Didn't think I would probably trade today but after a slightly profitable note trade, I figured I had some to play with. 5 trades 5 winners for 1.5 points = $51 Not to much to say here 4 trades were for .25 and 1 for .5 - just quick in and outs. Looking forward to when this slowdown is over. Blessings All, Chris
In case you still wanted to see the enthios idea of BB reversals, here is one way to link your way there: enthios.com - patterns - charts - bollinger reversals... Nothing spectacular... I have always wondered if this is what you have been basing your ideas off of...
Thanks. No it is not what I have based what I do off of. I learned of it in a similar manner that you mentioned here. I do not neccessarily believe in BB reversals because more often than not there is continuation. I am simply seeking a point a which I can (with a seemingly high percentage) grab a few dollars. Make 'em pretty, Chris.
I had to make a rather abrupt leave from my trading office and set up a temporary (during holidays only, I hope) trading area, on a rather slow computer with 56K modem, and NOWHERE near enough memory! Thus the combination of the 26th and the 27th. 7 trades 4 winners (57%) for .75 = (drum roll please) $3.90 I can't do charts for these and suffice it to say that I almost stuck to the strick rules. I missed a number of opportunities due to some lag and other problems - but this was more of an experiment to see the feesability of such a set up. Suffice it to say that with strick discipline it may work - but I will get for these folks another stick of memory!! Make 'em pretty, Chris
Hi DblArrow, I enjoyed reading through this journal. Given that you are scalping, your risk is basically your reward. For this to work out from the viewpoint of making a living, you will probably need to be consistently hitting 75% or so. I was wondering if you forsee this as a possibility with your current strategies. Even with low commissions, you need to be hitting a very good percentage if this scalping for 1 point and stopping out for 1 point is gonna work. Anything less than a very high hit rate with scalping will, in the long run, simply slow bleed your account... the reason is that you need a high hit rate to create a post-commission positive per trade mathematical expectancy, when you are playing for 1 point for a risk of 1 point... Not a criticism, just an observation... On a positive note, it is great that you are learning to trade by trading small (1 contract I believe)... this is a wise strategy... Your journal is a pleasure to read and you are indeed getting some very pleasing days (on a % winner basis)... May Jesus bless you... Candle
75% is a little high - one can make a nice living consistently hitting 60% as well (with a little size of course). This is assuming a fixed 1 point target, 1 point stop loss - DblArrow has a discretionary target with a 1 point maximum and on the slower pre-holiday days was using a 0.25 point target, so he would need a win rate a little higher than 60%. What is important is that this style of trading suits his temperament. He has made an impressive start and while 18 trading days is hardly enough to draw any significant conclusions, everything points to his continuing the system without any changes. Some interesting statistics: Net profit to date for December : $884.70 (18 trading days) Avg. of 1.71 pts/day gross, 0.98 pts/day net Out of 18 trading days there was 1 gross negative day and 4 net negative days. Win rate : 70.6% (96 trades out of 136) Early days yet, but DblArrow's looking good.
With very much sincerity, thank you candletrader! I agree with the 75%. That is almost the goal that I have set for myself. But I do not think that it must be that high to be net profitable, but to be comfortably profiable yes. After trading like this for roughly 6 weeks and being net profitable, and being close to that 75 % for this month, yes I do see this as possible. I appreciate your observations. Unfortunately, at this point, I am learning to be profitable (perhaps one COULD call that learning) as I have been trading for just over 5 yrs now. Yes Candle He may, and I would ask Him that He do the same for you and yours. Chris
Thank you, very much, Mr. Sub. As I am not currently in a position to put together this information from my current location, (withought going through the journal here, which I was thinking of doing) I appreciate you putting it forth. Thanks again I really appreciate it. Chris