Hey Ripley, excuse me if this has been suggested before in your journal (I haven't read every post). Just wondering if you ever tried trading with daily target profits. For example, if you have a $10000 account, have a target of $100/day once it's hit, then turn off your machine and find something else to do for the day. For me nothing is worse then having a good day, net positive only to end the day on a losing note (giving back all the winnings from the houses money and some of your own capital) That type of trading helped me develop discipline in my trading. Good fortune.
Your system needs more refinement If you can't take every single trade with 110% conviction regardless of what happened in the last trade. Need more backtesting/trades to make sure your system is 150% profitable. 50% is for slippage and human errors. There are no restriction when you make money Only restriction when you lose money.
Missing Days I missed last 3 trading days, and is projected (lol) to miss the next 5 more trading days. It completely sux.
I know web.. I know... It is always a work in progress. It could be significantly close to being done if I can automate some of it... into a small indicator and have it on autopilot. I am dedicating my free summer for that. Hopefully I could get it done.
I was referring to the "daily target" that was suggested by a previous poster. I think if im winning on a given day i need to try to make more because the factors contributing to my success (which i may not fully understand) are there on that day. However, its on the losing days that i need to "call it a day early" coz the environment isnt one in which i can profit, and my psychology could be impacted etc...the idea of calling it a day after making X dollars doesnt make sense to me
I completely understand your point. But, you also have to factor in what's the profit target is going to be? so, how much (an average)% do you make everyday usually with regards to your account? For someone that has a daily profit target, they are taking a bit more risk to be shooting for a lot more, like 3-5% target in one day. Also, for people that say you have to take 100% trades and take them when good trades are there no matter how much you are up for the day, or even if you met your profit target... What I noticed is that THEY are USUALLY POSITION TRADERS, or SWING TRADERS. Thus, there are three variables here.... 1) scalp or position/swing (shorter term traders go in with a profit target since they have ample enough signals, while swingers needs to have it set up) 2) how much you are shooting for? (for position traders, its whatever the market can give it to you, but for short term trader, its how much can I take out of the market and how much is enough for the day) 3) profit target and taking all trades. (this is commensurate upon the last two... the more money you want, the more you are willing to take a little bit more risk and call it quits.) Everyone has to find their own niche. There is no right or wrong way to trade... edit: there are 3 variables.. sorry !!!
How do you know you won't lose more after you reach your target? One thing you can do is keep trading after the daily target has been met but if you start losing bail on the trade at or above the daily target. IMHO, there is nothing worse then having a winning day with a profit target met (or exceeded) only to end the day on a net loss!