No, not necessary to start at 00:00. I have a system that starts at PST midnight and another that starts at 6:30 PST. (I'm based in California) Basically set off Europe's open and US open. Since you are using Sierra Charts you should be able to get a custom VWAP study made that will start at whatever time you want.
Good thread. There are people I see whom I called failed traders. They did something opposite which won't work, not because doing opposite is bad but the reason is that the trades are mostly random and are based on flawed logic or biased.
Yes! The trades are mainly 50/50, over time. Doing the opposite still results in 50/50. What many don't realize is that it is just as difficult to find a system that loses 90% of the time; as it is to find a system that wins 90% of the time.
Good way to prove your profitability is to post your strategy. Meanwhile, in principle its good to be not doing what the majority of losing traders are doing. Of course, you need a clear picture of what that group is doing which is so wrong. I think new and losing traders do one main thing wrong - they trade against the trend.
Well, I think you meant having an expectation before slippage significantly deviating from zero. You can have really tight profit targets and wide stop losses to pump your win rate trivially (just as one example).
I always wonder why folks post on ET, especially institutional traders like you. I am sure you have associates you can communicate with at work and in social settings. I am not complaining as I learned a lot from your posts, thank you. For us mom and pop retails, especially those without formal financial training like me, this is another venue to learn the "trade" of trading. In return, I try to give back by sharing some of my "lessons learned" from the school of hard knocks.