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When to stop (for the day)?
Started:November 1st, 2016 (02:18 PM) by madankumars Views / Replies:393 / 11
Last Reply:December 3rd, 2016 (06:38 PM) Attachments:0

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When to stop (for the day)?

Old November 1st, 2016, 02:18 PM   #1 (permalink)
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When to stop (for the day)?

I am having trouble calling "done for the day".

There have been many instances where I made decent money during the day only to lose it all in the afternoon. I don't know when to stop.

Should I have a target profit for the day... hmm that will probably only make it worse..

Any ideas?







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Old November 1st, 2016, 02:46 PM   #2 (permalink)
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If you can quantify if you still have an valid edge in the market, then keep trading until that edge disappears.

If you can't quantify that edge yet, then maybe just call it a day when you hit an arbitrary number.

However, I highly encourage you to pursue the first option since if you call it quits because you simply hit a random number instead of maximizing profits, then could ruin a positive expected outcome in the end. e.g. let's say when you're supposed to win, you're supposed to hit home runs, but instead of taking the home run, you settle for a single with a bunt. Over the long run, that could mean you lose the game by not scoring enough points.

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Old November 1st, 2016, 09:46 PM   #3 (permalink)
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MacroNinja View Post
If you can quantify if you still have an valid edge in the market, then keep trading until that edge disappears.

If you can't quantify that edge yet, then maybe just call it a day when you hit an arbitrary number.

However, I highly encourage you to pursue the first option since if you call it quits because you simply hit a random number instead of maximizing profits, then could ruin a positive expected outcome in the end. e.g. let's say when you're supposed to win, you're supposed to hit home runs, but instead of taking the home run, you settle for a single with a bunt. Over the long run, that could mean you lose the game by not scoring enough points.

If you can quantify if you still have an valid edge in the market, then keep trading until that edge disappears.

If you can't quantify that edge yet, then you shouldn't be trading yet.

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Old November 1st, 2016, 11:55 PM   #4 (permalink)
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The losing trades in the afternoon; were they "good" trades...meaning, they met your trade plan and criteria? Or were they not disciplined trades?

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Old November 2nd, 2016, 12:05 AM   #5 (permalink)
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Are you a NinjaTrader user?

 
Thank you for all the responses. My entry criteria is always the same. It's just that it works well in the morning session but not in the afternoon sessin after 12 noon Eastern. I primarily trade NQ and GC. Of course days that have afternoon news releases like FOMC don't count.

I just wanted to find out if anyone else is having similar experience in the afternoon session.... Or if probably afternoon session is not a good time to enter.

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Old November 2nd, 2016, 12:54 AM   #6 (permalink)
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SMCJB View Post
If you can quantify if you still have an valid edge in the market, then keep trading until that edge disappears.

If you can't quantify that edge yet, then you shouldn't be trading yet.

Yes, that's probably the more correct advice....but usually when I tell people that I get this....

Cheers.

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Old November 2nd, 2016, 04:57 PM   #7 (permalink)
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madankumars View Post
I am having trouble calling "done for the day".

There have been many instances where I made decent money during the day only to lose it all in the afternoon. I don't know when to stop.

Should I have a target profit for the day... hmm that will probably only make it worse..

Any ideas?



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If you have a goal for the day, stop when you make the goal. You don't want to give it back in the afternoon.


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Old November 10th, 2016, 04:18 PM   #8 (permalink)
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madankumars View Post
Thank you for all the responses. My entry criteria is always the same. It's just that it works well in the morning session but not in the afternoon sessin after 12 noon Eastern. I primarily trade NQ and GC. Of course days that have afternoon news releases like FOMC don't count.

I just wanted to find out if anyone else is having similar experience in the afternoon session.... Or if probably afternoon session is not a good time to enter.

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Seems simple to me. Stop trading at 12:00 noon Eastern

It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
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Old November 28th, 2016, 11:49 AM   #9 (permalink)
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You might get Tradervue or other charting program to see your P/L .vs TOD. TOD is a factor. Most activity happens around the open. Also you might get tired later in the day and it affect your trading.

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Old November 30th, 2016, 11:54 AM   #10 (permalink)
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madankumars View Post
it works well in the morning session but not in the afternoon sessin after 12 noon Eastern.


Then it's presumably volume-related, and does better when volumes are higher (which perhaps wouldn't be a surprise)?

So possibly one of the criteria constituting your edge is that volume must be reasonably high.

Have you thought about experimenting with trading it from constant-volume bars rather than from timed bars, or possibly trying to compensate for that by trading it on slower-moving charts in the afternoons, when volumes are lower?

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