I'm going to try something different. I am going to have an extra account where I start with $15000 and see if I can grow it at 1% a day. I'm going to stick to round numbers for the most part, as in if I am at 15750 acct size I'll take $150 net as equating close enough to 1% for the day. Then at $16000 I'll bump up to $160, and so on. I'll start with 2 contracts of the es, nq, bonds, or whatever works for the day. If I grow the account, I'll add a contract at $1000 net, new total + $2000, new total + $4000, etc. So if all goes well add at $16000, $18000, $22000, etc. If this can get up to 10 contracts, I'll reevaluate at that time. I will also reduce a contract if I dip $2000. My methods are based on price, support and resistance, and trend. I normally fix a target for the 1st contract, and trail the 2nd, and I am at this point going to stick with this as opposed to getting out as soon as 1% net is made. As size grows I may use extra contracts to lock in the goal and then trail whats left. I'll try to post as soon as I hit goal, but I am trading throughout the day, so if busy it will wait. I will at least try to post times of entries and exits with the prices. Why? Because I want to try something different. I followed Ryan Jones for a bit and am using and offshoot of his Money management. I never have seen him make it back to the top of the trading competitions he enters, so my guess is something is flawed with his MM, or his methods(or both). In the past after all the regular head games involved in trading I found moving to the next contract to be very difficult, and haphazard. I still see a hurdle at around 10 contracts if this works for whatever reason, but am going to give it a go. Why post? Why not, if people don't want it ask the moderator to kick me out :eek: Otherwise I'll start posting them tommorow.
...do you plan to post your entries and exits? Would love to reverse engineer you if successful. Thanks.
go for it. i always respect someone more who is willing to put it on the line than those who just talk about it. good luck.
I'll post entries, exits and times, I normally write them down or mark them on my chart to review anyway. If I get the urge for a big typing session I'll try to be more explicit as to how I trade. Its not a top secret method, and not mechanical.
Will you view +5% at the end of the week as the same thing as +1% a day, regardless of end of day results?
Good luck! I have seen this before. Prove you can make 20% on the 15K in a month. That gives you wiggle room. Then increase to 2 contracts when you are profitable.
...Rats! I was hoping it was mechanical. Beware in advance that mechanical ravens like me will circle around cawing that discretionary trading is idiocy. However, if you're successful we can probably dissect your method and mechanize it for you! So please do post entry and exit times and prices. Do you tend to preference one of the issues you mentioned over the others?
It would be nice if entries and exits were posted real time. I could do 2% per day if I posted after the fact.
with the you, I could post 1% after the fact. I prefer to focus and not be in chatrooms, as such this is how I am going to do it. Is there a common chatroom that is used? Does the Elite chatroom work well? If I figure out how to do it at some point I could possibly try posting acct statements. As far as 1%/ day = 5% / week, I guess it should work out that way, possibly more or less depending how it goes. I have been able to get this out of the markets for awhile now, my main goal is the money management and increasing contracts which has been a hurdle. If it can be mechanized let me know, I admit there are days I wouldn't mind walking away. No preference on markets, this account will get the 1st trade of the day and so on until the goal is hit.