SniperDaytrader´s journal
- Thread starter SniperDaytrader
- Start date
Weekly results: Week 10
The previous week was disaster. This week my trading started to look better. The markets started to move finally as well.
What I need to work on are premature entries and reducing the average loss (trough better entries). Another area which requires improvement is increasing the average profit per trade. The average profitable trade this week was $26.55. Ideally it should be higher than $30. The percentage of profitable trades rised to 60.71%. Ideally it should be in 75-80% range.
Good news is that even when the profits have been small, I made profit every single day of the week. I ended up this week with $146.88 profit and managed to decrease the drawdown from previous week. From the beginning of LIVE session during very tough market period I am down only $60.
Alltogether, I am quite satisfied with my progress so far. The most importatnt for me is to remember that this phase of trading is not about earning lot of money, but about building confidence and basis for future multicontract trading.
The previous week was disaster. This week my trading started to look better. The markets started to move finally as well.
What I need to work on are premature entries and reducing the average loss (trough better entries). Another area which requires improvement is increasing the average profit per trade. The average profitable trade this week was $26.55. Ideally it should be higher than $30. The percentage of profitable trades rised to 60.71%. Ideally it should be in 75-80% range.
Good news is that even when the profits have been small, I made profit every single day of the week. I ended up this week with $146.88 profit and managed to decrease the drawdown from previous week. From the beginning of LIVE session during very tough market period I am down only $60.
Alltogether, I am quite satisfied with my progress so far. The most importatnt for me is to remember that this phase of trading is not about earning lot of money, but about building confidence and basis for future multicontract trading.
Looks like too much emphasis is being placed upon being right and not enough on profitability. You can make really good money with a win percentage much less than 50% if you can learn to be wrong and be ok with it, and when right, learn to reap the full benefit.
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B1S2: I agree. I used to trade with 40-50% win ratio and 1:3 RRR (like everybody else) but it didn't fit my personality. I take small profits but constantly.
March 9, 2015 step by step
Step by step I am slowly improving my trading. The market was also moving quite nice today.
Step by step I am slowly improving my trading. The market was also moving quite nice today.
- T1 Somehow I still make at least one mistake per day. This entry was again premature. -7
- T2 Reentry on the same idea, this time even the timing was right. +12
- T3 Tried a littlebit more aggresive short. I didn't see what I wanted to see on the tape so I killed the position at BE+1
- T4 Went long just 2 ticks from local low. +12
LOL
Started doing Krag Maga a few months back, good fun, ( NICE blondie cute as ), made doing everything a bit harder ( well not 1 thing after the kicks )
Nice profits today
account positive ??LOL
Started doing Krag Maga a few months back, good fun, ( NICE blondie cute as ), made doing everything a bit harder ( well not 1 thing after the kicks )
Nice profits today
Hehehe. It is Krav Maga
Well, I am training martial arts (Wing Chun Cheung style, Filipino Martial Arts) for 2/3 of my life so I decided I will do some MMA instead of cardio as supplement to my Workout program. Hate running, very boring. This is fun - I had black eye last week and my brother broke his rib Thanx, yeah starting to move slowly towards my win% goals. And yes, I crossed BE of my account today
Trade like a sniper, part IV. – 3 pillars of success
Accuracy of sniper shots is influenced by three main factors: weapon system (rifle + optics + accessories), ammunition and the shooter himself. Each of these components are equally important. Take the best modern sniper rifle with floating barrel, put the best scope on it, reload accurate ammunition adjusted for the rifle's chamber and put it all into hands of someone who never shot rifle before and he won't be able to hit a barn at 500 meters. If you put old rusty rifle in the hands of skilled sniper he won't be able to achieve the accuracy he is used to. As you can see, if you replace just one of these three components with inadequate one the result is terrible.
Trader relies as well on 3 pillars when trading: money management, trade management and trader himself.
Money Management is the foundation of the whole trading system. Without clearly defined variables of Money Management, trader should never start with live trading. It is like if the sniper went on mission without ammunition. Without solid Money Management rules the trader doesn't know how much can he risk per trading session, he doesn't know how big basic stop loss can he afford, he doesn't know what profits he should aim for to achieve planned gains, he doesn't know what win ratio to expect, he doesn't know what draw down is still in a norm and what is already a sign that something is wrong and he needs to stop trading at all. Without Money Management, trader doesn't know when to add new contracts to the positions and he doesn't know what basic capital he needs to start trading.
Trade Management is the trader's rifle. It defines exact rules how and when the trader enters the trade, what stop loss to use in which situation, how to manage the position in loss and when to take profits. Similarly like sniper continuously cares about his rifle, also the trader never stops to adjust trade management to current market situation. If there is low volume in the markets, trader needs to calculate with wider stop lossses, trade only perfect setups and take profits quickly. Vice-versa in higher volatility trader aims for more distant profits, entries are faster and management of open position more aggressive.
Trader himself is the most important element of success. He can have perfect money management rules, detailed trade management with clearly defined rules, but if he doesn't follow the rules when trading the whole system is useless and his capital will keep shrinking. I was blessed to be a part of bigger trading group where we all traded the same system. It means we had the same tools, same approach, very similar rules and still I saw that just few of us have been successful. Clearly the system was working well and still just few managed to actually FOLLOW THEIR OWN RULES and become successful.
to be continued...
Accuracy of sniper shots is influenced by three main factors: weapon system (rifle + optics + accessories), ammunition and the shooter himself. Each of these components are equally important. Take the best modern sniper rifle with floating barrel, put the best scope on it, reload accurate ammunition adjusted for the rifle's chamber and put it all into hands of someone who never shot rifle before and he won't be able to hit a barn at 500 meters. If you put old rusty rifle in the hands of skilled sniper he won't be able to achieve the accuracy he is used to. As you can see, if you replace just one of these three components with inadequate one the result is terrible.
Trader relies as well on 3 pillars when trading: money management, trade management and trader himself.
Money Management is the foundation of the whole trading system. Without clearly defined variables of Money Management, trader should never start with live trading. It is like if the sniper went on mission without ammunition. Without solid Money Management rules the trader doesn't know how much can he risk per trading session, he doesn't know how big basic stop loss can he afford, he doesn't know what profits he should aim for to achieve planned gains, he doesn't know what win ratio to expect, he doesn't know what draw down is still in a norm and what is already a sign that something is wrong and he needs to stop trading at all. Without Money Management, trader doesn't know when to add new contracts to the positions and he doesn't know what basic capital he needs to start trading.
Trade Management is the trader's rifle. It defines exact rules how and when the trader enters the trade, what stop loss to use in which situation, how to manage the position in loss and when to take profits. Similarly like sniper continuously cares about his rifle, also the trader never stops to adjust trade management to current market situation. If there is low volume in the markets, trader needs to calculate with wider stop lossses, trade only perfect setups and take profits quickly. Vice-versa in higher volatility trader aims for more distant profits, entries are faster and management of open position more aggressive.
Trader himself is the most important element of success. He can have perfect money management rules, detailed trade management with clearly defined rules, but if he doesn't follow the rules when trading the whole system is useless and his capital will keep shrinking. I was blessed to be a part of bigger trading group where we all traded the same system. It means we had the same tools, same approach, very similar rules and still I saw that just few of us have been successful. Clearly the system was working well and still just few managed to actually FOLLOW THEIR OWN RULES and become successful.
to be continued...