Sekiyo’s journal

schizo said:
Nearly impossible, eg. trendlines and channels, just to name a few.
More...

Impossible isn’t the word.
Maybe problematic or tough.
Even trend lines are tricky to backtest.

Or you need a plug and play software.
But with Excel for exemple ...
Moving average is easy.

Go define a trend line using excel
xD
 
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I bought just once.
Then I kept selling the highs.
Felt stupid then up to a point I had to continue,
Because there was basically not much upside anymore.
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Blue lines are profits.
Violet lines are losses.

Could have taken smaller losses (better entries)
I was a little reckless trading 1MES.

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Gray area are trades done today.

Up +277 today
 
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Might go for something like this.
Max Daily Risk 2% and Min Daily Reward 6%.

What do you think about this ?
Do you guys set daily targets ?

I'll have to break Max Daily Risk down,
Around 0.5% risk per trade let's say.

But some trade are worth more than 0.5%,
And some other trades are worth less than 0.5%

One size does not fit all.

What am I trying to achieve ?
Does the rules make sense ?
For what consequences ?

The risk is to be managed on a trade basis.
Having a circuit breaker can force me to take good risks.
It's like going to the casino with only a fraction of your wealth.

It won't help me profitability wise,
But it might help me to manage risk.

Daily targets might lead to over / under trading.
Don't try to fit the market to yourself.

KPIs might rather be process oriented than outcome related.
 
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Sekiyo said:
What do you think about this ?
Do you guys set daily targets ?

It won't help me profitability wise,
But it might help me to manage risk.

Daily targets might lead to over / under trading.
Don't try to fit the market to yourself.

KPIs might rather be process oriented than outcome related.
More...

Well, it's a controversial topic which have been discussed extensively on this board. From a mathematical perspective - you should always trade all your signals. This does assume you have a mathematical edge and that you trade all your signals perfectly without fail. And it assumes you're always sharp, fully concentrated and on top of your game.

This is likely not true if you're a discretionary trader.

I think it depends on what stage you're in as a trader and it can make a lot of sense if you're not yet a consistent trader.

Options as an alternative to quitting completely after a fixed target:

1. Use a trailing stop on your profits (assuming a realistic minimum target) such that you call it a day if you give back 50 % of your realized profits. Or give yourself one last trade.

2. Continue trading after reaching a target, but with reduced size/risk.

3. Continue trading in the simulator.

It's also not a bad idea to call it a day if the market seems dead or already made a large, attractive move. I wonder how many traders lose in chop because they simply feel they have to trade.
 
When I was a bit younger, I used to religiously avoided trading the lunch hours. Not because I felt necessary but that was what I was "taught". Now I blow right through lunch without a hiccup. You see, everybody has a unique personality. You can't mold your thoughts and feelings on someone else's belief. You need to find your own voice. It's the same thing for trading. That's what EDGE is. An edge isn't some holy grail. It's what works for you based on your own personality.

You can literally analyze yourself to death but I can assure you it's all rubbish. You will get nowhere. On the other hand, if you simplify your trading, you will see things you've never imagined before.
 
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