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Making a 100 a day

  #11 (permalink)

Denver
 
Trading Experience: Intermediate
Platform: Bookmap and Jigsaw DOM
Broker/Data: Stage 5 Trading
Favorite Futures: ZN
 
lax99's Avatar
 
Posts: 433 since Jun 2015
Thanks: 623 given, 809 received


Jayboii478 View Post
But more times than not, I'll be hitting my 15 target, so once in a while I get stopped out right before a win, but trading the plan and planning the trade keeps me clear of being blinded and changing my SL or TP to fit current market because of a bad trade.

One of the important things for any trader to understand about his/her trading is a strategy's expectancy. In my own trading, my expectancy has varied through different periods as my performance ebbed and flowed. When I was seeing the market well and executing well, my win % was about 62%. When I was executing terribly and trading poorly, my win % was 27%.

My point is that I know what my numbers are because I have to know them if I want a chance at being consistent and profitable (and S5 does an amazing job providing trader analytics!). Saying "more times than not" makes me think of two things that I experienced throughout my own career.

1) I'd say something similar when I had absolutely zero idea of what my expectancy or win rate was.

2) I'd say something similar when I had a string of losers and then one big winner. The big winner would erase my memory of the losses and make me think that I was a genius.

I now know that a trader has to be intimately familiar with his/her strategy and all aspects related to the strategy. If you're still figuring out your strategy, that's great! I still am and I'm sure that many others here are as well. Planning and executing are a huge part of trading, and it is good that you are executing your plan instead of trading your P&L.

My advice would be to dig into your strategy a little bit. In which market conditions does it work well? Which poorly? What's the expectancy? What's the win rate over 200+ trades? Keep working hard and I'm sure that you'll get there.

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