t put my 4 ticks SL right after entering the market. I watch, if it goes -4 I might put a limit at +1. If it goes -8 I might put a limit at -4. But it can kill your account if there’s a spike or if the market do not recover. It already happened to me to blow an account this way. Because you don’t want to close at -30 anymore. lmao

So we always need a hard stop somewhere.
But not to close for the trade to develop nicely.

SimpleMeLike · Jan 29, 2020

Sekiyo said:
@SimpleMeLike

Agree. To let the profit run into the wild isn’t professional. It isn’t great for the trade to go out of hands. The trade has to be prepared before being executed, not processed while running. Good point.

That’s the problem with under capitalized account. You need to let the price some space to move and give yourself some room to be wrong. We may not catch the top or bottom therefore we need amplitude before to close the trade with a loss. Otherwise it’s getting to difficult. So we need to take greater risk in order to overcome timing errors.

For me market order is for the impatient, the impulsive and surprised guy But it’s fine ! I mean ... I could use market orders too.

What I sometimes do is I don’t put my 4 ticks SL right after entering the market. I watch, if it goes -4 I might put a limit at +1. If it goes -8 I might put a limit at -4. But it can kill your account if there’s a spike or if the market do not recover. It already happened to me to blow an account this way. Because you don’t want to close at -30 anymore. lmao

So we always need a hard stop somewhere.
But not to close for the trade to develop nicely.

Very good point. I agree. I am big believer in putting the stop loss where it needs to be, not where i want it to be. I have no problem using big stops, its better than fake out cause stop is too small, no I am fighting price action trying to get back in.

You nailed, timing errors.

I put it like this. When I stop out, I want price to go to the other way so i completely know my bet was wrong.

I do not want to be the top or bottom get in trader. I have no probably waiting for the high probability setup and confirmation. But this requires big stop loss. Oh well.

I am realizing that personality trading is sooo BiG. For example, for about 3 months, I was trying to use trailing stop to trail a winning trades. It made sense for awhile, but I do not know, just wasnt feeling it, especially with 1 contract. So now I am trying the bracket order starting at -30SL for +10PT. After that, i adjust my stop loss downward in practical range where it needs to be. I am still working on this part on the profit target. So its all testing, but atleast i am hitting the singles.

Sekiyo · Jan 29, 2020

That would be my @TopstepTrader plan.
Get funded for 150K, make it x2.25 in a year.
They take their 150K + 20%. I keep the other 150K.
It's a x400 return if combine done in a month (150K/375).

Then I grow my own 150K.

Dreamin' ...