The Tao of Minimalistic Trading: $300 Daily Profit

Only traded for a couple hours today. I intuitively knew the PA would be garbage, but traded anyway and, sure enough, it reflected in my trading: up and down, up and down. This day ends with a gain of 0.75 points or $37.50.

Code: 
Today's Trade Stat

No. of Trades (Round-trip)*: 6
No. of Winners: 3
No. of Losers: 3
W/L Ratio: 1
Avg Gain: 1.92
Avg Loss: 1.67
Cumulative P/L: +0.75 Points

* Breakeven trades have been omitted

$300 Daily Challenge (1/04/16 - 1/29/16)
Winning Days (>= $300): 9
Losing Days (< $300): 9
 
So looks like you have around 55% win percent is that right or what is your win%. Since you have more positive then negative days what is the total up amount now? Is your target 2 or 1.5 times your stop and do you feel this helps you be a profitable trader or do you think if you had an equal target vs stop, you would increase you win%. Also, is it worth letting trades go to BE or just having them hit a stop?

schizo said:
Despite the strong 40+ point rally, I managed to end the day with 3 winners, 8 losers, and 5 breakevens, for a loss of 7.50 points or $375. By no means am I happy with the loss, but I ain't too troubled. I believe I did pretty well with all the losses, keeping them well under control. This clearly shows from the number of breakevens. On the other hand, what irritated me earlier was that first trade. I had placed this trade just before hitting the bed. I realized later that I pretty much nailed that bottom. But, sadly, I got stopped out just before price reversed and rallied hard. Had my trade survived, I might have ended this day in green. :)

Code: 
Today's Trade Stat

No. of Trades (Round-trip)*: 11
No. of Winners: 3
No. of Losers: 8
W/L Ratio: 0.38
Avg Gain: 1.92
Avg Loss: 1.66
Cumulative P/L: -7.50 Points

* Breakeven trades have been omitted

$300 Daily Challenge (1/04/16 - 1/29/16)
Winning Days (>= $300): 9
Losing Days (< $300): 8
More...
 
This is my current results for my new system that I am trading. However, I need to let my winners run more and I would be doing much better.
 

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oraclewizard77 said:
So looks like you have around 55% win percent is that right or what is your win%. Since you have more positive then negative days what is the total up amount now? Is your target 2 or 1.5 times your stop and do you feel this helps you be a profitable trader or do you think if you had an equal target vs stop, you would increase you win%. Also, is it worth letting trades go to BE or just having them hit a stop?
More...

Having traded over 20 years, I've come to believe simpletons are better traders than their sophisticated counterparts. Too many traders overcomplicate things, mistakenly equating complexity to success. I really don't need to know all those trade stats. What matters for me at the end of the day is whether I got in and out at the right price. Sometimes, I might have gotten in at the wrong price but got lucky and made money. Other times, I might have entered at the right price but still lost money because the timing was off. Trade stats will never accurately reflect those quirks, which are really more essential to the longevity of any trader.

Now to your questions:

1) So looks like you have around 55% win percent is that right or what is your win%?
I don't know. I never bothered with the %. I do know, however, that Win% is higher than Loss%.

2) Since you have more positive then negative days what is the total up amount now?
I'll have the monthly stat reported at the end of the month.

3) Is your target 2 or 1.5 times your stop and do you feel this helps you be a profitable trader or do you think if you had an equal target vs stop, you would increase you win%?
Since I do not set my price target based on risk:reward, it's hard to answer your question. Nevertheless, I always prefer to exit when I can and not when I must.

4) Also, is it worth letting trades go to BE or just having them hit a stop?
Good question. I tend to know when the trade is not working. In that case, I will bail out at BE or at a minimal loss. However, in a strong trend, I will give the trade more room.
 
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