Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
so a few q. you may be able to answer:
1. Do you trade 2 contracts of ES or MES?
2. Do you have a TP and SL for every trade? What are they?
3. What are your trade hours?
4. What is the average time of an open trade?
5. What is the average profit/lost per trade?
6. How many trades you place a day?
Thanks in advance.
Can you help answer these questions from other members on NexusFi?
1. 2 contracts of ES
2. There is a signal (let's call it S1) that I've been using it for years. I noticed that while price action (PA) shows momentum in one direction during intraday market, price will keep trading above or below S1. When it touches S1 for the first time, there is usually at least another leg to go. This is where I book my profit. Otherwise, I cut loss immediately once price is trading above or below it.
3. I trade from Asian to US session starting from 4am to 4pm. However, I might have other things to attend to from time to time and for that reason, I miss a setup here or there.
4. The average time of holding is different for each setup. It can be few minutes for scalping, an hour to two for day trading and longer for swing trading.
5. Check #2 and the outcome for each setup is different.
6. Only few trades a day because day trading setups only show up once or twice a day or might not. Swing setups might show up once or twice a week.
Another thing I want to add on is that it's quite often to see some patterns that look very much like my day trading or swing setups, but as long as entry signals including S1 won't confirm I'm safe. This is one of the reasons why I don't take many trades in a day so I can avoid those traps. Consistent profit making is what I focus on.
Are these terminologies "the win/loss ration and tp/sl ration" coming from Forex trading???
Well, in general I avoid to trade setups that produce less than 90% of win rate. The way how I do this is by manually forward testing these setups out of at least 100 trades per each setup using exactly the same configuration. Likewise, I don't have specific rules for tp/sl ration. Each trade is different depending on how long price momentum last before I take profit or cutting loss(es).
win/loss ratio and size of win/loss are basis of calculation probability of method winning/losing for long term.
Used in game theory for any action involved unknown future parameters.
If your win rate is 90% as you said and your win/loss is just 1 dollar to 8 dollars (or points/ticks), you will owe the world in a few months.
Let's assume that we've a setup or two which generate >90% win rate taken from more than 100 trades each, there is no way that you or I will go all in or all out because experienced traders are well aware of capital preservation is #1 priority in this business.
All I've in my mind right now is to see how my trading goes by trading LeeLoo account this year. If these setups are as reliable as I thought they are, my next step is to participate World Cup Trading Championship in January 2021 to challenge myself to the next level.
As for now, I keep forward testing and fine tuning these setups to make them as reliable as possible. This includes setups with <90% win rate but >75% while implementing tight stop losses.
To know how much to put at risk per trade has a direct correlation to your win/lost and size of win/lost ratio I asked you before. With your claim of 90% that not even an issue to talk about. YES, YOU GO ALL IN. YOU LOAD THE TRACK. AS BIG AS YOU CAN. Mortgage your home and just trade it day in day out.
If you are looking for World Cap Championship, than maybe you are not really for trading and make money but for something else.....(Are you in need of ego boost or nice bank account?)
I spent most of my time yesterday in vet hospital while my pet was facing life & death situation and I barely get any sleep. Luckily he survived after two surgeries within six hours. Seeing him suffering really broke my heart as a pet's lover. The good news is he survived & he will be spending the next few days in hospital to recover.
-------------------
Back to trading, my Leeloo funded account was setup and I'm trading it now. I got distracted with my 1st scalping trade using 2 contracts to trade & couldn't exit intime to lock in profit. I obey my rules to cut loss @ -$150. Few hours later, I brought my account back to above positive from using day trading setup using 1 contract to trade this time to reduce risks from hitting daily loss limit which I exited @ +$275. Lesson learned again here is do not trade scalp setups while getting busy with something else.
------------------
I'm too exhausted right now. So, I'm going to call it a day here. Have a great long weekend everyone.
