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Thank's for reply! I got it! So, by varying your position size properly you're achieving positive expectation, because on average your winners have bigger size than loosers. Plus, part of your trades have higher RRR.
Greetings! I mentioned before that I employ a horizontal line every 50 dollars. When you mentioned the grid trading, it made me think back to the days of Forex/Nadex. Back then, I would put S/R lines on the chart. Then after going to futures, I halted that habit.
During range days with good volatility as in today (Friday), I went back to that habit of creating grids. I started the pre-market by striking lines at pivots on the 2 minute. I sped up the trading chart to 21 seconds from the 34 seconds.
It dawned on me that your grid suggestion might prove helpful. And it surely did! Since my average trade time lasted 1.4 minutes today, the zones worked well. Results were 85.86-longs, 90.40-shorts w/ average of 88.39% win rate.
In regards to stop losses, that's a long discussion. Stops have to be discussed in light of probabilities, leverage, chaos theory, volatility, fear, account size, risk tolerance, experience and a host of other topics. Of course I'm sure that you already know this.
I believe this is really the ONLY professional way to look at it. You have your entries and exits giving you your points/ticks/pips. Then you layer position sizing on top of that and thats the real magic. It's your entries and exits that control risk but it's your position sizing that makes you the money.
Secondly the other "professional" thing I notice you do, which really is two sides of the same coin, is equalize risk by taking the same size total risk on each position by dividing the total risk in dollars by the ticks risked.
In my own trading I'm trading the smallest size possible because of mistakes. More accurately, my inability to stop making them even when I know I'm making them!
I'm proud I have stopped losing but I can't seem to keep those fresh new highs coming.
Thanks again. This is the one journal I read everyday!
Any idea where he takes his 2 off at? Specifically? Rather than "up a bit"? Curious because I have been messing around with this going between a fixed target of 10 pts (NQ) and a dynamic target of a 1:1 RR wherever I put my initial stop depending on the volatility/ATR parameters. When that target is hit I bring the other half up to breakeven.
But then I'm always going back and forth wondering if it's worth it taking half off at a predefined level if I'm taking full stop losses...? I guess that's just a matter of system/win rate/journaling and finding out what works for you over time?
Hi,
He has an initial stop of 30 on all 4. Takes 2 off at +8. He has a 30 tick trailing stop on the other 2 that adjusts every 3 ticks.
Takes one of the 2 remaining off at +40 and the last one at +80. Assuming of course that they're not stopped out.
He says he has a Full Stop out about 15% of the time. He's only been doing it live for 3 weeks. Averaging about $700 per contract per day so far.
Just starting to read your journal after finishing the webinar. I really connect with the way you trade. Also your routine at West Palm was awesome. Keep up the great work.
I tried to trade on natural resources like oil or others, but I didn't like it. For me, cryptocurrencies are more attractive, even if the market may be unstable. In the case of oil trading, there are a lot of questions for me, and it is difficult for me to analyze the market. Now it will undoubtedly lower prices because this is a tense situation between Russia and the great powers. That's why I don't like that in cryptocurrency trading, politics doesn't feel so loud yet, but in oil trading, it feels deafening. In oil trading, it would be super if you did leverage trading because it's a bit of a risk to lose and provide some stability.
