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How many setups do you have daily ?


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How many setups do you have daily ?

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  #1 (permalink)
South bend, Indiana
 
 
Posts: 14 since May 2020
Thanks: 10 given, 5 received

Hi All.

I was just wondering for the longer term day traders on here - how many setups do you have on a day to day basis?
Been trading for about a year now(market profile), but it all boiled down to one setup I found an edge in (and sometimes even that one isnít taken based on rules), a very slow grindy kind of process.
Although I like the setup and it seems to work over the long run, I wanted to hear feedback from more experienced traders - is this normal? Can one setup a day actually do the job? Iíd love to find another setup or two but just couldnít find an edge in any other setup I tried which gets frustrating at times.

Thanks in advance.

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  #2 (permalink)
Legendary Market Wizard
Ilsede, Germany
 
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Well, from my experience only one good setup can (and will!) do the job.

And if this particular setup occurs even several times a day, you can exploit it like a 'mechanic' and earn your share....just do it every day, you really don't need a whole bunch of different setups!

Sounds a bit boring, doesn't it?

Just my $0.02.

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  #3 (permalink)
South bend, Indiana
 
 
Posts: 14 since May 2020
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Daytrader999 View Post
Well, from my experience only one good setup can (and will!) do the job.



And if this particular setup occurs even several times a day, you can exploit it like a 'mechanic' and earn your share....just do it every day, you really don't need a whole bunch of different setups!



Sounds a bit boring, doesn't it?



Just my $0.02.



Thanks!
Unfortunately for me my setup only comes up once a day and even then thereís a time slot to take it, therefor even that one setup canít be taken every day:/

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  #4 (permalink)
Orlando FL USA
 
 
Posts: 5 since Dec 2016
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I trade a fairly mechanical system on the YM that I'm too lazy to figure out how to automate, win rate is about 45%...I would say the setup occurs probably 10-20 times per month depending on volatility (I only trade during the first half hour and last half hour of the day)

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  #5 (permalink)
Rovigo (ITALY)
 
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18 setups...actually I don't like to call them setups because everything depends on context, however I guess everybody would say they are setups.
They do not happen everyday, there probably only a couple that happen systematically. I have them well organized and described in details so that I know them very specifically.
In the past I worked on developing exact stats and executions, as I wanted to trade like a robot.... and I wanted to be as precise as FuturesTrader71, however I never managed to.

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  #6 (permalink)
South bend, Indiana
 
 
Posts: 14 since May 2020
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dev1359 View Post
I trade a fairly mechanical system on the YM that I'm too lazy to figure out how to automate, win rate is about 45%...I would say the setup occurs probably 10-20 times per month depending on volatility (I only trade during the first half hour and last half hour of the day)



Yeah sounds about like what I do - trade the first hour, 10-15 trades a month and aim for oprox 50%. I do find it frustrating at times when the daily setup doesnít end up coming up and I have to sit out the day but I guess whatever works.

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  #7 (permalink)
Orlando FL USA
 
 
Posts: 5 since Dec 2016
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ironyitz View Post
Yeah sounds about like what I do - trade the first hour, 10-15 trades a month and aim for oprox 50%. I do find it frustrating at times when the daily setup doesnít end up coming up and I have to sit out the day but I guess whatever works.

I usually just spend all the time that I'm sitting around either continuing to backtest this strat, or trying to find another one and backtesting it...I think I've just developed enough patience and faith in my strategy at this point that I no longer feel frustrated over when the setup isn't happening for the day lol

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  #8 (permalink)
South bend, Indiana
 
 
Posts: 14 since May 2020
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dev1359 View Post
I usually just spend all the time that I'm sitting around either continuing to backtest this strat, or trying to find another one and backtesting it...I think I've just developed enough patience and faith in my strategy at this point that I no longer feel frustrated over when the setup isn't happening for the day lol



Yeah. Patients is key. Itís good to hear someone else is in the same ballpark of trades per month as I am (btw if you use TS or multicharts I can try to help for the automation if youíd like, although Iím far from an expert coder, I can get through with simpler things

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  #9 (permalink)
Legendary Market Wizard
Portland, OR
 
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Massive l's Avatar
 
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Average 6 opportunities a day. I take 1-2 of those.

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