Need Advice

Discussion in 'Trading' started by trader99, Dec 6, 2016.

  1. trader99


    Finally compiled my stats for today. After a HORRIBLE day like Monday, these are much welcomed numbers.

    The first trade of the day, I lost 66 YM pts in 54 seconds! It was crazy! Then followed by 39 YM pts in another 54 seconds. I was like WTH?!

    But luckily, I did NOT lose my calm. I waited for my signals. Then bam! 119 points followed by 71 points. Both of them would have been higher if I closed at the lows rather than wait for the rebound to exit. Then a bunch of smaller trades.

    I finally met all 3 of my goals:

    1) Min < Max -66 points < 119 points
    2) Average point is posting and increasing 8.7
    3) Avg Winner > Avg Loser 35 > -30.75 for a PF of 1.71!!!

    What a way to turn around a negative day. I still got a ways to make up the crazy losses on Monday.

    Just gotta be patient and not try to predict prices. Go with the flow...
    #271     Feb 8, 2018
  2. trader99


    Good progress today! I didn't lose money despite the Dow losing a 1000 pts. I learned from my mistakes! I did short in the morning but I was looking at the microstructure and got out too soon else I would have at least made 400-600 pts! Lesson learned. Sometimes being too detailed and micro you miss out on the big trend.

    Surprisingly enough I also made money on the long side too and didn't get destroyed. I picked my spots carefully.

    But the BIGGEST improvements was setting up HOT KEYS with pre-defined stop losses! Thanks to @Xela to recommend me doing that. I can't believe I didn't do that all these years. Now I feel very confident on entering positions because I have pre-defined losses and potentially much bigger upside. So all of my losses are fixed(+/- a few points due to slippages). But in no uncertain terms will the losses be that crazy as Monday.

    Let's review the stats against the goals

    1) Min < Max -17 < 32
    2) Avg Points is small today because I was experimenting with hot keys and various stop levels and it kept getting hit. I had to expand so it's not too tight. So there were a bunch of small losses that drove down the average
    3) Winner Points 154 > Losing Pts -132. PF is low because today I was experimenting.

    I had a client meeting(non-trading business) this morning. Then I had to run an errand too.


    1) Trading with the price direction. I shorted when I should be shorting. I went long when I should go long. I should have made more. But that's a totally different topic and point of improvements. So my entry is at least directionally correct. I need to improve my exits.

    2) Implemented HOT KEYS with automatic stop loss(big improvements)

    Keep doing the right things and the profits will come.
    Last edited: Feb 8, 2018
    #272     Feb 8, 2018
    Xela likes this.
  3. IVx


    Can I ask, do you trade the same setups now that you used to trade in spot forex? In terms of the price action I mean ...

    Thanks in advance
    #273     Feb 9, 2018
  4. trader99


    Can't believing this is happening again to me...
    #274     Feb 16, 2018
  5. When the Going gets Tough...
    The Tough. Gets Going,

    :banghead: Hang in there, and try to look at every detail of your trading game plan goal dynamically...all the potential variables that make it dance, or move along the chart, the way it does,... o_O

    Billy Ocean sings about Mountains...ocean and mountain, Deep and High...See the Big Picture in trading,
    Last edited: Feb 16, 2018
    #275     Feb 16, 2018
  6. Xela


    Yes - but from differently constructed charts (the periodicity of the bars on my charts now is defined by the transaction of a pre-selected volume-quantity, rather than by a pre-selected time-interval).
    #276     Feb 16, 2018
    comagnum likes this.
  7. 777


    You would like to average 750 a day daytrading but in your heart you know you are not ready.

    1. Only a very few who post on ET do what you want to do but there are some wise posters. Your job to dicern who those are.

    2. Do you personally know someone who has averaged 750 a day for a long time-- and what they do makes sense?

    If you do... you know what to do.

    If you do not; well, maybe you now have a new goal.
    #277     Feb 16, 2018
  8. jinxu


    1. You can't really tell who has good info. And those that do, likely don't give out details. As a rule of thumb I follow the principle that those who are most active are often those who know the least. The wisest don't waste silly time on this forum. And even fools can have moment of creativity. Best advice is to take what you can.

    2. Trading is counter-intuitive. What works don't make sense. I'm more surprised then sure that some of trades I make actually end up working.
    #278     Feb 16, 2018
  9. IVx


    Thanks, that is interesting. Does that mean that the transition to trading commods after forex was relatively smooth for you? Do you think your setups were already suited to the transition or do you think that any successful price action forex trader can take their forex toolbox and apply it in other markets? Sorry if too many questions
    #279     Feb 17, 2018
  10. Xela


    No; not at all - but sorry that the answers may be of limited (if any) help (especially this time ...).

    It was; and much smoother than I expected.

    There were two transitions, really.

    The first was from trading EUR/USD and Cable to trading Euro futures and Pound futures. I'd been increasingly strongly advised to do this by (successful, professional) traders I knew, who knew how I traded. I eventually tried it, and ended up wishing I'd done so at an earlier stage (but I'm very difficult to teach/advise and have to work almost everything out for myself). I did this so I could use volume. I effectively ran both methods (spot forex with fast timed charts and forex futures with fast volume charts) side-by-side for 6 months, taking "the same" price-action-based entries for each, with the same trade management (different trades, of course, though not very different numbers of trades, overall), and compared the results, which were consistently and significantly favourable for futures/volume: briefly, I was able to average about 25% more profit, overall, without increasing the risk, each month for 6 consecutive months. This is, of course, a very superficial, abbreviated summary - the statistical analysis was much more complicated and intricate than I'm making it sound; but the mechanics of actually doing it weren't at all.

    The second "transition" was the addition of NQ to my repertoire (I didn't look at CL until much later). Indices appealed to me, probably partly because I'd originally, first started off by trading the FTSE-100, FTSE-250 and Dax indices, initially on demo for a long time, when I was very young. I looked at ES before NQ but rapidly (perhaps too rapidly, and I'm just starting to look at it again) dismissed it in favour of NQ. NQ appeared to me, on a purely subjective and mostly non-quantified basis, to "move more like Euro and Pound futures". This was also essentially non-traumatic and straightforward.

    I just don't really know the answer to this; sorry. I'd only be guessing. I suspect - but can't prove - that the fact that I'm a "semi-scalper", typically taking a relatively large number of entries per day (typically 7-10) with relatively short trade-durations (typically a few minutes), may have made it a little easier than it would otherwise have been.
    #280     Feb 17, 2018
    comagnum, trader99 and IVx like this.