"Bingo style" Day Trading profits

Discussion in 'Trading' started by Luto, Feb 18, 2004.

  1. Luto


    A trader said:

    " a break through was when I realized how many small gains I needed to take"

    This got me thinking about how to book profits. What if you used a bingo like card where each cell was in a category.

    If the card had 20 cells (trades) with Categories such as

    Trail Stop
    Early Exit

    Then as your trades completes you put in the P/L in the correct cell category.

    An example card might be
    8 Targets
    5 Stops
    5 Trail Stops
    2 Early Exits

    This allows you to measure the expected outcome probabilities to the actual results while accommodating the realities of live trades.