The Tao of Minimalistic Trading: $300 Daily Profit
- Thread starter schizo
- Start date
You'll then need to post your entry and exit price in realtime from now on. Otherwise, it's just an after-the-fact personal opinion. Please follow the order or go create your own thread.
Actually it started yesterday and you got bailed out by a big trade. Then you slept in today and then wiped it. All of this just doesn't sound very professional to me. I'm not trying to be a jerk in your thread and it's not the intent here but it's the way it reads. You already have croonie followers that said yesterday "great day" and looking to you like your a king trader (and believe me I'm no king myself) BUT when I saw yesterdays trades I noticed 2 things, you started to get offside and then you went for the homerun trade to bail out your losses, you broke your rules but then brushed it off like it wasn't a big deal because at the end of the day you came out on top. I think you should be more concerned about deviating from your plan.
Again not trying to jump on a guy while he's down, I started to write this up yesterday after I read the post quoted above and I should have finished it. Good luck to you and your trading sir.
Having made over three times the daily target yesterday, I got into a typical in-your-face gambling mode. Simply put, I was one reckless noob with no clear plan, other than thinking the selloff seemed overextended and the market "had to" reverse. Moreover, my usual adherence to small stops were thrown out with the bathwater. This day ends with a loss of 5.75 points or $287.50. Sad day to end the week, indeed.
$300 Daily Challenge (1/04/16 - 1/29/16)
Winning Days (>= $300): 3
Losing Days (< $300): 2
Code:
Today's Trade Stat
No. of Trades (Round-trip)*: 9
No. of Winners: 3
No. of Losers: 6
W/L Ratio: 0.5
Avg Gain: 2.50
Avg Loss: 2.20
Cumulative P/L: -5.75 Points
* Breakeven trades have been omitted$300 Daily Challenge (1/04/16 - 1/29/16)
Winning Days (>= $300): 3
Losing Days (< $300): 2
Your point is well taken and no offense taken. But, seriously, have you been following me since the beginning of this thread or just the last three days? For the record, I started this journey on the morning of December 4th. Since then, I've had only 3 days where I lost money. That's not to rationalize my bad trading this week, but isn't it a bit an overkill to prematurely jump to a conclusion based on only the last three days' trading?
You've done an admirable job...seriously, I've noticed the consistency, the disciplined use of stops, etc...Even the bigger trade yesterday, you were still using stops, so I don't see the problem...
Well, I know exactly what my problems are and what must be done to address them.
1) I need to stop swimming against the current. Only time to buck the trend should be on a cat bounce or a dip. Today, I was literally entering trades directly counter to the main trend in the vain hope that the main trend has been exhausted. Man, what was I thinkin'?
2) I need to avoid micro-managing the trades. Due to the very nature of scalping, which has been my weapon of choice lately, my attention span has been diminished. It seemed to have also shrunk my analytical skills. Hence, I need to look beyond the horizon and react (faster) if the trade doesn't pan out.
3) Try not to live up to my name! I'm flipping too much, which leads to not only overtrading but chasing prices from one extreme to the other. It's far better that I wait for a pullback. Therefore, I need to wait for a clear signal before jumping on the bandwagon.
Yes that is a solid point, I just picked up on your thread in 2016. I actually like what you're doing, just saw a red flag yesterday and you know why I picked up on it? Cuz I've been there done that...MULTIPLE times. Good trading to you sir and look forward to seeing your success.
May I just say to anyone who is critizing schizo that if u can point us to your own journal where you post weeks worth of trades in a transparent manner like he does, and are just as profitable, then please do so. But from my point of view... None of the posters come close to being able to offer advice for lack of any demonstrated trading skill themselves.
Wasn't criticizing but pointing out something that I saw that might help him become a better trader. Isn't that what a forum like this should be about? Helping each other get better?