Here is the last trade. It occurred to me that I had not posted a chart VTDT trade yet. Again, it was good for 2 points only.
Sounds good...enjoyed today. Here's a couple of quotes from one of my favorite traders. "Anyone who enters the financial markets expecting to be right on most of their trades is in for a rude awakening. It's a lot like hitting a baseball-the best players only get hits 30 to 40% of the time." "If you pick oportunities so that the probable reward is at least three times greater than the objectively measurable potential loss, you will make profits consistently over time." Trader Vic-Methods of a WallStreet Master...pg 25
Meant to say thanks today, things were a bit hectic. Have you read thru my trades, any suggestions about risk/reward.
I tried to post a excel spreadsheet with the records of the trades in it. Too Big. I copied it to a word doc. Still too big. The word doc is only 432 KB, but I guess it will grow as time goes on. Any ideas how to make this available. I wanted to keep the success rates, P/L etc in the journal.
Breakout, Going to bombard you with questions. What is you normal stop loss? 1pt.? I agree with your 3 to 1 ratio but a 1 minute bar can easily move one point. Do you get chop around a lot? If you get a signal and get stop out but the signal is still valid, do you take the trade again?
Vision Trader, Congrats on the start of an interesting journal and a nice two days. Unlike many of the newbie journals that have appeared here, I think your approach makes sense and can be viable. Good luck.
go to yahoo groups http://groups.yahoo.com/ create a yourself a group then upload your file into file section, then report the link to it here or you can get 1M of free space on boomspeed.com then save your file there and post the link here.
if your sytem has a high expextancy, like yours (71% till now)you don't need to have a high reward to risk ratio to be profitable on the long run.
I love Trader Vic too, but his books are painful to read because he just can't write (or he has a crappy editor). There's an interesting interview with him in the latest S&C. Sorry to get off topic, I'm really enjoying this thread. It's nice to read maturely-written posts for a change.