Currently i do some automated trading and as much as i would like it to make me a fortune i just cannot. It does not make enough for me to quit a day job. However from following tigertrader and Big Mike's posts i notice that there %'s are probably approximately minimum 10X better than mine.
For this reason i want to journal my progression to hopefully become 30% as good as they are! Benefits of this i see already are as input to my automated trading i have backtested some scenarios or things i have seen whilst reading the ES tape. This may not be valuable at present but will be valuable in the future. Id ideally like to give myself 1 year as a target to produce regular sums from the ES.
This journal will be solely focused on ES and attempting to extract a goal of 10 points per day.
Someday's i will not be trading due to other commitments but i shall attempt to journal / post when i can.
Goal : 10 Points Per Day | 30%-50% of the days range. (Reason's for 30%-50% i am on EU time so do not get the full start of the ES.)
Contract's : Maximum 2 contracts. 1 Contract traded if unsure 2 Contracts if i get good positioning.
Stop Loss : Hard Stop at 10 points however i would intend to close bad trades at 1.5X-2X ATR (which may be around 2-3 points).
Trades max number consecutive losers : 3.
Breakage : 1 day break on 3 consecutive losers.
Perf Evaluation: On trending days id ideally like to take between 30-50% of the market range. On non-trending days (with tight range) id ideally like to take out 5-10 points per day.