Stops
- Thread starter tortoise
- Start date
whitster, what would you say your ROI is weekly on that 10k ?
i average about $1600 a week in my futures account.
and as for what i funnel it into, i do buy a lot of really conservative stuff. "grandma" stocks. i'm segregated into 4 different accounts.
i hesitate to give #'s like this, because then it sounds like bragging and/or people think im full of it. i don't care what people think, but i never volunteer a # like this... but you asked.
3 cars YM *30 pts a day = $450 a day, for example. i rarely use above 3.
and as for what i funnel it into, i do buy a lot of really conservative stuff. "grandma" stocks. i'm segregated into 4 different accounts.
i hesitate to give #'s like this, because then it sounds like bragging and/or people think im full of it. i don't care what people think, but i never volunteer a # like this... but you asked.
3 cars YM *30 pts a day = $450 a day, for example. i rarely use above 3.
This is so incorrect. When a trading vehicle is trending, you don't really need stops, because you take a position and enjoy the ride. Maybe a loose trailing stop, to lock in profits.
You need stops mostly in a choppy, sideways market when you can not be sure that after taking a position, the instrument will not start to trend one way or other and cause you losses.
Is the ES trendy? It is as trendy as the market itself, lately it has been sidewaying both in short and longer term....
For the original question: I think you already answered your own question. You analized the problem, came up with a solution, and now you just have to execute that solution.
If not using a stop most of the time wouldn't have caused you a big loss, but eventually would have ended up in profit, then by all means, use only that chatastrophic stop loss. Of course you might want to give a try (maybe papertrading or using only 1 contract) to the theory first, and once you see that it is working, just switch to the new strategy.
That's it....
Thanks for being honest. Most people do not believe you can make those kind of return in futures continuously but I know it can be done.
thank YOU volente.
and as another example, using the same basic setups, i could theoretically trade 20 contracts (vs. 3) *30 pts and make 3g's a day
but i don't
not that i don't have enuf capital. 20 contracts on intraday doesn't require much in an account.
but it would cause we WAY MORE stress than i am willing/able to deal with, so i trade within my size and tolerance level. that imo is also a big part of success in futures. just because you CAN trade 10 or 20 contracts does not mean you should. because no matter how good your setups are, it is much harder to stomach with larger size. imo, that will take time. maybe in 5 years i will trade that size, but not now. no frigging way.
i think that is something that people discount - the emotional factor. if you are trading outside your comfort level, then objectivity goes out the door, and that's when people start gambling, doubling down, removing stops, stressing out and taking profits before targets, etc. etc. etc.
i do know a guy who trades 30 cars per order (he segregates into 5 buy orders).
he makes hyooooge bank, but he is also very very very experienced and he can handle that.
i don't care what anybody says, papertrading is not the same. i could papertrade 20 contracts (and have done so), but it aint the same as when your money is on the line.
another thing i learned is not to concentrate on P/L during your trades. save that for end of day analysis. concentrate on your setups. if you follow your setups and rules, the money takes care of itself. if you concentrate on the $$, you will not do well.
if your goal is the money - that is bad. your goal should be to follow your setups.
and as another example, using the same basic setups, i could theoretically trade 20 contracts (vs. 3) *30 pts and make 3g's a day
but i don't
not that i don't have enuf capital. 20 contracts on intraday doesn't require much in an account.
but it would cause we WAY MORE stress than i am willing/able to deal with, so i trade within my size and tolerance level. that imo is also a big part of success in futures. just because you CAN trade 10 or 20 contracts does not mean you should. because no matter how good your setups are, it is much harder to stomach with larger size. imo, that will take time. maybe in 5 years i will trade that size, but not now. no frigging way.
i think that is something that people discount - the emotional factor. if you are trading outside your comfort level, then objectivity goes out the door, and that's when people start gambling, doubling down, removing stops, stressing out and taking profits before targets, etc. etc. etc.
i do know a guy who trades 30 cars per order (he segregates into 5 buy orders).
he makes hyooooge bank, but he is also very very very experienced and he can handle that.
i don't care what anybody says, papertrading is not the same. i could papertrade 20 contracts (and have done so), but it aint the same as when your money is on the line.
another thing i learned is not to concentrate on P/L during your trades. save that for end of day analysis. concentrate on your setups. if you follow your setups and rules, the money takes care of itself. if you concentrate on the $$, you will not do well.
if your goal is the money - that is bad. your goal should be to follow your setups.