Looking for Advice

Discussion in 'Trading' started by rarefarefroghorn, Oct 30, 2021.

  1. Last edited: Oct 31, 2021
    #11     Oct 31, 2021
    yc47ib, BlueWaterSailor and fan27 like this.
  2. benten


    Agreed to all your points buddy!
    #12     Oct 31, 2021
  3. newwurldmn


    work on your emotional balance.
    #13     Oct 31, 2021
  4. sandy_s


    If I read your post correctly, you say you know how to place wining trades but is a loser due to lack of discipline.

    If that is the case...

    First, at your age very few people will have the discipline that is needed of a discretionary trader.

    Second, you know the problem which means you are already ahead of the game...

    May be you can keep a profit target. Say if you are up by $40 for the day, close the position and stop trading. And if down by $20-30 close position and stop trading for the day. If your strategy is good - over time you will make a nice kitty and get into a good trading habit.

    Once that is sorted you will be able to work on maximising profits, etc.
    #14     Oct 31, 2021
  5. notagain


    You are focused on reversals but what about continuations. BollingerBands are a good dividing line between noise and direction.
    Screen Shot 2021-10-31 at 9.42.57 AM.png
    #15     Oct 31, 2021
  6. toucan


    i look at my system 1-2 times per year and if needed tweak something. its usually something that needs to be changed because the market changed and is a small change to my system. but, i do evaluate the parameters of my system weekly and if needed, change some of those parameters. sometimes there are a lot of parameter changes, other times there are very few. and sometimes i quit trading something because that symbol's parameters don't meet my requirements. for example, this is the first year that i haven't traded currencies because they don't fit my trading parameters.

    #16     Oct 31, 2021
  7. traider


    How do you know what are the right parameters to use?
    #17     Oct 31, 2021
  8. smallfil


    In your very long post, you did not once, mention of having a trading journal. I have a trading journal and I add notes as needed. What a trading journal accomplishes is show you trading mistakes that you do over and over. It also, calculates my win rate, average gain vs average loss, expectation (whether you have an edge or not). By knowing your mistakes, you can avoid it and become a better trader. Losing $300 on a $1000 account shows you have no proper risk management. This is statistical but, to avoid risk of ruin and blowing up your account, you should not risk more than 2% on each trade. $1,000 x 2% is $20.00 per trade. If you are risking more than that per trade, you will blow up your account. Last piece of advise. Simplify things. Remember the KISS principle. The simple things are, the more easily to avoid confusion, ambiguity and numerous mistakes. I have simplified my trading system and use it to swing trade and trade following stocks. Whatever trading system you have, you should simplify it.
    #18     Oct 31, 2021
    Leob likes this.
  9. toucan


    a couple of my parameters are : My trading process relies on trend length (ie volatility) and initial risk... for example, weekly I evaluate/analyze trend lengths and if the trends are running less than 3 times my initial stoploss then I Look to see if changing trend parameters will help, if not then I don't trade that symbol. I set the 3 times my initial stop loss as a minimum for this parameter because I seldom get in at the trend start and seldom get out at the trend end. You know how it is. I adjust risk by adjusting the number of contracts I trade up to a maximum of 10 contracts. If my risk with 1contract is more than I am comfortable with I won't trade this symbol.

    Hope this helps
    #19     Oct 31, 2021
  10. Mea Culpa, I just assumed no one would be attempting to trade with less than the PDT minimums. It is true TLDR it all.:rolleyes: It was a "post reply while compiling" situation over here.
    #20     Oct 31, 2021