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My Trades, Charts, Comments and all things trading

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  #31 (permalink)
 Jaguar52 
NY + NY/USA
 
Experience: Advanced
Platform: Ninja
Broker: Optimus Futures- Rithmic
Trading: CL, 6E
 
Posts: 236 since Nov 2009
Thanks: 11 given, 1,270 received

I trade to a daily goal. I take as few trades as possible. I never let a winner turn into a loser (if I can help it). I take small consistent wins while I keep my eye out for that runner.

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  #32 (permalink)
 sam028 
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Jaguar52 View Post
I trade to a daily goal. I take as few trades as possible. I never let a winner turn into a loser (if I can help it). I take small consistent wins while I keep my eye out for that runner.

Ed, what is your daily goal ?

BTW, calculate your daily performance using points instead of % or $ still strange to me.
It's like adding profits in JPY with losses in EUR in the same P&L report, this doesn't make sense.

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  #33 (permalink)
daedalus
Omaha, NE
 
 
Posts: 46 since Nov 2009
Thanks: 15 given, 25 received


Ed - Just wanted to drop a line and comment on how impressed I am with your trading and your openness to share your entries and ideas on your student trading blogs, etc. I've been following your posts over on TL (and have read and re-read your great chart examples there on how to "build a method". I love how you deconstruct the different things you need for a successful method and just lay them out. I'm also very intrigued by your idea of taking the small targets but also allowing large wins so you get the best of both worlds. To be honest, I'm not at the point where i'm trading multiple contracts but when I get there I really am going to start taking that to heart. But right now, my targets are at 1:1 of my entry and I feel kind of like this may be a dangerous way to continue to trade - but you use inverse R:R for your first targets - is this ok or is it only suitable because you offset that with the potential of big wins at times? Do you feel the best way to achieve this is through the use of some type of ATR-trailed stop? Anyway - keep up the great work!

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  #34 (permalink)
 Jaguar52 
NY + NY/USA
 
Experience: Advanced
Platform: Ninja
Broker: Optimus Futures- Rithmic
Trading: CL, 6E
 
Posts: 236 since Nov 2009
Thanks: 11 given, 1,270 received


sam028 View Post
Ed, what is your daily goal ?

BTW, calculate your daily performance using points instead of % or $ still strange to me.
It's like adding profits in JPY with losses in EUR in the same P&L report, this doesn't make sense.

Daily is $400.
I know my PnL, it takes a second to switch to currency Pnl in Ninja. I would rather not look at it too much, and prefer not to show others that it is the focus.
The focus should be, in my opinion, on the consistency of your wins, the risk and reward for the trades taken, and a decent minimum achievable first target with immediate decisions based on capitol preservation.

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  #35 (permalink)
 max-td 
Frankfurt
 
Experience: Intermediate
Platform: NinjaTrader
Trading: FGBL 6E B4
 
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sam,
showing the points/ticks of course this makes sense !
so you see the target of every trade in ticks.

the money isnt important - not for every single trade.
its also not important to overview how much $$ are made per day with one short view.
we should all know how much is 1 ES or 6E tick if we want to know moneyvalues.

but the ticks that are made trade by trade (pos or neg) - thats important +
thats what is shown here very good.

BTW - Welcome Ed to our place here !

max-td
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  #36 (permalink)
 Jaguar52 
NY + NY/USA
 
Experience: Advanced
Platform: Ninja
Broker: Optimus Futures- Rithmic
Trading: CL, 6E
 
Posts: 236 since Nov 2009
Thanks: 11 given, 1,270 received


daedalus View Post
Ed - Just wanted to drop a line and comment on how impressed I am with your trading and your openness to share your entries and ideas on your student trading blogs, etc. I've been following your posts over on TL (and have read and re-read your great chart examples there on how to "build a method". I love how you deconstruct the different things you need for a successful method and just lay them out. I'm also very intrigued by your idea of taking the small targets but also allowing large wins so you get the best of both worlds. To be honest, I'm not at the point where i'm trading multiple contracts but when I get there I really am going to start taking that to heart. But right now, my targets are at 1:1 of my entry and I feel kind of like this may be a dangerous way to continue to trade - but you use inverse R:R for your first targets - is this ok or is it only suitable because you offset that with the potential of big wins at times? Do you feel the best way to achieve this is through the use of some type of ATR-trailed stop? Anyway - keep up the great work!

Trading a 1:1 is tough unless you have better than 51% to the target. So if your stop risk is $100, then you have to shoot for $100 each trade minimum.
To do that you need to let it run. Leave the stop alone, let it get to target. If it gets there 51% of the time, then you will make money...not much though...commissions.
But, if you put your stop at BE once your first target is tapped, and not cash in and IF it runs longer, go for it.
However, you must not let it turn into a loser. So its target or stop at $100, or BE if you want to try for a runner after $100 target hit. There are probably thousands of ways to skin the cat, the bottom line is find something that works for you and stick with it.

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  #37 (permalink)
 Jaguar52 
NY + NY/USA
 
Experience: Advanced
Platform: Ninja
Broker: Optimus Futures- Rithmic
Trading: CL, 6E
 
Posts: 236 since Nov 2009
Thanks: 11 given, 1,270 received

Once you hit your goal, if you feel the need to keep clicking, practicing, playing, challenging the market, challenging yourself, or just are addicted there are some serious issues to consider....all bad.

Over trading comes in many forms. While you may want to keep practicing to get good at your setups, you are also re-enforcing over trading. This is a long haul activity...so there is plenty of time.

Re-enforcing the urge to be "right" and the market to be "wrong". Unless your sim trading is very strict and traded like real (as possible) your urge to beat the market is strong and can cause more fluffing than you realize.

Lessening the seriousness of trading. This has to do with trading sim without a purpose. Once you have your setups down, then sim is there to give you the opportunity to practice trading as real. I devised an acid test. It's a tough test. but it will get you out of sim and into cash confidently.

Re-enforcing your addiction. Video games are more fun.

Ending in the negative rather than in the positive. If you do not walk away in the positive as much as possible and allow that feeling to grow so it becomes the desired outcome of your trading, then deep in the recesses of your brain, you will create the negative so you can finally walk away.

So, grow into an achievable goal, trade to it, walk away, and enjoy the happy feeling of consistent positive accomplishment as a trader. Your reward is lots of free time to enjoy, and your mind will work to get its reward.

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  #38 (permalink)
 Robertczeko 
FM, Czech Republic
 
Experience: Intermediate
Platform: MT4
Broker: IC Markets
Trading: forex trader
 
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Posts: 139 since Jan 2010
Thanks: 219 given, 264 received

Thanks Jaguar52 for your value contributions, at the beginning I was able to sit all the session and I tried to "focus" for every signal, trade I got. But it was very hard and my
$$$ equity was falling down. I had no daily goal and it was very tough to watch it, but
I realized, that if I will have some daily profit goal, it could be more useful. I am trying to get
100$ daily and today I did it in one trade on TF, sometimes I need to do 3,4,5 trades, but
it took about 1-2,5 hours and thats ok, because I am able to focus..no more overtrading,
just consistency.


Robert

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  #39 (permalink)
 Jaguar52 
NY + NY/USA
 
Experience: Advanced
Platform: Ninja
Broker: Optimus Futures- Rithmic
Trading: CL, 6E
 
Posts: 236 since Nov 2009
Thanks: 11 given, 1,270 received

Traded the overnight FDAX with my little auto trader tool, and got the rest early.
The FDAX actually trended again, and it is beautiful when it does.

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  #40 (permalink)
 Jaguar52 
NY + NY/USA
 
Experience: Advanced
Platform: Ninja
Broker: Optimus Futures- Rithmic
Trading: CL, 6E
 
Posts: 236 since Nov 2009
Thanks: 11 given, 1,270 received


The key to any automated trading tool is the money management. Many people use auto traders like they were the answer, and therefore they must give you home runs.
If you use it like a tool to get you into a valid signal, and set your money rules the same as what you would expect from yourself given the same signal, then the automation can work very much in your favor.
A programmer made my auto trader for me, and if you have precise rule based entry rules using standard indicators and are willing to trade for money, then you may want to try getting it programmed and thus eliminate some of the stress, doubt and hope that comes from being personally involved. A signal is a signal. They should be 'resonably reliable' and based on some cold hard facts. The money is made (or lost) after you take the signal.
So, let the auto-man(woman) take it for you and you concentrate on making the money.

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