I don't go by what others are doing at all, they are usually losing regardless of my trading, let's face it, most of 90% who consistently lose don't have whole game figured out yet and some have no clear path to get better. Trouble with Internet, too much information. I have so many rules that keep me from day trading, this is a game yes to be played same according to well tested Trading Plan, but it is also a business and many have never started one. I have rules for too much volatility I shut down and walk away, there will be lack of volume except for HFT, lack of volatility means to me huge slippage and still I am only targeting 8-12 ticks, it would slaughter me most trades, I don't see the point in trading to lose. But what volatility will do is I have programmed in looking for extreme prem in options and plays those heavy on high volatility days. Everyone has ability to do the same, but so many traders are so lazy and why they will still lose. Think of trading this way, markets goes up and down, and there is ways to make something on each swing, maybe healthy amount and maybe one tick, but you make your Trading Plan to find them. Long term Commodities, I might stay in same trade trend for five years, I take add-ons on deep retracements and when I see possible retracements are due to differences in volume, I do debit and credit spreads, cause five years long time to only add-on trades. People are too tunnel vision, spread it out into spread trades, Long front month and short back month, it is generally slower way to make profits but margins are always low and doing five at a clip, you can score steady monthly money, ask "Bones", he been doing it for years and generally all he does.
I really do not know what kind of value a snapshot of a spreadsheet is. This might be more helpful if you gave some insight into your huge winning days. I noticed on 10/21/15 you had a $21,000 day. What were you doing that day? Going long? Short? What stock? That is impressive, seeing how the S&P lost 15 points that day. Also, it looks like your operating balance is negative $236k (see 11-3-15 upload). Care to explain that?
What kind of insight? No-one with decent results would talk about methods. It's not a thread about teaching but about competition (I think).
This was his opening statement: "Really appreciate help and advice I have gotten from ET. It's my time to make some contribution. I start this thread to record my weekly PnL. Hope that I can have the chance to talk with you, learn from you and share our stories with each other." Seems Green hand is paying it forward, by sharing with us his PnL. This is great. And it could be even better if he detailed some of his winning days. Anybody can throw together an Excel spreadsheet and post it. I am also curious how he is operating with a negative $236k balance.
Good point about the balance, there's something off with that. I wonder if he was underwater by this much before starting posting and the prop shop allowed him to go on?
I disagree, I have six students I am mentoring for free, teaching them exactly how I am trading, I have daily interaction with them, they have continue homework and charting. But even with me helping them, I know some won't ever get it, but at least they get to know what doesn't work and see what does. Learning how to read charts is very tough, I see them differently than books, I look closer, dissect price. After six months one student is profitable each week and has days of $200-600 for 75 minutes of work, some days of small losses cause he made mistakes. The greatest problem of posting what anyone does is those who need the help won't be able to figure it out without learning the basics and ones who already know or are vendors abuse it. I check some 120 charts a week from these guys. I do it cause I can leave yet, still taking treatments, and they all know when I get well, most likely will be gone or part time. It is tough to know what to study, many many good questions comes out of their charts.
I am not sure whether it's necessary to post details about how the strategy is. My initial point is neither about teaching or competition. Just wanna share my performance and share anything that I think will help most of others. Since many of you now want more details about how I trade, I will try to post more next time.
Would you ever be open to reviving this student program? Reason why I ask is b/c 2 weeks away from backtesting module being completed/delivered Have steady sales job (work from home) to pay the bills Not in a hurry, simply looking to collaborate w/ a proven winner...