traderkay, With all due respect, Mr. Sub's journal is hardly the place to discuss such a topic... Feel free to start a thread though (call it Commisso and his "generalities") and I am sure I can accomodate you PEACE and good trading, Commisso
Commisso, if I'm this late posting then either one of two possibilities exist : 1. I didn't trade today. 2. I took liberties with my daily stop loss and churned my ass off in an extended trading session. I wanted to stop but just kept slowly bleeding. I kept rationalizing that this would not end up a debacle to the order of 5 or 10k as has been the case in the past. Not good enough. Am thinking about eliminating the daily profit target, and extending my trading day to the afternoon where I found good opportunities exist - no point in working half a day only. Will post any changes to my trading plan. Well, it's off to the subway for me....La Cucaracha, La Cucaracha...lala lala lala la... (why does this song make me weep?) -19 pts / 92 RT / 2 ct lots
<--------> No excuse my friend, simply no excuse... I wish you better luck tomorrow! PEACE and good trading -----> A momentary lapse of reason is just that (momentary) Commisso
My last loss led to the breakout from the 2.25 point day (3 X 0.75 pt), so hopefully some good will come of today's loss. Rule 6 changed to "...and the minimum profit target is 1 point." Rule 10 changed to "... a realized profit of at least MCS*10 points..." Rather than completely drop the daily profit target, I have increased it from 6 to 10 points. If this increases my average daily profit, then I will look to increase it further. If not, back to 6 points we go.
Great question, Commisso. Initially it was introduced as a CBM (confidence building measure) after my big ($10k) meltdown. Now that I have successfully reached the 6 point daily profit target in 6 out of 9 profitable days, I believe it can be increased, if not totally eliminated. Because I am taking a step by step approach when introducing changes, I felt an increase to 10 points was appropriate before increasing it to infinity, all the while keeping an eye on its effect on my average daily profit. Do you think I should eliminate it?
It seems to me that the daily target is not really as important as the per trade target. Asking too much of the market at any particular time can be costly.
Hmmm well it really dosent matter what I think, it's your "voice" your expressing right It has been my own personal experience that daily profit targets usually just get in my way and ultimately set me up for failure in a very inconspicuous way. For one thing you totally block the upside potential of your "method". I say if she is making opportunities available then they must be capitalized on! Letting your own personal "attachments" to monetary results get in the way is a sure fire way to create discord between yourself and the market. I agreed totally with the CBM's, but now I think it may be time to let go of the "crutch" and trade freely in the moment... Another thing that setting daily profit targets always did to me, was perpetuate a state of mind where I was constanly striving to get something from her. This desire or longing to hit a monetary goal always seemed to distort my perception of the action and ultimately it dictated some of my actions. In the end, it was not until I started to approach her in a more selfless manner on the micro-frames and let go of all thoughts of monetary gain that I was able to act freely in the moment and truly start to reach my potential... This is just my personal experience and I am not saying that it will necessarily hamper your own performance. And with all that said, since I only take 1 play a day now and set a monetary target on it, that I adhere to 90% of the time, I too "technically" trade with a daily profit goal PEACE and good trading, Commisso And all the luck jumping backin there tomorrow!
You know Kay it is sooo very ironic that you would pick Mr. Subs journal of all places to post this question so I simply have to respond... About a month ago I shared almost my exact "technique" with Sub in a chatroom. I suspect he got very little out of it, which was to be expected being that it is my technique... A little while ago I posted one of my "generalities" about birds and big piles of elaphant shit to Sub and then next thing you know a light bulb went off and he actually went and adjusted a critical part of his technique... I don't post much in regards to my own personal methods because I strongly feel that if a trader is to amount to anything in this game ----> THEY WILL HAVE TO FIND THEIR OWN WAY! PEACE and good trading Kay, Commisso And sorry for imposing on your thread Sub, but you must admit that was pretty coincidental