So far the scorecard of these trades are:
3 wins (average 1.67R)
6 losses (average 0.68R)
2 breakevens
11 trades is not a huge sample size, but it's pretty clear that the win rate thus far is low compared to to losing or breaking even.
Given profitability is a balance between win rate and risk reward, I have decided from now on to impose a strict minimum of 2:1 risk:reward.Previously I didn't like the idea of blindly taking 2:1 as it almost seemed cliched, but in this case I believe it to be a necessity given a low win rate.
3 wins (average 1.67R)
6 losses (average 0.68R)
2 breakevens
11 trades is not a huge sample size, but it's pretty clear that the win rate thus far is low compared to to losing or breaking even.
Given profitability is a balance between win rate and risk reward, I have decided from now on to impose a strict minimum of 2:1 risk:reward.Previously I didn't like the idea of blindly taking 2:1 as it almost seemed cliched, but in this case I believe it to be a necessity given a low win rate.
Entering a couple of new setups.
1) Long PII- bullish outside bar, close over trend line/ head and shoulders pattern. Entry 90.20, stop 84.34, target 101.92 (2R)
2) Long SYMC: similar to TDY/PRI, bullish outside bar, strong uptrend. entry 29.54, stop 28.37, target 31.94 ( 2R)
1) Long PII- bullish outside bar, close over trend line/ head and shoulders pattern. Entry 90.20, stop 84.34, target 101.92 (2R)
2) Long SYMC: similar to TDY/PRI, bullish outside bar, strong uptrend. entry 29.54, stop 28.37, target 31.94 ( 2R)
Attachments
Yellen give the go ahead for another bull leg it seems , order filled here. I find it amazing how markets just continue to defy what we would expect fundamentally . Text books tell us rising interest rates are a bearish macroeconomic sign. I guess 0.25 rise was expected and the markets thought it was fine
Just thought i'd chime in here.
it's been around six months since I started this journal, and I have been creamed by the market averages. The purpose here is not to demonstrate a profitable approach but instead to give myself some simulated experience, a sample population of trades to reflect on come year end.
I am not a profitable trader but merely sticking with this approach, refining it until I see consistent gains and then slowly funding an account 🙂 . But still some time left - 6 months until the 'trading year' ends for me .
It takes a lot of time to become competent at a single approach in trading. It definitely requires a feedback loop of trial and error. Trading weekly charts is a very slow feedback cycle: a scalper has 20 trades a day, I would have 20 trades a year, etc. So , grinding through this chopping up and down, win some lose some, is vitally important for me imo.
it's been around six months since I started this journal, and I have been creamed by the market averages. The purpose here is not to demonstrate a profitable approach but instead to give myself some simulated experience, a sample population of trades to reflect on come year end.
I am not a profitable trader but merely sticking with this approach, refining it until I see consistent gains and then slowly funding an account 🙂 . But still some time left - 6 months until the 'trading year' ends for me .
It takes a lot of time to become competent at a single approach in trading. It definitely requires a feedback loop of trial and error. Trading weekly charts is a very slow feedback cycle: a scalper has 20 trades a day, I would have 20 trades a year, etc. So , grinding through this chopping up and down, win some lose some, is vitally important for me imo.
That's a fair point , you are right on that one lol. And the trades that have won have been with the trend funny enough !
Again, something I'll have to look at once the year is finished , then establish some rules around what I do well and what I don't !
This limit order is still pending 😁
