The Tao of Minimalistic Trading: $300 Daily Profit

you had 3 loosing trades for -6. that's a "win" in my book because you kept your looses within reason despite being on wrong side of trend as you put it.

I HOPE to keep my looses that small when on wrong side..:cool:
 
optioncoach said:
So there is A HUGE difference between making 6 points any given day and AVERAGING 6 points a day over a month's time. You can easily do the former on any given day but your system can NEVER average 6 points a day over a month because of your limitations.
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These are valid points. However, unless I make 6 points everyday of the month, the average will always come out less than 6. But how realistically can I (or anyone for that matter) expect to win everyday? I suppose you want me to raise the profit target in order to compensate for the potential losses as well as the commission. But I don't see how this could improve the present situation for the better. I could have easily stipulated a lower profit objective at the outset (eg. 4 points instead of 6). So would I be in any better position if I were aiming for only 4 points? No. Likewise, if I were to raise the target from 6 to, say, 8, it still makes no difference. I guess this all ties into the greed factor, which is exactly what I'm trying to avoid.
 
I am not asking you to do anything, just highlighting the problem in trading when you go into the day with a fixed profit target, as was pointed out by someone else. I go in each trade looking for a profit whether it is 3 points or 10 points, whatever the market gives me or the current volatility will allow. To look for a fixed point total/$ amount a day for a stop loss makes good sense. For a profit, keep trading as long as you are seeing set ups that are high probability for success based on your system. Check your daily averages at the end of the month.
 
I can not understand why you are trading a couple of ticks ? if you can pick up movement in the 30 - 40 ticks to the risk in the transaction only 10 ticks ?
 
I think you have a higher probability of being consistent long term if you change the target to 1 point with a 6 lot or 2 with a 3 lot
 
VaheV said:
I can not understand why you are trading a couple of ticks ? if you can pick up movement in the 30 - 40 ticks to the risk in the transaction only 10 ticks ?
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Not "couple ticks" but couple points, as in 8 ticks. Personally, I believe working towards a goal instils a better discipline.

volente_00 said:
I think you have a higher probability of being consistent long term if you change the target to 1 point with a 6 lot or 2 with a 3 lot
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Well, you already know how I trade. But as I stated already, this is relatively a tiny account with only $10,000, generously funded by my other trading account. So I'll first try to grow this account first before opening the flood gate.

BTW where you been hiding? I almost thought you drowned yourself in Mojito. You need to keep us entertained like the good ol' days. :)
 
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