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)
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,731 since Nov 2014
Thanks Given: 3,400
Thanks Received: 2,986
January 2023 Monthly Update
Despite my distraction with the housing project, which finally finished this week after going on for nearly 2 years, I was determined to trade most days. This month's trading was aimed at confirming the robustness of my trading system as we moved above 200 DMA. Hence, I decided to trade small i.e max loss 500 per day in January.
I was able to trade on 15 days. Win ratio was 50% but my loss was slightly smaller than my wins. Yesterday was a bigger loss than necessary, mainly due to me flirting with MES. No regrets. Will stick to my beloved SPY in the future.
Likely to be in full swing this month and will aim to post weekly results.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,731 since Nov 2014
Thanks Given: 3,400
Thanks Received: 2,986
I should have posted my last week's (break-even) performance as promised but too embarrassed by my mistake.
My old habit of holding on to a losing trade re-surfaced last Thursday. I was lucky for the market to revert back on Friday to allow me a break even exit.
I can come up with many excuses. (Shifting to my new home, the main one). But there shouldn't be one. I should have been punished really. I will be more disciplined (or simply stay out) if non-trading life is too busy.
My exits were based on conservative ATR of 45 points (even though implied volatility suggest a wider range today due to jobs number release). Since the pre-open response was muted, I became content with average ATR and hence took 10+40 points gain today.
I strongly believe in 'non-random' price movements. For example, the profit factor is 1.7 had the price opened above Yesterday's high of 4168. Instead, we opened just below that level and the profit factor drastically reduces to 0.7 favoring shorts. hmmm....
Though my exits are sub-optimal, that's a deliberate choice and hence I have no regrets. My ongoing research is about ideal targets and testing indicators including EMA crossover points, ATR & previous day price points.
I'm beginning to trust VIX in calculating potential daily ATR. i.e implied vs realised volatility.
Following chart from Tradervue is a good way of visualising my 'missed profit'. The shaded area is the time I was in the market. It's pretty clear how much I left on the table
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,731 since Nov 2014
Thanks Given: 3,400
Thanks Received: 2,986
Weekly performance review.
After a lacklustre start to 2023, my consistency in execution is improving.
One of the mistake I made in January 2023 was to take more short trades when my signals were mixed. (I have the flexibility to choose the direction if my signals are neutral). I was able to correct it this week and traded in the direction of the overnight trend.
My next goal for this month is to double up on my size (and risk) per trade to improve my profit potential.
