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Trade for a Living


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Trade for a Living

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  #231 (permalink)
TampaFL
 
Experience: Master
Platform: TWS
Trading: ES
 
Posts: 183 since Oct 2017
Thanks: 97 given, 374 received


TradingThomas View Post
On the bright side, you have noted in the past that there were days when the staggered exits worked in your favor. Nevertheless, once you have decided upon a course of action (the discretionary component which is definitely one of your many edges), there should be automation in place for a simple task such as order submission. I know you're working on it.

Also glad that you're keeping this excellent journal here.

Yes, overall I outperform my model by a fairly wide margin, so I try to keep that in mind on a day when I underperform. Yesterday wasn't really my fault, it was just bad luck. Normally the market doesn't move much while I'm exiting, positive or negative. Yesterday it did and it had an impact. But it's over and today we start again.

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  #232 (permalink)
TampaFL
 
Experience: Master
Platform: TWS
Trading: ES
 
Posts: 183 since Oct 2017
Thanks: 97 given, 374 received


pauljoe View Post
very interesting read , it seems on day trading you pick a direction you think it will trend in . and stay most of the day or until you are satisfied with the profits ? if so if you don't mind ,how do determine what direction to choose .
what ever you are doing ,its working . and" you cant argue with success "

In the beginning I do not pick a direction. I enter into a spread position. With rare exceptions it stays that way for many hours, by which time I have all 3 legs of my trade on. After that, if circumstances dictate, I will start adding to and/or subtracting from one side or the other. This does create bias in one direction. I do not have fixed rules for these adjustments (yet) - it is discretionary and is based on how strong the trend is in one direction or another. Once in a while the trend isn't real strong but my trade gets beat up anyway. Those are usually bad days because there's not much you can do other than closing parts of the offending trades. This puts me out of balance and leaves me with a directional bias on a day with no trend. Like I said, those are usually bad days.

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  #233 (permalink)
TampaFL
 
Experience: Master
Platform: TWS
Trading: ES
 
Posts: 183 since Oct 2017
Thanks: 97 given, 374 received


My DAX trades actually made 42.35 but IB charged me 13.71 for EURVALUENP FOR OCT 2019. I have no idea if that is a one-time fee, a recurring fee or what. So I subtracted it from the net for Non-Day Trade.

Non Day-Trade P/L: +28.64 Month: +161.90 *Total: +3909.19
DayTrade P/L: +1361.60 Month: +12,802.96 *Total: +67,622.96



* Total is since June 1, since I started this journal in June and June 3 is when I switched to using the micros in the daytrade portion.

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  #234 (permalink)
durham nc usa
 
 
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jba1962 View Post
In the beginning I do not pick a direction. I enter into a spread position. With rare exceptions it stays that way for many hours, by which time I have all 3 legs of my trade on. After that, if circumstances dictate, I will start adding to and/or subtracting from one side or the other. This does create bias in one direction. I do not have fixed rules for these adjustments (yet) - it is discretionary and is based on how strong the trend is in one direction or another. Once in a while the trend isn't real strong but my trade gets beat up anyway. Those are usually bad days because there's not much you can do other than closing parts of the offending trades. This puts me out of balance and leaves me with a directional bias on a day with no trend. Like I said, those are usually bad days.

I see ,so you are going long on one futures like emini and short on another ? I thought of doing that on one instrument but different brokers . idk if that is even legal . but on a good day , hopefully one goes in the right direction or both . and not both going against you ?

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  #235 (permalink)
TampaFL
 
Experience: Master
Platform: TWS
Trading: ES
 
Posts: 183 since Oct 2017
Thanks: 97 given, 374 received

You wouldn't need different brokers. You could go Long Gold and Short Silver in the same account for example.

And yes sometimes your Long goes down and your Short goes up. It happens. And sometimes they both go your way. In general though, you make on one side and lose on the other and hope your gains outweigh your losses, while minimizing risk. That's the ideal. Of course, nothing works all the time.

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  #236 (permalink)
durham nc usa
 
 
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jba1962 View Post
You wouldn't need different brokers. You could go Long Gold and Short Silver in the same account for example.

And yes sometimes your Long goes down and your Short goes up. It happens. And sometimes they both go your way. In general though, you make on one side and lose on the other and hope your gains outweigh your losses, while minimizing risk. That's the ideal. Of course, nothing works all the time.

ok ,I remember a guy who wanted to go long and short on the emini the same time , then cancel the losing trade and he was asking if it was legal using different brokers etc. but your doing two or three similar but different instruments and letting it play out . for example I could go long on the emini sp 500 and short on the e mini Nasdaq .
if that works more often than not and profitable ,im in . I will try that out on the sim . by the way ,thanks for sharing on here . this is the first time I have seen some one post a honest and winning strategy online . with out selling a "program "

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  #237 (permalink)
TampaFL
 
Experience: Master
Platform: TWS
Trading: ES
 
Posts: 183 since Oct 2017
Thanks: 97 given, 374 received

Non Day Trade: Nothing Done

Day Trade: Not a good day. Trade was up 80 dollars when I initiated the 2nd leg. 10 minutes later I was down 3000. It was rather shocking in its speed. I lightened up some, and then did the 3rd leg. But it never started working at any point. My drop dead is usually about 1500 per unit and I was doing 3, so when it cruised past 4500 I exited. I never even looked at the final total.

I'm not irritated that I lost - that happens and really can't be avoided - I'm irritated that I did 3 lots. I did 2 yesterday because Wednesdays are typically not great days. But Thursdays are the worst. Always have been for me for some reason. I shouldn't have done 3 units. That was a mistake. But you get what you deserve as they say, so I take my spanking and come back to fight 'em again tomorrow.

Exact numbers in the morning.

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  #238 (permalink)
durham nc usa
 
 
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jba1962 View Post
Non Day Trade: Nothing Done

Day Trade: Not a good day. Trade was up 80 dollars when I initiated the 2nd leg. 10 minutes later I was down 3000. It was rather shocking in its speed. I lightened up some, and then did the 3rd leg. But it never started working at any point. My drop dead is usually about 1500 per unit and I was doing 3, so when it cruised past 4500 I exited. I never even looked at the final total.

I'm not irritated that I lost - that happens and really can't be avoided - I'm irritated that I did 3 lots. I did 2 yesterday because Wednesdays are typically not great days. But Thursdays are the worst. Always have been for me for some reason. I shouldn't have done 3 units. That was a mistake. But you get what you deserve as they say, so I take my spanking and come back to fight 'em again tomorrow.

Exact numbers in the morning.

yikes ! well your way up for the year . and if you had a business with brick and mortar store there would be overhead .
over all your doing great .

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