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Is my strategy viable?


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  #1 (permalink)
 ashfsderse 
Duluth, georgia united states
 
Experience: Beginner
Platform: NT7
Trading: emini ES
Posts: 70 since Apr 2016
Thanks Given: 10
Thanks Received: 52

So after a bit of time paper trading based on indicators and complicated ideas i have found no strategy that has been profitable for more than a week haha.
As a change i have just scraped everything and just traded with 3 time frames and nothing else. I try to catch the middle section of big moves by looking at highs and lows and predicting direction. After a few days of being too greedy at times and too conservative other times. I noticed a goal of 8 to 16 ticks a day is what ive been getting. I trade only mon to fri 9:30 to 11:30 est and call it a day early when i hit my goal of 8 to 16 ticks. Ive been doing okay on sim for the past 2 and a half weeks now, but i can not tell if im just getting lucky or if im actually begining to see price clearly with my chart naked and strategy simple. I would love some constructive criticism thanks all.

Im also planning on attempting the 50k combine at tst and am worried i may fail due to their strict risk management should i scale my position down from 5 and just make smaller profits to add a cushion for any bad days i may have? Also should i learn how yo scale into trades and ride trends or is that a more advanced strategy i should learn later.


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  #3 (permalink)
 MacroNinja 
Buenos Aires Argentina
 
Experience: Advanced
Platform: NT, MT4, Sierra
Trading: S&P, Bonds, Crude, FX
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I notice there is almost no mention of risk management in your above statements, and I recommend you build from the ground up any strategy by putting primacy on the risk management.

Statistically, you can take almost a 50/50 system and get it to at least be profitable over the long run with solid risk management. Conversely, you can take a 90% accurate system and run it into the ground with poor risk management.

Your goal should be to get so good at risk management that, at least as a day trader, your position is no worse than break even when it's all said and done.


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Last Updated on May 15, 2016


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