Blackgrey45 Journal

September 23rd, 2023, 12:55 PM

COoneguy

Yes, 28 days is enough to say that. You have mentioned previously in your journal that you believe all entries have a 50/50 chance of success. If that is your belief, then anything worse than a 1:1 ratio will lead to loss.

The grid below shows risk and reward in ticks, and the percentage of winners you need to have to BREAK EVEN before fees and commissions at each level of risk ticks vs reward ticks. Anything in red on this grid requires better than 50% winners to be break even.

I got the idea of this grid from a trader I knew years ago...not my own work.

That's a great chart! Thank you for that. I will be looking at this grid every time I trade.

Yes I believe there is a 50% chance the market will rally or sell off. This is my belief and I'm glad you reminded me. However, I am trying to prove myself wrong but haven't done so yet. I also like gambling and cheering on a loser in hopes that the trades turns to a profit. Furthermore, trading well takes lots of hard work. These are all excuses and I want to put in the hard work to become a winning trader.

Thanks for following my journal!

September 24th, 2023, 05:57 PM

bobwest

Good luck.

Bob.

I want to do a 1-2 tick mental stop.

A stop loss(mental or actual) really is all that matters in trading. I think my will power is strong and I can accomplish the task of using a mental stop.

Will start trading next Friday when my money transfer clears.

Going to trade the MES micro Emini SP500 because its liquid. I like liquidity. During RTH there is usually at least 80-90 contracts on the bids and offers.

Thanks for the words @bobwest.

September 25th, 2023, 12:42 AM

I am not sure whether your post was a prank. I am going to assume that it's real and you meant it.

I have never posted harsh or critical comments. But I'm struggling to ignore your post as your method is the perfect recipe for failure.

blackgrey45

I want to do a 1-2 tick mental stop.

Seriously? That's mental. Stop.

blackgrey45

A stop loss(mental or actual) really is all that matters in trading.

It means nothing if your stop loss is 1 tick.

blackgrey45

I think my will power is strong and I can accomplish the task of using a mental stop.

Again. Seriously?

blackgrey45

Will start trading next Friday when my money transfer clears.

You are better off donating it to a charity. Atleast, you may feel good about losing your money.

September 25th, 2023, 01:05 AM

HumbleTrader

I am not sure whether your post was a prank. I am going to assume that it's real and you meant it.

I have never posted harsh or critical comments. But I'm struggling to ignore your post as your method is the perfect recipe for failure.

Seriously? That's mental. Stop.

It means nothing if your stop loss is 1 tick.

Again. Seriously?

You are better off donating it to a charity. Atleast, you may feel good about losing your money.

Yes I am serious. I have to assume you are not a fan of my strategy. It might work, I am going to try it out with 1 contract in the MES.

September 25th, 2023, 03:31 AM

@blackgrey45

You are going around in circles. You have been at the one tick SL before. And you have already learned that it doesn't work.

Quoting

February 7th, 2023, 06:22 PM
Used a 1 tick stop for this one. I may need to make my stops bigger.

Quoting

June 6th, 2023, 10:45 PM
For now I will take one trade a day and risk one tick per trade.

And then you always fall back to this,"I will lose all my money" strategy:

Quoting

June 14th, 2023, 05:03 PM
I changed my strategy a bit. Now I am setting a profit target and holding a loss until the pain gets too great at which point I will exit.

And now this loop starts all over again.

September 25th, 2023, 06:20 AM

Hey @Dmonz I want to give the one tick strategy another try and prove to myself that it doesn't work through trial and error.

September 25th, 2023, 09:31 PM

I am sorry to chime in here but I agree with everyone else warning you that a 1 tick stop will not work as a strategy. if you believe that the market is 50/50 then why not trade a 10-tick stop with a 10-tick profit target or a 20-tick stop with a 20-tick profit target.
Also if you are only trading once a day you are not trading; when I started out I would take up 100 trades a day I didn't even care if I was not profitable I just wanted to get better. And eventually, I learned. You gotta trade to learn and if you are not trading you are not learning.

September 25th, 2023, 10:32 PM

I am not sure of the word used for people who don't learn from their mistakes.

September 27th, 2023, 02:49 PM

One tick does seem extreme. I don't even think I could react fast enough to get out of a one tick loss. I think I will try like 3 to 5 ticks SL. I am still thinking about my take profit, maybe 10-12 ticks. I will post my trades when I go live again(maybe Friday).

Thanks for following my journal. I am having a great time with this journal.

-Blackgrey45

September 27th, 2023, 08:13 PM

I appreciate all of the concern about my plans and ideas about my approach to the market. I think that if trading was as easy as setting consistent stop loss we would all be rich by now.

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