Nearly blown account

[Iconoclast1978]

If that can be maintained, in fact even if it drops off to 50%, you will be laughing.

Agreed. I have tested it once today under standard conditions. Closed profit slightly inside parameters at $84

Struggling to test it more as the markets are all at extremes and system rule exceptions don't allow for it so we'll see how the day goes on.

Went long on oil at a double bottom just now manually. Was concerned going against the trend so after a small bounce and in the green adjusted SL to zero which was just outside a 1 min reversal trend and as expected it crashed costing me nothing. I actually felt this was a well executed and planned trade. I felt like a proper trader if you know what I mean ;-)

 

[Iconoclast1978]

Failed but safely played oil trade earlier. SL was set just outside that minor trend reversal drawn in. Was hoping to ride this up 3% or so. Perhaps still will as seems to be trying again as we speak.

 

[Henow1969]

Always trade with discipline and without emotions.

 

[Melodiousmelody]

That can actually happen, you have to be careful with money and risk management.

 

[Iconoclast1978]

The upshot to this saga is, I am hanging in there.

It seems that I can be consistently, modestly profitable, which is absolutely fantastic ( I don't need to get a job). But when I try to make big money I get smacked in the face with regularity.

My conclusion has been to remain following my reliable and boring scalping system with small margins for 6 months at least. This will force me to exercise discipline to not deviate when I think something juicy has come up or play with margins.

After 6 months I'll portion of 25% of my account for home run trades IF I have been successful but more importantly IF I have shown to myself that I can be a machine that acts coldly with discipline. IF I can do that I think I have a chance.

 

[tomorton]

The upshot to this saga is, I am hanging in there.

It seems that I can be consistently, modestly profitable, which is absolutely fantastic ( I don't need to get a job). But when I try to make big money I get smacked in the face with regularity.

My conclusion has been to remain following my reliable and boring scalping system with small margins for 6 months at least. This will force me to exercise discipline to not deviate when I think something juicy has come up or play with margins.

After 6 months I'll portion of 25% of my account for home run trades IF I have been successful but more importantly IF I have shown to myself that I can be a machine that acts coldly with discipline. IF I can do that I think I have a chance.

The only way to get rich quick is to take a lot of risk and trust to luck.

Don't try to make big money fast. Aim for small money for ever. Even a fairly poor but profitable strategy will pay you huge dividends if you give it time, but I am talking years. The other upside is this same approach will never wipe you out.

 

[Iconoclast1978]

The only way to get rich quick is to take a lot of risk and trust to luck.

Don't try to make big money fast. Aim for small money for ever. Even a fairly poor but profitable strategy will pay you huge dividends if you give it time, but I am talking years. The other upside is this same approach will never wipe you out.

Totally agree.

My current strategy works on very small margins of 2% approx. It'll allow me to place about 4 - 10 trades per day and it'll consistently win 60-70% of them if I don't push the percentages beyond 2.5-3%. It is safe and account simply cannot be blown other than with long term persistent failure.

The downside is the risk ratios are generally 1:1 sometimes less sometimes more, depending on where moving averages are situated etc. so it's slow to grow

The upside is I'm never sweating it and I can leave the PC there's lots of opportunities to trade as they are fast trades, 1 min to 2 hours. But yeah it's boooring... oh well... no boss and I'm laying on my sofa as we speak so happy days ;-)

 

[Iconoclast1978]

Whilst my trades play out for my p*ss poor margins and profits I am trading on a simulator with a few $10,000 positions. Mainly scalping divergences on the hourly with MA's, trends, resistances factored in.

Constantly winning. 800 here a thousand there... sigh..

 

[in4abuck]

1)-If you are consistently losing on your trades, you are entering too high on a regular basis, chasing, which means you should instead be..
2)-focusing on bouncing large drops (at the open on stocks trading in a band) and otherwise, instead of chasing climbing stocks, which gets you into high holds if you can't read them well.
3)-Position size is also a likely culprit, you should never tie up more than 20% of your trading capital on single ticker.
4)-Do not get into trying to "average down" on a hold, let it fall forever, average it down once, only after a huge drop, at the very, very, very bottom. Trade other things in the meantime.
5)-until your account is performing more stable, move down into lower priced shares (plenty of NASDAQ's under .99 where you can play smaller and get your mojo back), again, play small, play to bounce big drops

Hope this helps, Happy trades!

 

[Iconoclast1978]

1)-If you are consistently losing on your trades, you are entering too high on a regular basis, chasing, which means you should instead be..
2)-focusing on bouncing large drops (at the open on stocks trading in a band) and otherwise, instead of chasing climbing stocks, which gets you into high holds if you can't read them well.
3)-Position size is also a likely culprit, you should never tie up more than 20% of your trading capital on single ticker.
4)-Do not get into trying to "average down" on a hold, let it fall forever, average it down once, only after a huge drop, at the very, very, very bottom. Trade other things in the meantime.
5)-until your account is performing more stable, move down into lower priced shares (plenty of NASDAQ's under .99 where you can play smaller and get your mojo back), again, play small, play to bounce big drops

Hope this helps, Happy trades!

Thank you very much buddy.

 

[Iconoclast1978]

Seem back on track this week. 12% yesterday. 1% today.

I'm finding setting stop loss in the green once I reach target rather than closing some or all of the trade and then letting the trade run really helps.

 

[Resolve]

Seem back on track this week. 12% yesterday. 1% today.

I'm finding setting stop loss in the green once I reach target rather than closing some or all of the trade and then letting the trade run really helps.

When we start getting the losses we will need to make some Efforts to protect them first.

 

[Iconoclast1978]

When we start getting the losses we will need to make some Efforts to protect them first.

I am setting stop losses in the loss area. I am just moving them into the win area when I get there.

 

[Happy2trade]

I am setting stop losses in the loss area. I am just moving them into the win area when I get there.

Good approach, it is quite imperative to add stop losses to avoid the risks when trading in large lot size.

 

[andrewborund597]

If you are going long, place the stop-loss below the market price and if going short place the stop-loss above the market price.

 

[Chart_Hopper]

What was your method of going for these big paydays? Taking more risk per trade or going for larger risk reward trades?