If you want to generate an objective performance history of your trading system, you may want to consider putting your trades on Collective2.com. There is a cost but you will have a third party performance statistics for your trades. FWIW, most of the systems on Collective2 are killed by the developers before they are two years old.
The people with "stoic faces" know their statistics and one individual trade doesn't matter in the grand scheme of their overall tested and proven plan. Also, you noted that you quit your job to trade full time. This will have an effect on your psych if this is your only way to pay the bills right now. If you have a year or more cushion of living expenses in savings then that will help . Be realistic, approach this with logic , and above all make sure you have a reliable , proven, and tested plan in place. Otherwise you might as well give me your startup capital and let me kick you in the balls. Good trading to you, I wish you the best!
Thanks, this is good advice. I didn't mean to appear defensive and closed off. I do have a bit of a cushion saved up. I realize trading 30,000 is not enough to live off of.
Stopped out of ERIC long position today. P/L = -$425 R Multiple = -.92 Days held = 56 Nothing happened out of the ordinary with this trade. Just a loser.
Sounds like you want to set profit targets? Your entries seemed okay, but your exits were found wanting.
Profit targets cut off potential trends prematurely. I don't think it is necessarily a bad strategy, but it is the opposite of what trend following is. Nevertheless, I will keep it in mind. I don't want to tweak my strategy based off of the results from a statistically insignificant number of trades though.
It´s your money. But my amateurish experience in trend following shows that using stpp losses in a trend following system doesn´t work. You could use multiple moving averages. A lot depends on the length of trend you are contemplating. The market has to have room to fluctuate. The amount depends on the length of the trend you contemplate. I´m no expert so don´t take my ideas seriously. You could also use a volatility system, such as the DMI indicator. The trend may continue, but if you exit when the volatility dies, you gain more. You can always reenter on pullbacks on lower volatility and lower prices.
The music at the end of the AIMC video just made me laugh my stomach into fits. The 4 note motif "wah wah wah wah..." hahaha Not laughing at the trade result sorry, just at the how it presented with music at the end. Great animation. Liked it a lot. Some ideas. for a loss, maybe a horror end. blood flowing down from the red numbers. or a closing curtain. for a win, a jackpot sound, like the old days with real coins, not the blipping computer printer paper rubbish today.
Yet again you are recommending Altucher's book, do you get a commission or something? That book is filled with failed/irrelevant backtests and nothing really useful.