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KJ Trading Systems Kevin Davey - Ask Me Anything (AMA)
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KJ Trading Systems Kevin Davey - Ask Me Anything (AMA)

  #111 (permalink)
Patience my young padawan
Houston, TX/USA
 
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@kevinkdog how do you feel about holding a position overnight let's say on ES?
I came up with a good swing strategy on a Daily Chart so I need to place my stop a little far, let's assume 2*(ATR(20days))

I am no big fan of lower timeframes yet. If from a money management perspective makes sense, would you hold it?

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  #112 (permalink)
Market Wizard
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ElChacal View Post
@kevinkdog how do you feel about holding a position overnight let's say on ES?
I came up with a good swing strategy on a Daily Chart so I need to place my stop a little far, let's assume 2*(ATR(20days))

I am no big fan of lower timeframes yet. If from a money management perspective makes sense, would you hold it?

I have no problem with overnight strategies. They are actually easier to develop than intraday. I also think the market pays a "risk premium" to those willing to take on the overnight risk.

I bet 90% of my strategies are swing type, lasting days to weeks to months.

I like intraday strats, too, but they are much harder to find...

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #113 (permalink)
Patience my young padawan
Houston, TX/USA
 
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@kevinkdog it is awesome to hear it from you. Yes, my good strategies are on daily charts. I would go discretionary intraday to get a good fill.

Man you raise the bar in this forum to a whole new level.
@Big Mike thanks for this forum dude. I am on my first real trade today ever and so far it's turning out to be a great day.


Last edited by ElChacal; August 19th, 2015 at 10:46 AM.
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  #114 (permalink)
Market Wizard
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ElChacal View Post
@kevinkdog it is awesome to hear it from you. Yes, my good strategies are on daily charts. I would go discretionary intraday to get a good fill.

Man you raise the bar in this forum to a whole new level.
@Big Mike thanks for this forum dude. I am on my first real trade today ever and so far it's turning out to be a great day.

Congrats, just remember it is a marathon, not a sprint...

Your tagline "patience my young Padawan" is definitely appropriate!!!

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #115 (permalink)
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ElChacal View Post
I would go discretionary intraday to get a good fill.

I personally would not recommend this, if you are using discretion to "help" with a mechanical/rule based strategy. I think in the long run you are setting yourself up for trouble.

When I go with a rules based strategy, I follow rules 100% of the time. No discretion....

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  #116 (permalink)
Patience my young padawan
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kevinkdog View Post
I personally would not recommend this, if you are using discretion to "help" with a mechanical/rule based strategy. I think in the long run you are setting yourself up for trouble.

When I go with a rules based strategy, I follow rules 100% of the time. No discretion....

Thanks. I will apply this. The little detail is the daily charts I like with the stop I like are a little over the money management rules. Starting up with $11k and I would be risking more than 2-3% of my account per trade if the stop gets hit.
It is really bad to trade with scared money so I am trying this not to affect me while I hold per the plan.

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  #117 (permalink)
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ElChacal View Post
Thanks. I will apply this. The little detail is the daily charts I like with the stop I like are a little over the money management rules. Starting up with $11k and I would be risking more than 2-3% of my account per trade if the stop gets hit.
It is really bad to trade with scared money so I am trying this not to affect me while I hold per the plan.

This is always a tough one, since a lot of people say risk only 1-2% per trade.

The problem is exactly what you are experiencing - with a small account, this means a very tight stop. And of course very tight stops get hit more often, and you may lose that way.

In my own trading, I used to (and sometimes still do) violate the "2%" rule. But it comes at a cost - the odds of getting wiped out go up. It is a balancing act.

Just make sure whatever you do (big stop, small stop) has a long term expectancy...

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #118 (permalink)
Patience my young padawan
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kevinkdog View Post
I personally would not recommend this, if you are using discretion to "help" with a mechanical/rule based strategy. I think in the long run you are setting yourself up for trouble.

When I go with a rules based strategy, I follow rules 100% of the time. No discretion....

I realized this week that if I had gone mechanical, I would have made a lot more money and avoided bad trades (chasing).

By going discretionary any small retracement plays against my psychology big time and I just want out.

Ironically enough, I have basically ignored all the backtesting and hard work I have been doing for a year now.

I will do some more tweaks to the bot to see if I can get a better fill intraday once I get the trade signal, probably tighten the stop a little and see what happens.

Don't rush it and go with what you've already tested. That's definitely the key.

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  #119 (permalink)
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ElChacal View Post
I realized this week that if I had gone mechanical, I would have made a lot more money and avoided bad trades (chasing).

By going discretionary any small retracement plays against my psychology big time and I just want out.

Ironically enough, I have basically ignored all the backtesting and hard work I have been doing for a year now.

I will do some more tweaks to the bot to see if I can get a better fill intraday once I get the trade signal, probably tighten the stop a little and see what happens.

Don't rush it and go with what you've already tested. That's definitely the key.

Sounds great! This is a common problem - people run the tests, but ignore or try to overrule the results.

The other mistakes people tend to make: focusing too much on the backtest, tweaking it over and over to get better performance. It makes the backtest look better, but usually does not translate to real time performance...

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #120 (permalink)
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ElChacal View Post
By going discretionary any small retracement plays against my psychology big time and I just want out.

You never really get rid of that even if you trade systematically...you can however make peace with it and accept it as part of business. Not watching the screen like a hawk tends to help with that specific issue.

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