rickytrader, This is all wrong. Try to concentrate on your method. If you can possibly identify your signals and why. If you can observe what is happening around the market (s) with a comparitive approach and manage to spreadsheet it.. Try then to Rank your entries...if you can accomplish the above. THEN apply money management to the high probability set ups.. Don't go ape shit and make big adjustments...slow and steady there trader... Thank you for reading my posts and your are simply going to give all of your money back if you ramp up incorrectly. Maybe you will give it back anyways...as I have no idea how you trade. Michael B. Was actually wondering what I should do...increase my contract size first then look for more pts per day...or increase my goal for the day while still trading one contract
Michael B, Thanks again for the reply. I do keep track of my trades in a spreadsheet. It tells me my wining percentage, losing percentage, gross +/- and net +/- Currently I am at 70% winners 25% losers and 5 flats. So you would suggest I keep track of EACH trade and get an idea of when the winners happen vs. the losers. And once I have some data I can then get a better feel as to when to increase my size on a trade by trade basis? Thanks for your help!
rickytrader, I made a blog entry here yesterday on this very subject: www.ElectricSavant.com/WordPress
thanks will have a read You should have some adsense ads on your blog..a few clicks here and ther can add up
Now that would be in violation of ET policy wouldn't it?..I do not make money off of my fellow traders and do not get paid from anything in my blog. Trading is my life's work and ET is my second home. Why would I want to jeapodize that with making pennies or becoming a snake-oiler? The guests and administration here have tolerated me for years and I want to be able to continue, learn and share what I know with the trading community. ET is #1 and I hope that I can continue to grow. Michael B.
There is only one prudent answer... Increase your daily goal with 1 contract only! Do not increase size until you have CONSISTENTLY PROVEN your systems/methods to be profitable. Six weeks of profitability does not a trader make. And remember, when you add contracts, risk gets adjusted too... stick with the money management that consistently proved to be profitable for you. Osorico
Well said..I didn't know it was against ET's policy. Your blog is based on Forex trading. Is that your main market(s)? Or do you trade otheres as well? hope thats not to personal.
No No my friend, no problem. I have traded all of them...most everything... I have taken and passed the series 3 and been a CTA once and managed money for a short time... I have blown up too! twice and am on my third journey. I am 47 and have traded on and off full time and part time since I was 18 years old...had my parents co-sign. I have been a broker, investor and a day trader in Equities, Futures, Options and Currencies... I still do not have a clue...But I wrote a system that is working and have never made so much yield with so little drawdown in my life. I am hoping to get the time to compound up as much as I can, while taking a little for under the mattress to make it real (wifey says its only real when you spend it!) Meanwhile I am frantically searching for other ideas for systems that work for me as I know that my systems do not continue to work forever. I trade Retail Spot Forex 24 hours a day with Wifey (we have been married for 19 years)...We trade in shifts...We are in a trade now. Michael B.
Wow..so you have been around...good for you..experience is a great thing. I will leave you alone and let you watch your trade...hope it's a good one...and thatnks again for your advice.
Good Trading to You rickytrader. The trade has been on since Friday...the spreads do not narrow for a few more hours, so we are off to do some grocery shopping. CYA Michael B.