ES $197(1), CL $193(6)
| RESULTS FOR DAY | |
|---|---|
| Contracts: | 7 |
| Net $P/L: | 391 |
| Wins: | 3 |
| Losses: | 1 |
| Win%: | 75 |
| Avg$Win: | 207 |
| Avg$Loss: | -229 |
20 hours ago
Friday, January 6, 2012
Fri. 1/06
9:50am CST - Jumped back in the water today. At least for Jan., the plan is to quit for the day when up $300-400. Slow and steady. After all, averaging $250 a day will get me 100% return on the year. The real question is will I give back multiple days of gains in a single losing day as I did a lot in 2011?
Net Breakdown (contracts traded):
ES $197(1), CL $193(6)
ES $197(1), CL $193(6)
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Right chart is beautiful. Perfect.
ReplyDelete-TC
Hi MBA,
ReplyDeleteFinally,you get my point!
$400 dollars a day for your trading method is nothing,
why always trade like a street fighter?
With your trading style and TA knowledge, you can make ton of money if you keep your daily loss in a fixed amount...as you goal for $250, then shut down your computer at $500 win or LOSS without any question asked.
In 9months , you will meet your 100% return.
Good luck for whole new year 2012!
Cable123
Cable123 - you have to accept some volatility in your daily returns otherwise you just won't be able to trade. Imagine trading ES with a 8 tick target/stop and 60% winners. Sounds good? But the expectancy is $15/ct assuming $5 costs, and if you want to make $500 on average you would have to have $1800 in wins and $1300 in loses.
ReplyDeleteMBA want $250 average a day, so $500 is more than any retail trader allow to loss in a day.
ReplyDeleteWe have 24 daytraders in our firm, 80% of traders have less than $500 to stop out for a day.
You have to adjust your thinking and allow a good day to earn as much as possible and limit a day loss to limit amount for long run.
Most daytrader do not have deep pocket like MBA.
I know him from old Elite days, he can trade very good for a while then kick kick and run wild..
Cable123
>The real question is will I give back multiple days of gains in a single losing day as I did a lot in 2011?
ReplyDeletenot if you set your max daily stop loss. Say after a year you pick out the most winning trade and double down on that set up, slow but steady improve your p/l.
This gets back to my earlier point about variability of returns. In my 60% winners, 95 win/-105 loss. After 6 trades on average you are $90 up and if the next trade is a loser then will be back to -$15. The variability is high because the expectancy is small compared to the average loss. Another way of looking at this is after 10 trades the average return is $150 but the standard deviation is around $300. So there is around a 30% chance of being underwater after 10 trades with a system that has a positive expectancy.
ReplyDelete-- jzw