ES Trading Journal

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Why just half a tick or so a day?

With your 1.25 tick stop loss isn't that a terrible risk-reward ratio?
 
Trading Unit Increase

I am back on track again so I will be increasing my trading unit to 2 ES contracts again. This has proven to be a considerable psychological hurdle because it is doubling in a single increment.
 
04-12-2008

This trade was made through my S/B account. I sometimes use it as a sort of paper trading account based on indications I get from my DMA a/c. I use a slightly larger stop to account for the larger spread and lack of transparency. I don't like making trades using the S/B account and will close it one day.


buy £10/point @848.38
sell £10/point @850.63
---------------------------
2.25


(Upload of file failed.):mad:
 
Greetings,
Can you elaborate on your expected w/l and probability? Without that you are donating to the market,and fooling yourself that you know which trades will work in advance.

cordially Ponce
 
05-12-2008

S/B trade

buy £10/point @870.88
sell £10/point @874.13
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3.25
 

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From this point I will consider trading with an 0.75 point STOP. When I'm right the STOP is quickly left behind and now I want to cut losses sooner.
 
24-12-2008

sell [email protected]
buy [email protected]
----------------
0.25


I scaled back to 1 contract today. Fear and hesitation are still the chief causes of my losses and generally affect me most whenever I have increased my trading unit. I will step up to 2 contracts again and persist with it once I have a little more capital in my account.
 

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Hi new_trader, fair play to you for posting your results, however risk:reward ratio from your results doesn't look that favorable to me. How long have you traded this way for? Would a different methodology suit you better?
 
I should state here, for the record, that the results posted so far a just a small snapshot of my overall performance. I have made close to 400 trades (paper trades included) since mid June and I would not be persevering if my methodology wasn’t sound or if I didn’t have a positive expectancy. I was trading with a 1.75 point STOP and have since progressed to a 1.25 point STOP. I know what I am capable of and what I ought to be doing but I have broken my rules many times and I still suffer from fear and hesitation….fear and hesitation…tough one! My aim is to be proficient at picking entries, keeping my losses small in cases of misjudgement and having the courage to take trades when I get my indications. I think this journal is affecting me in some ways as well, which, I suppose, is what it was meant to do. As I stated in another thread, my New Years resolution is to stick with my methodology and my trading niche and not be influenced by others. I now avoid watching Bloomberg whilst trading (not strictly, the volume is turned down) as some of the analysts opinions throw my figuring off.
 
Ok, well if you believe you can make it work then good luck to you. If your testings and results state a positive expectancy, just keep persevering. The problem i find with discretionary trading is that the errors are harder to find and as a result correct, hence why sometimes a more mechanical approach can benefit struggling discretionary traders.
 
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