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Breakout Journal - a journey to full time trading


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Breakout Journal - a journey to full time trading

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  #381 (permalink)
Madison, NJ
 
Experience: Intermediate
Platform: CQG/TOS
Broker: Optimus/CQG
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Silver Dragon View Post
One of the things I have struggled with is setting a proper target for my trades. Some are obvious while others are not. The part I have to figure out is how to get more out of my trades. I have witnessed my trades run further after I get out of them. So I wanted to know how much further they ran. Below are the results compared to my actual profit taken.

The left two columns is a estimate of Max number of ticks/profit my trades could have made. The right column is what I actually made. My current target is 15 ticks. Had I left the trades alone I would have hit my 15 tick target on every trade.



Robert, I struggle with setting target myself. Now I see it this way: it all depends on the style of your trading.

If you're scalping, then 15 ticks in CL is very good. No need to regret about "lost" profit. Practice your set up and get your 15 ticks consistently.

If you're truly trading trends or larger swings, you probably should look at larger time frame and target 20+ targets.

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  #382 (permalink)
Legendary Data Wizard!!!
Cincinnati Ohio
 
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xelaar View Post
Robert, funny but our combine results look very similar, half time in, third of required profit acquired and the only red metric is holding time. Keep up good work!
Alex

@xelaar

Thanks Alex! Good luck to you as well. Are you keeping a journal here on futures.io (formerly BMT)?

Robert

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  #383 (permalink)
Legendary Data Wizard!!!
Cincinnati Ohio
 
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shzhning View Post
Robert, I struggle with setting target myself. Now I see it this way: it all depends on the style of your trading.

If you're scalping, then 15 ticks in CL is very good. No need to regret about "lost" profit. Practice your set up and get your 15 ticks consistently.

If you're truly trading trends or larger swings, you probably should look at larger time frame and target 20+ targets.

@shzhning

Right now I am focusing on entries so I am very happy with my results. However, what my comparison showed is I dont have confidence once I am in the trade. When the trade appears to be going against me I panic and exit the trade. What I need to do is keep my hand off the mouse and let the trade play out.

In the future I would like to manage the trade from the stop side or with a larger logical target such as support/resistance, trend lines, etc. This will give me the occasional home runs which would take my trading to the next level.

Robert

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  #384 (permalink)
prague, czech republic
 
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Silver Dragon View Post
@xelaar

Thanks Alex! Good luck to you as well. Are you keeping a journal here on futures.io (formerly BMT)?

Robert

Yeah, click on the journal button.

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  #385 (permalink)
Legendary Data Wizard!!!
Cincinnati Ohio
 
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Playing around with Tradervue. Below is a summary sheet and statistics of last week. Included a view of MAE.

The MAE view is interesting. I take a average of 3 ticks of heat on a winning trade. My take away is my entries are solid and I should continue to doing what I am doing. I currently start out with a 15 tick stop. This could be moved to a 10 tick stop based on the this data. However, to be statistically accurate I need more trade data.

Robert




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  #386 (permalink)
Legendary Data Wizard!!!
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Night Entry

Entry type: Sell Stop below support

Tried to take a trade below the support level. Had 2 ticks of slippage on entry. The trend line ended up holding. Ended the trade -4 ticks.

Robert


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Legendary Data Wizard!!!
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In the dark!! Transformer blew down the street right after I entered a trade. Bummed! This is why you always use stops!!

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal
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  #388 (permalink)
Legendary Data Wizard!!!
Cincinnati Ohio
 
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Silver Dragon View Post
In the dark!! Transformer blew down the street right after I entered a trade. Bummed! This is why you always use stops!!

Long night.. Power came back on about 1:30 am. Resetting and checking everything till 2 am. Tired this morning.. Writing this from my iPad @ McDonalds while sipping a large cup of caffenee so I have no idea how my trade turned out.

Robert

nosce te ipsum

You make your own opportunities in life.
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  #389 (permalink)
Legendary Data Wizard!!!
Cincinnati Ohio
 
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I should have not traded on Sunday night. Need to stick to day trading. That is where the profits are at.


nosce te ipsum

You make your own opportunities in life.
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  #390 (permalink)
Legendary Data Wizard!!!
Cincinnati Ohio
 
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Posts: 1,891 since Feb 2011
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Morning Charts for 4-29-13

Weekly chart is up however CL has not cleared the last weeks high. Will be watching closely to see if it re-tests last weeks highs. The 15 minute and hourly chart are in agreement this morning via the trend line and support: A break below 9318 would be a entry point to go lower. A break above 9346 would be a entry to go higher. Currently in middle of this range.

Robert




nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal
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