The Million $$$ Quest...

Ripley,
Is this trading chaos strategy based on the profitunity methods developped by Williams and sold in his book "Trading Chaos"?
I hope for you it is not.
I backtested some of his ideas and none of them presented any benefits whatsoever.
 
Quote from jsmith:

Don't forget you'll need to make more than a million to make a million because of the taxes you'll need to pay over the next four years from the gains.

From the sounds of your post, it doesn't seem like you have a strategy with exact rules to follow. Are you a discretionary trader?
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Damn.. Taxes..

I guess I only took into account 200 trading days per year might've already took that into account. Thus, I am sure I would be able to cover taxes on those 240 or so trading days.

I don't have exact rules to follow and I am a complete discretionary trader.
 
Quote from StocksSniper:

Ripley,
Is this trading chaos strategy based on the profitunity methods developped by Williams and sold in his book "Trading Chaos"?
I hope for you it is not.
I backtested some of his ideas and none of them presented any benefits whatsoever.
More...

Nope. It is from my physics classes in college which were pure chaos.. (grade wise).
 
Thoughts:

You cannot never really learn enough not to have losing trades. Thus, it is ultimately how you manage losing trades that matter. If you have to move a STOP to give it a bit more breathing room, your STOP is way too close and you need to get a new STOP.

There is no reason why even one single trade should slip through and exceed your pre-defined business man's risk.
 
Day 4
FINALLY...

# of Disasters: 4

Today was the day that separated me from being a retail hobby trader into being a professional trader. Finally I understand what it means to keep myself in the game, and keep on grinding it out. You always have to keep in mind that each and every single trade stands on its own. One single trade don't have any influence over your P/L, and thus you don't have to fight the markets. You only have to get onboard for the ride. Onward and upward.
 
if you use IB , should just get an automated software such as buttontrader , keep your stops in order.
Then you won't have any diasters.
 
Shit, it took me 8 years. Congrats on making the leap in only 4 days.

Quote from Ripley:

Day 4

Today was the day that separated me from being a retail hobby trader into being a professional trader.
More...
 
Quote from Ripley:

Day 4
FINALLY...

# of Disasters: 4

Today was the day that separated me from being a retail hobby trader into being a professional trader. Finally I understand what it means to keep myself in the game, and keep on grinding it out. You always have to keep in mind that each and every single trade stands on its own. One single trade don't have any influence over your P/L, and thus you don't have to fight the markets. You only have to get onboard for the ride. Onward and upward.
More...

i sincerely hope consistent application of what you learned (and will learn) comes as quickly and easily as the understanding.

take care :)

omni
 
Day 5
GRINDING it OUT...

# of Disasters: 3

I was net profitable with only 40% win rate. Goes to show you, all you have to trust in yourself and just be along for the ride.

I still have a long ways to go. Undivided attention, and complete focus just isn't there, and I really have to work on that. I am jumping into trades rather than waiting for the better entry. I have to wait and be patient for the prices to come to me rather than jumping in. I also took way too many trades. I need to wait, be patient and don't lose my focus while waiting and only take the very best trades.

My # of Disasters doesn't mean I took huge losses, it simply stands for the # of times I deviated from my rules. And most of it is composed of moving my stops, letting profits get away, not moving stop to BEP etc. I hope to get this down to 0 from now on, starting next week. Can't wait for Monday.
 
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