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moving the market I never have this thought bc its not realistic for majority referring to ES only.But it does make one smile thinking about it
What I meant by preserving capitol, one might want to build a skyscraper into the clouds but most at some point, they look off the top floor and say, I think I 'll maintain now(reasons vary from person to person why)
point I was making was, who thinks one can average 4.5 points a week with all the right parameters in place. Majority must say No bc of no responses and the ones that would say yes, no response,,,, so its a dead topic now
Thank you Jack and Josh for your replies
Happy Trading to you both
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
This is most certainly possible for a well experienced trader. But the thing to note is, you can't just try and get two points and walk away for the day everyday. You need to trade the market well and not be concerned with your PnL. As I always say, the moment you stop and stare at your PnL, you become emotional. You obviously need to have some sort of hard stop for the day as well which should be a certain number of losing trades. I have a 3 loser in a row rule personally. There's no reason to have more losers than that per day unless you're a scalper or something.
I'd recommend reviewing your progress at day's end but looking at your entries vs. your plan and evaluate what percentage did you capture of the day's opportunity (range). Staring at PnL is a retail flaw that I recommend no one do until the session is done. You know what your risk is and if you have your hard stop hit (whatever amount of trades), you walk away and come back the next day. Spend the rest of the day reviewing everything. I hope I'm not getting off track but its a crucial element in your trading growth.
When evaluating your performance at the end of the day/week/month, you would continue to build size based on the risk you're willing to accept. Example being 3% of account equity. Do not think about how many contracts you're trading either, look at it this way, your business is growing so you must take on more inventory to satisfy the demand (growing capital). Fund managers do the exact same thing. Why should anyone do it differently? Many have issues increasing position size simply because they're thinking about it. That is in the same light as staring at account equity/PnL all day.
Hope that helps. Trading shouldn't be a psychological battle yet it so often is because people let it become that way. Just look at it as a business and pay yourself when you do well.
My primarily concern has always been losses.
True, at the beginning I built everything based on 8 ticks profit per day which looked pretty simple to achieve but ended up being a very, very big problem. The 8 ticks expected profit ended up being a 8, 12, 16 ticks loss.
Focus on the losses, not the profits.
What will you do when your 4.5pts profit turn into a loss?
If I become half a percent smarter each year, I'll be a genius by the time I die
Without getting micro technical, IMO 4.5 pts is doable, now increasing size I was not exact with spreadsheet bc increasing contracts has to still coincide with one's account size
-Always trade contract size per capitol-so you live to trade another day
-Manage Risk to Reward even on flips
-Always trade to levels high or Low and analyze probability of PA going to these targets while trade is in progress
-Understand ES rotation, IMO today rotation was not normal we moved many handles more than normal before retrace
-If a trade sets up, take it and trade it, dont exit unless your at levels(targets) that make the probability of it not continuing in your favor(key levels) this will generate way more than a few pts if you trade accordingly this will offset the small losses on the wrong calls and still net pts to your account
Everyone mentions Losses, they do and will occur but IMO the main reason that traders get killed is over leverage or they dont understand key levels and let price run against them. So one has to play the odds in their favor. Its a mental game after the emotional game.
update-fellow trader who inspired me to write this question, it was more of a statement to everyone. Remember the Movie Waterboy quote "YOU CAN DO IT"
he took on the challenge just for giggles and tripled his account in last 11 weeks so it is doable, but you have to have proven reliable system. He also has the word Advanced hooked to his name where mine reads None. Few years back I thought I was intermidate, after a little thought I figured None suited me better
I am not the best trader and I don't have the best systems, and I don't have all the answers! I do know it is possible to be a consistent trader with work and the right mindset. I think having the capital to trade a large amount of contracts and the ability to trade your rules with the increased size are two different things....
I built this spread sheet to convince me that with whatever amount of ticks "I think" I can earn on an average day/week/month, eventually I could earn what ever yearly income I wanted when I could "Handel" trading the increased amount of contracts...Granted this is always showing what a perfect world in trading could give, so I just try and do 60-70% of what I see in the spread sheet and I feel good when things go in that direction....
I never have this thought bc its not realistic for majority referring to ES only.But it does make one smile thinking about it
