Thanks for caring,
But it's not worth the headache.
Got too many of them. Most are bullshit anyway.
Sierra Chart isn't making things easy with all their columns neither.
Thanks.
Sekiyo’s journal
- Thread starter Sekiyo
- Start date
Thanks for caring,
But it's not worth the headache.
Got too many of them. Most are bullshit anyway.
Sierra Chart isn't making things easy with all their columns neither.
Thanks.
I tend to forget it while trading.
But the potential loss is primordial.
By treating each trade as a loser helps.
Was basically just trying to forecast the market.
Took the trades then got caught by the reality, PnL.
Was taking too loose entries.
Got the right mindset back. Thanks.
Risk, Reward and Likelihood.
What do you do with those 24 hours? Non-stop trading?
How would you characterize your methodology or approach? Are you swing trading short term, i.e., trying to capture larger 20+ point swings? Or are you day trading shorter targets? Or both?
Is everything written down and well defined in a trading plan?
How about instead focusing on the 1st 3 hours of the RTH session with lazer focus or the entire session if you're up for it? Or some other time period if that's better for you.
Maybe set a modest profit goal. Say 3-5 points. Try to hit that. Consistently.
You need to make sure you have sufficient time to research and test things too. If you're only trading all day long - you may not progress sufficiently in that area.
What is required for you to enter the market? Do you plan the trade? Do you use indicators? What defines your signals? Are they back-tested? Do you have statistics for how often they work and how often they don't? Or how price normally should react when a signal is successful and how price normally should react if not?
Personally, I can't endorse Al Brooks as I don't use that stuff, but I don't think you can go wrong with NoDoji's advice in general. She put in a lot of work back-testing the market and her setups bar by bar and detailing the results in a spreadsheet similar to what I outlined above.
https://www.elitetrader.com/et/threads/nodojis-trading-plan-development.237799/
https://www.elitetrader.com/et/threads/discretionary-day-trading-maintaining-focus.219309/
https://www.elitetrader.com/et/threads/lessons-from-the-hard-right-edge.212873/
This is the summary of your trade log:
- 28 winning trades for totally $1,819.90
- 20 losing trades for totally $ 2,584
- 58% winning trades
cell I25 is your actual result. Watch how big the impact is if you reduce your losses tick by tick, and how you improve your profits tick by tick.
Only the combinations in the white cells area are profitable.
Check also the impact if you have more, or less, profitable trades.
Your average loss per trade is double of the average profit per trade. You should have 67% profitable trades before you can make any profits.
The first thing to do is trade 1 Emicro instead of 1 E-mini ES. That would have reduced your losses by +- $700. You made that loss in less than 2 days trading. Continuing like that would cost you on 240 days of trading $84,000 extra. Your small loss wil become huge because of "frequency".
Last edited:
You can always take partial and try to let some of your position run (obviously only if more than 1 contract)
More important to keep your losses small.
Good job overall. Your timing seems pretty good today. But, ahem, you were too impatient with your trades. Had you held on a bit longer, your losses would have turned into big winners. Yesterday, on the other hand, you were too impulsive. It seemed as if you were taking trades by instinct rather than your setup.
Also @Laissez Faire and others have given sound advice. I too believe you should adjust your position sizing to 1 MES lot until you feel confident with your setups. Consider this to be your learning phase and the losses as a tuition. It's a small price for a greater understanding of the market. After all, everyone wants you to succeed. Seriously.
Have a nice weekend.