Thanks, Mav. But I'm over trading--- as I was up double my net, but kept going rather than stepping away. surf
Your own experience and performance statistics should determine that. One should also differentiate between pure discretionary trading and mechanical trading where you are simply executing signals from a system. Pure discretionary trading can be very tough to sustain for a whole session, so it may be wise to play only the open or at least have a good break or two in between. If you have a trading model that is generating signals for you, it`s a different animal. One example would be to take the day off if you`re up an abnormal amount of money compared to your average, for example if you found yourself on the right (or wrong) side of an abnormal market move. I was once short, anticipating some selling, when ES dropped like 13 points in minutes. I expected that target by EOD, but not in that manner. Very weird behavior that I did not personally understand, so I took my money to the bank and took the day off, since I did not understand the market structure and risked giving it back. Another example would be if your market (ES for me), completes it`s average range expansion in a short amount of time during the open. If you traded it and profited, excellent, take the money to the bank. If you missed it, accept that and trade tomorrow instead. The 50% drawdown rule imposed by TST from a intraday high watermark is not a stupid one. And if market surfer followed it, he would not ended yesterday red. But I`m not pointing fingers, since I`ve done the very same thing more times than I care to remember. That`s why I think the rule makes a lot of sense. It`s there to protect the trader from himself, not to limit him or punish him. I never said otherwise, did I?
<B>Quote from Brass: Hardly. The least competent traders are the ones who go for the wildest rides. First up the equity curve, and then right back down. </b> I'll be sure to let VN know this when I have dinner with him on the 21. He's been at the top nd at the bottom but the process made him extraordinarily wealthy.
Yeah for sure. I haven't traded intraday, unless forced to, for several years. It's. whole other ballgame! Do you set profit targets? Something I have never done, but looks like it may be smart. Michael--- do you have suggestion regarding profit targets?
I thought the profit target was $3500 in 10 days with a $50,000 account. You almost had it yesterday.
----------------------------------------------------------------------------------- Maverick, you can explain to me what you are saying please? You are saying you can anticipate something big from data in the early morning. And then you can setup. So you are talking about the volume and volatility that you say before is how you trade?
Maverick- The account board wipes clean after 3:15pm CST. I'll update my twitter with this tomorrow. mp ps. follow me at @michaelpatak for updates.
The market tends to center itself around econ reports. It allows you to set your compass. So the big reports create a volatility catalyst.