schiz, I think you can do it! Should we assume all your stops in the range of b/w -1.50 and -4, or thereabouts? And your targets too?
why? your stated goal is 6 points per day. you said nothing about being down 6 calling it its for the day did you? this PA is awesome volatility ... i'm not saying don't quit today, that's your decision only. but heck we got 4 hrs to close!
Max loss on any given trade is 3. Either 6 up or 6 down. Yeah, I misread the trend. Would have been great had I just rode the trend down from the beginning. Oh, well. Another day awaits.
schiz, you only had what 3 SMALL loosing trades on a day like today, and 1 winner? You got the cobwebs dusted off, sleepys out your eyes now your ready for afternoon session!
The daily loss limit is a good idea, from personal experience 6 points lost on the ES can grow exponentially if one continues trading the whole day after losses.
True. schiz is a seasoned trader. But if 6 up or 6 down is the definition of his strategy on this thread, i respect that. i just didn't see that stated anywhere..hence my confusion
Just remember that you had +6 points one day and then -6 points the next day for $0 gross but a loss when commissions are factored in. Assume tomorrow you make 6 points, then after three days you really only averaged 2 points so far. Day 4 you make 6 points and Day 5 you lose 6 points, well now after 5 days you have averaged 1.2 points. Do you see the point people are making here? If you stay fixed at 6 points a day up or down then over time you will not average 6 points a day. Even if you make 6 points a day for 10 straight days and then lose 6 points the 11th day you average drops below 5. All of this assumes no costs. So there is A HUGE difference between making 6 points any given day and AVERAGING 6 points a day over a month's time. You can easily do the former on any given day but your system can NEVER average 6 points a day over a month because of your limitations.
Ya talk like there's no tomorrow. Sorry, I'm going back to sleep. You're right, I'm sleep-deprived. It sure feels like I'm back to my noob years. Feels damn weird.