Following a set system.

I give you major kudos for sticking with your plan -- but maybe you should pause, review the system and regroup?

 

thanks,

but just a couple of little losses, not even big ones yet, are going to make me give in that easy. But thanks, for you concern,
Andy

 

Good job Andy, holding those big drawdowns is the true test in a longer term system. I'm sure you are rewarded on the upside with 30-75 point up days by keeping those big stop loss reversals. Once we get out of this small consolidation we've been in (maybe today was beginning), your system's positive points will become apparent.

I know you're following a set system, but one thing you might change is using a trailing stop before your exit at 4:00pm or whatever it is. You figure when you have 10 minutes left and you're up 6 points, why not put in a tighter and tighter trailing stop as your exit point draws closer. You might get stopped out a little early but you won't be giving up much profit wise, and most likely would save money based on the direction of momentum going into your exit. If you could save a point or two per day doing this, it could really add up. Just a thought.

 

Hi ddefina,

I agree completely,even 100%

I realize I may be giving up some points over the next few days by not going right ahead with what you suggested (actually, already talked to a friend about it this weekend) because of Fridays late sell off.

Though before I do (even at a cost) I need to go back through all my charts I printed out and run the numbers/averages one more time to come up with what should be that tighter stop.

Right now I have a few ideas, just need to check them out. I do need to find where I should move my stop up to and at what time in the last part of the day. It really is not very good to carry a profit up to the last 30min's to then watch it slide away, no good at all.

I also don't want to jump back and forth changing my rules. When I do change them it will be a thought out unemotional plan. Just in the last two days, even doing a 50/50 split stop to stay profitable "could" have given me about a $150 profit. Instead of a $100 loss which, would mean I'd be about $250 better off!!!

Even, just keeping a breakeven stop for the last 30min's would have left me with out the $100 loss, But, I don't want to curve fit my plan/strategy just around a couple of days, it is a small detail, at the end of the day, that needs to be tweaked a little That in the longrun may prove very profitable

Thank you, even for just confirming what I know I need to be doing,

Thanks, Andy

 

Andy, You are on the right track with a trading system. The only way I have been able to make a profit month to month is trading a system. When ever I get to thinking I know the market and ignore my plan I take a hit. The funny part is, even though I know the most profitable way for me is to trade my plan. Some demon will get me off my plan every now and again. But praise God, I know the errors of my ways and get right back to my plan. One of these days that demon will not have any power over my trading and he will flee.

 

Hi Jabez, love it ;-)

Thanks guy, very encouraging, yes I sure am looking forward when I don't do, what I know I don't want too !!!

Don't know if I have the right strategy, just yet, but if I can trade the plan, then I'm pretty sure the rest will follow God allowing.

Really, thank you,

Andy

 

Your plan will be refined over time. You have a good start now. As time goes on you will add some filters to it and refine the entry and exit alittle. I now have 3 trading plans depending on the market action for the day.

 

I've found Andy's posts illuminating. I'm new to shorter-term trading. What exactly are you trading - Nasdaq futures? What would the symbol be? How can you trade so short-term using bigcharts.com (which I believe is time delayed).

Thanks for the feedback. Keep up the good work.

 

Hi,

if you have the time go back through the journal, alot of you questions will be answered.

I use NDX on Bigcharts to see how NQ is acting, yes it is delayed, at this time it doesn't effect me. I usually use Q-charts.

All the best, Andy

 

Hi all,

man tough day, big (very big) whipsaws, but still followed the plan, A+. But then the "A" doesn't seem to take the edge off my biggest loss so far :-( BUT It's about learning discipline and I'm getting some good lessons, even at a cost !!

How the day went,

got long about 10.17 am (940.5) even though everything in my mind was screaming we're going down, still followed the plan, entering on a stop limit order. Was up over 10pt's only to watch it come down, making a loss and putting me short at about noon (933). Then watched if fly back up, then down, then up (you get the pictureyou guys who were trading today know what I mean. Closed out at 4pm.

Ironic, I wanted to be short, ended up going short, (system agreed with me, ha but took a bigger loss, the markets take no captives....

Anyway, 1st trade -6.5pts, 2nd trade-14.5 Total for day -22pts,ouch !!

All in all just a tough day, to think I've got to take everytrade even after 6,or 8 or even 9 losses is really going to try me. For all those out there papertrading, man it's tough when it comes down to hard cash !!! My God is my strength, I will over come, so lets bring on day 8. Steel sharpens steel.

This weekend I will add my "closing" tweaked rule, more than likely would have saved a few points again today !!! The papertrades I did prior to using real money just waited till 4pm (and did show profit over all), but with real money, it really is foolish to let a few points slip away. I just need to pin point where/when that tighter stop will take affect. Which is no easy feat to keep it mechanical and not taking away from the overall strategy I'm using.

Have a super evening, Andy