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The following 3 users say Thank You to Big Mike for this post:
Here's the little I could say, based on your overall stats for the period:
- You have an overall profit, which is good. It's easy to notice the difficult parts, but overall you are still ahead, so you are doing well in the long run.
- You have a higher percentage of winning trades: 56.25
- Your average losing trade is greater than your average winning trade (losing: -160.90 vs. winning: +134.33; avg win/loss: .83.)
So a first quick reading of the numbers suggests, to me, that, while you can make enough positive trades to swing your total profit to the positive side, you may need to control the size of the losing trades.
This is a very surface-level summary, and without being able to look at the individual trades, which you can do, it may not actually be right -- that is, perhaps the larger negatives just reflect a few days. But if this summary is mostly right, it suggests to me that you might want to have some sort of more effective loss control.
"Loss control" is a broad idea. Some things that help might include (and you probably are doing many of them, of course):
- Clear stop policy, and never moving the stops to avoid having them hit. The right stop may be hard to decide on, but being consistent with them will cut the big losing trades.
- Having an overall maximum loss amount for the day; some amount that, if hit, means that you simply stop trading. Sort of like a stop-loss for the day instead of just a trade.
- Having some policy to limit the number of losses in a row that you are willing to take before stopping. The idea would be that some days are just not going to be suited to your trading method, and you don't want to keep at it when that is the case. Also, sometimes a person's mental state gets a little off-balance, and they try to "make it back" or take other higher-risk actions after a loss. This kind of rule will limit that. Perhaps you stop for the day, perhaps you just take a break to get your mental balance back; but having such a rule may help if you have strings of losses.
All of these will let your strong points, which are giving you the profits, still come through, and may have the effect of cutting down the size of losses.
I hope some of this makes sense and that it would help you. Again, you are obviously trading well overall, but perhaps attention to simply reducing larger losses with some simple rules would help.
The following 3 users say Thank You to bobwest for this post:
If i change, sometimes, the stop, it's because i try to calculate where can be stopped the move back. But when i realise that the trend changed... it's too late and the lost is too important for my rules and the limits i decided for my money management . You are right the best is to make a pause or finish the day and accept the situation. I don't want to lose and want to be good in this job (it's probably stupid) . Today i worked differently. I will publish it tomorrow, i have to go now. I will analyse again what you wrote and work for a better strategy .
It's really nice from you to sent this feed back.
Fran Ruth Nols-Leplae
The following 3 users say Thank You to Ruth for this post:
I send you my work of the month. I'm happy with the result... but, i read a lot on the forum, and about comments and ... i understand how long is still the way to become an advanced trader. I'm only on the first step but i like this job and really discovered a new world and an exciting activity.
I will continue to participate to the forum and post my different evolutions and hope to receive feedback and comments.
If i'm not a winner of the contest, i will sim trade one more month
I'm looking forward to start to trade with real money....
Thanks to you all.
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Fran Ruth Nols-Leplae
The following 6 users say Thank You to Ruth for this post:
would love to see you sweat
and work on a combine from Top Step Trader
unfortunately my schedule for next weeks/month doesn't allow that
but i prepared you as good as possible
you are close to fly on your own wings now...
many traders would love to have a wife with trading ambitions and motivation like you have expressed
it has been a good subject on conversation
we don't agree always
but for sure we have been able to challenge each other
and help each other to grow
The following 5 users say Thank You to rleplae for this post: