Jack of all trades, Master of none. I agree with you but I am happy with what I’ve learned by wandering over there and here. However, if I had known … The next best thing isn’t somewhere out there, It’s deep inside me. Sekiyo 2.0 Kidding. Thanks for pointing this out.
P Both are much longer term stock investors, and option sellers. Have you learned on profitable days you reap more in morning and trade less? Have you put a cap on number of trades you can do in a day? Do you have a time stop if trade not profitable in so many minutes your target is breakeven plus fees, let someone else pay your commissions. Tidbits that helped me get profitable. I also learned what chart patterns to left that could stop me from taking viable trades. For me as I have aged, longer term works best and eventually makes more using less time. Good luck.
Kudos for genuinely willing to put in the work with a good attitude. Some other self-reflection questions. What are the "abort" conditions besides end of day or total P/L? If there is "failure", what will you be able to eliminate from your methods. At this point for you, it is critical to eliminate things you do not want*. You want to make forward progress for your "tuition", aka, losses. And thereby not be repeating, no traction, going around in circles, which I notice is the MO of some posters. *word to the wise: Elements need to be taken into account "in vivo" or as part of the system, not as an isolated element. Because a part might be no good in combination with some parts, and it works great for other. Like Oil works great in the engine case, and Water in the coolant, but not so much the other way around. PS: 10x in a year is too large. 2x or 3x would be better, imo
I saw this out on twitter and I instantly thought of you and your journal @Sekiyo This is what you need. Not a $2K to $20K challenge. You need a 100 trade challenge. I'd tell you to make it even smaller. Maybe a 10 or 20 trade challenge. Maybe do it by time, like a 30 day challenge. Even better, make it a "January 10 or more Trades Challenge" Write out a fixed plan, fixed trigger, fixed profit target 1.5 to 2x your fixed stop loss. Don't worry about edge. Worry about trading a simple, mechanical set up, just ne defined set up, over and over throughout January. At the end of the month, evaluate yourself, evaluate your set up, and figure out what is working and what needs to be tweaked (or thrown out altogether). Then, with changes made, repeat it as your "February Challenge."
Also log the number trades, hours and trades/hour. It depends upon how much fatigue each trade "taxes" you, but you will probably find that about 80 trades or 5 days, or some #trade or time or trades/time threshold, is when the sub-optimal trades occur.
When the time comes to buy or sell to enter a trade are you going to use a mechanical Setup and Trigger "checklist" approach or more of an artistic approach?
%% IBD founding father said the same thing. Believe it or not i actually have a ''supertrend'' indicators on my charts, good + get more than that. Some stocks have gone up more than 10 times [$7 to$ 70......]. Easy to get beat by a benchmark like SPY , when leveraged; you may be able to go from $2,000, to$ 20,000, 2023 but not if you can not beat the benchmark of SPY. Even if thats not your benchmark or goal\ the point still stands. [Some say no such thing as a unicorn, but thats also silicon valley slang for a new co.LOL]
Just for the record, NT account is open. Been a quick and easy application. Cheers to them. Need to redirect IB funds towards NT once they hit my bank account. First time I heard about "Super trend" was on an IBD podcast, Second time I've seen it was within TradingView built in strategies: Poor backtesting results. Some stock surely 10 folds within less than a year, But it doesn't mean the account grows 10 times unless we're 100% invested. + We're going to lose money here and there trying to catch these monster leading stocks. I believe it's "easier" to 10x an account while compounding small gains on a day to day basis. It requires a tremendous market, in addition to skills, to 10x his account with swing trading. Sure, SPY is the first benchmark to be beaten otherwise active management isn't worth it. Even if ... It's okay to underperform a bit if our strategy has less drawdown, risk. In this case we can leverage a bit and maybe make more return with <= risk. I've already described my strategy on the first page. To build a system requires some kind of creativity, tinkering. To trade a system requires blinded faith and hardcore discipline. Fatigue is definitely going to be a net negative, performance wise. I don't plan to trade all day. Mainly from the open to noon. Some trader out there trade the whole continuum, From Asia to the Americas ... Kudos to them. Sounds great ! Money shouldn't be the primary goal. Mastery of the process, feedbacks and recalibration. I've tried to keep charts and notes for further reviewing, But ultimately I don't check them back and move forwards ... I've liked the idea of keeping charts from hundred variations of setups. Thank you ! Besides EOD or PnL ? There are obvious days, like before FED, that better be skipped. Usually these are slow periods or dead money. Better take time off the screen, IMO. I know that if someone has an edge then it has to be compounded, But we ain't machine and fatigue is detrimental to the performance. If there is failure, the only thing I can do is trade less. Not sure what could be removed from the method. Alright ... I understand. Removing mistakes ! To remediate them we have to identify and track them. Better be done actively. Monitoring them. Then either make them impossible, Or minimize their occurrence and or consequences. We have a system thinker ! System are sensitive and dynamics. Best way to think about them is to run experiments. This is where backtesting comes into play. Nice and handy ways to tinker. 10X is 1% compounded per day in average which is amazing. I'll be happy if I can double my account in 252 days. Never analyzed the profit and loss distribution per hours of the day. Nice to hear the most profitable period is in the morning ! No maximum number of trades ... I've already thought about that like 5MAX and its distribution. But I've never been able to stick with the number of ammunitions in the chamber. No time constraints. Only price. Breakeven sounds good but I'll follow the Dow theory. I'll only raise my stop once the market makes a higher low. Or move down, descend the stop if the market makes a lower high. The left of the chart, or precedents, have definitely their words. What kind of pattern are you thinking about ? Longer term is definitely better , reward to time wise. Day trading is tougher VS swing or longer term. But I think it's the most probable way to achieve 10X (Or Zero)
This part here? "Trading price action on the 1min chart. Trend following super little trends. Minimum 1Reward to 1Risk." Artistic.