We are not talking about a mere one day, dude... we are talking long run averages... try and comprehend the mathematical implications of your 4-6 points per day per contract as a long run average, or forever be stuck in a delusional world...
Hi Candle Please clarify below, as I am confused as well. If a trader keeps using one unit of contarct in and out many times (say 10 times), (not Bruce' case since he sometimes has 2 contrcats outstanding) whether he's got 8 points per day. Or the trader has got just 0.8 points per day. (Assuming the trader can repeatedly attain the same performance for many years)
Candletrader, As i see it with my limited expirience of this business you shouldhave the following: 1. A technical plan for your trading. 2. A mentality plan for ýour trading. 3. A moneymanagement plan for your trading. 4. A follow up plan of your trades where you analyze your executed trades. But if no. 1 is bad it`s not a good start.
Sorry Bruce, I've just found out you use two contracts a few times. I'm too tire now. Better go to bed.
I did check the link before, but didn't understand the link was catered for me at that moment. Many thansk to MarketSurfer, anyway!
No, you're confusing that day's performance with my average over those 9 days. That day after expenses and losses amounted to $384.80. Divide that by $50 and you get a little over 7.5 pts. Somewhere in this thread I posted Vic Niederhoffer's estimate of his own success: roughly two million contracts traded during 15 years and a profit of $70 per contract. Keep in mind he was trading full-size contracts...if you just assume the big S&P's at that time (he traded lots of bonds, too) were $500 a point and then just $250 a point you can see how incredibly hard it is to trade profitably. On those 196 trades I averaged $13.99 per trade. Looking back at my data, commissions are my biggest obstacle. That and staying away from trading when I'm not in sync with the market. Bruce
We also need a plans plan to produce the above plans, and then another planning plan for plannning this planning plan.
Generally I`m not an organised person(unfortunately), but I have rather fast learned if you want t o succeed in this business you have to learn and apply some rules. But don´t overdo it,no plan is over 3/4 of page.