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I just came across Matt and his YT channel yesterday evening. Do you know if any profitable traders who use Bookmap other than FT71 and have a room or live stream? Thank you for posting this information.
All of the metrics you mentioned are useful, but for us it is simply end of year P/L. Our 1099-B's tells us if we are profitable. I know this seems like an oversimplification, but in my mind profitability is binary: you either are or you are not.
With respect to your comment on mechanical systems (we are algorithmic traders for 12+ years), I don't know if your numbers are accurate but I would love to find out. Unfortunately brokers cannot tell who is trading algorithmically versus discretionary, though many (all?) publish the percentages of retail and institutional traders who make money. I can tell you that as soon as we algo traders stick our fingers in the pie, we are discretionary, such as when we have to correct a bad entry. I know every algo trader has had to intervene manually at some point. I have known of some traders who have blown up accounts with their automated systems. Hopefully someone is able to commission and perform a study that can provide us with how many algo traders are profitable. Maybe when my pockets are deeper I will do that .
Okay, I went off rail there. Anyhow, I think the metrics you mention have a ton of value, but some are more important than others, depending upon what you trade (softs, metals, indexes, equities, options, wine*, etc.), how you trade (style), when you trade (timeframe), and why you trade (goals and expected outcomes). Profitability eventually comes down to: did I make money?
Anyhow, great comment, thanks for sharing!
~vmodus
* I have traded wine futures once upon a time, for real
I kinda of disagree with you. It depends on the timeframe chart a trader is using. If I trader is using a 4 tick range chart, everyday the trader will get a trend to trade maybe once or twice a day. If a trader is using a 1 minute timeframe chart, the trader will get a trade once or twice a day. If a trader is using the 60 minute chart or 4 hour chart, then yes, i agree with you, there will not be a trend daily and trader has to wait for those setups.
There is nothing wrong with a trading trainer teaching trend strategies as long as the trainer informs the students, that a trend may not occur daily and it really dependent on time frame of chart.
There is nothing wrong with indicators if the indicators prove to make money over time, it helps the mental. Now I kinda of disagree with 10 indicators on the chart cause too much confusion.
IMO, it all depends on the style of trader and what he or she likes.
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- Trade what you see. Invest in what you believe -
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- Trade what you see. Invest in what you believe -
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Dude...you are THAT Bubba...holy crap. That was like 15 years ago. Remember how much I used to call those other people out with their trades. Turns out they both got arrested for fraud or something. Every time I posted a live trade (and I did a lot of them back then as a scalper), they would make comments. Anyway, glad to see you here. 15 freaking years...wow I'm getting old.
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