Hello there, I have been trading for a few years now and have had some success with basic strategies; but I am looking to take my trading to the next level. I have primarily focused on equities and some options trading, but I am eager to expand my knowledge and explore more advanced strategies and tools. I have been reading up on algorithmic trading and am particularly interested in learning how to develop and implement my own algorithms. I have a basic understanding of Python and have dabbled in some simple backtesting; but I am unsure how to progress from here. Can anyone recommend resources or courses that have been particularly helpful in mastering algorithmic trading? Additionally; I am curious about the best market analysis tools available. I currently use TradingView for charting and technical analysis; but I am wondering if there are other platforms or software that offer more advanced features or better data integration. What tools do you all find indispensable for your trading workflows? Also, I have gone through this post; https://www.elitetrader.com/et/threads/best-options-strategies-for-advanced-blue-prism/ which definitely helped me out a lot. Lastly, I am interested in learning more about risk management techniques. While I have read about various methods; such as position sizing and stop loss strategies; I am looking for practical advice on how to effectively implement these in real time trading scenarios. Thank you in advance for your help and assistance.
%% Larry ''Mint'' Hite has a good rule on risk; never risk more than you could stand to lose. 2]Mark Cook also limits his risk with a budget, most likely like Dave Ramsey budget; and farming business. 6] I did not remember his June rule , but somewhat timely now; Mark Cook does not trade in June or on certain Fridays. No wonder, if SPY averages June= 00.03% or 3 cents , may want something better or something else
Hi, from my personal experience, other than having a % risk as baseline, I've implemented an environment based system where my % risk is diminish or get elevated based on the market environment. for example: let's say I am an intraday trader.. If "x" market is into a Daily Consolidation/Rangebound, even if I do expect lower prices longer term - I would risk 0.25% in my intraday trades; in the other case.. on a directional Daily Market environment, I can risk 0.5% or 1% per intraday trade. This helps me managing my equity and losing streaks on difficult periods. It also helps with your psychological aspect. I found my self good with it. Consider applying other risk % managements rules within it - like cutting risk % in half after a losing trade instead of rising it.
have plenty experience in back testing, designing trade system and the many challenges. Not a programmer but happy to give some tips if you have specific questions.