| RESULTS FOR DAY | |
|---|---|
| ES Contracts: | 106 |
| Net $P/L: | -3328 |
| Wins: | 2 |
| Losses: | 3 |
| Win%: | 40 |
| Avg$Win: | 462 |
| Avg$Loss: | -1417 |
19 hours ago
Monday, October 31, 2011
Mon. 10/31
2:45pm CDT - Sad performance on this final day of the month. Was up over a grand and then had a couple full stops in the late day lull. Perhaps I should just not trade in these conditions. But saying that and doing that are two entirely different things. I will be taking the rest of the week off most likely to work more on strategy development.
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Take the rest of the DECADE off! You'll save yourself a lot of money and heartache that way. You are essentially doing the same thing now that you were doing in 2005 (followed you on elitetrader.com) - small wins and much larger losses that more than wipe away the profits. Do you know of ANY retail trader that makes money playing it in this manner? There are none! I should know, I was a broker for 14 years. Good Luck!
ReplyDeleteDear MBA,
ReplyDeleteI think your trading method is ok and working, do not digging the grave with all kinds of strategy development.
You have problem with business plan, your Equity for trading was around $60,000 so your stop line should be $60,000/200 = 300 dollars.
You should continue trading to max the profit by one day at a time, only when you are on the right side and stop trading with $120 dollars profit.
We have 24 traders with over 1/2 million account each
for trading, and their daily stop was $500 only.
6 of them make over $200000 per year.
When you stop out for a day with -$300, walk out for a good exercise, then enjoy a big lunch and see a moive, have a nice day,relax for tomorrow.
English is not my language.
Hope this plan can make your luck in right direction.
Cable1234
You should set a max loss for a day (such as $500) for a small account like that.
ReplyDelete--Judy
Thanks for comments. I am very aware of the risk I am taking with every trade and my account size. There are pros/cons to having a set daily $ target or loss at which you stop trading for the day vs. taking every signal that comes up. There is no right answer and so I must do what works best for me.
ReplyDeleteIn my humble opinion, those who are willing to "offer" highly critical opinions of one's performance should also be willing to share their OWN "PnL" figures or remain silent.
ReplyDeleteKudos to you for being willing to post your results regardless of the outcome.
You've probably already factored it in, but I'll throw it out there anyway - does your system incorporate a cut off where once you've moved up X amount, you put in a wide stop (enough to guard against most whipsaws) to lock in a portion of the gains if the market reverses?
Thanks Soulfire. I generally hate trailing stops but do have cases where I will attempt to get out at BE rather than waiting for target to hit or a full-stop to occur. But who knows what will emerge after this week of rethinking things! :)
ReplyDelete