YM Traders

Quote from blackguard:

I don't really count points, but I keep track of money. Largest single day loss for me has been $42000. I have had several days where I have made $10000-$12000 in one day. Highest one day gain is $17500.

Highest calendar month gain is around $55000.
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Wow... you might want to look at your daily loss limit. For that $42,000 day, you basically gave up 38 days of trading by giving you the benefit of the doubt assessment of an average month of $55,000 (which is actually your highest month). If your average month is around $20,000 (fairly typical for pro prop traders) then you gave up 85 trading days.

I would strongly suggest using a daily limit equal to half of your net average per day. This will put you way ahead in the long run. Your trader's edge right now from what you have shared is close to being 0 or negative.

Would you tell us what your average is (NET after fees, commish, daily fixed cost, etc)?
 
i'm apparently trading smaller than you guys, although looks like your more efficient too volente

are you trend following, or scalping or mixture in the ym?

biggest ym win for me is around 1100, biggest losing day in ym is about 520.

something that i've found for myself is that in order to get a solid 2:1 avg gain/loss, i need to SHOOT for greater than 2:1 or what i mean is...make myself available to get more than 2:1.
 
Quote from volente_00:

blackguard, tell me more about the 42k day, just curious what size you were doing.
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40 contracts. It happened in early 2003. Got caught short and didn't get out.

This is a couple months after I started futures trading, so it was kind of a rude awakening.

Keep in mind, YM was more volatile (larger daily ranges) back then. I also had a larger account size back then.
 
Quote from blackguard:

40 contracts. It happened in early 2003. Got caught short and didn't get out.

This is a couple months after I started futures trading, so it was kind of a rude awakening.

Keep in mind, YM was more volatile (larger daily ranges) back then. I also had a larger account size back then.
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If it is easy to lose money in the markets, it must be easy to make money from the mkts( By a guru, L W?)
 
Quote from FuturesTrader71:

Wow... you might want to look at your daily loss limit. For that $42,000 day, you basically gave up 38 days of trading by giving you the benefit of the doubt assessment of an average month of $55,000 (which is actually your highest month). If your average month is around $20,000 (fairly typical for pro prop traders) then you gave up 85 trading days.

I would strongly suggest using a daily limit equal to half of your net average per day. This will put you way ahead in the long run. Your trader's edge right now from what you have shared is close to being 0 or negative.

Would you tell us what your average is (NET after fees, commish, daily fixed cost, etc)?
More...

I don't really understand what you mean by traders edge. Please explain.

This loss happened in early 2003. I have since then adjusted my trading style. My account size is smaller these days as well. I try to make a steady 1-2K a day and limit my losing days, when they happen, to that amount as well.

what do you mean by traders edge?
 
Quote from volente_00:

How many trades did it take to drop 42 k?

did you not use stops back then ?
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it was one trade. Did not get out when I should have. I thought the market would reverse and it didn't
 
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