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Bacon time. No, I don't mean that delicious thing that you fry up with your eggs.
I mean a much needed reality check from Robert L. Bacon:
"The public wants to hit on some simple key, shown by numbers in the past performances, and use this key to get richer and richer... The public believes that if it could only once find that pass performance key, its troubles would be over."
"But that is not the way trading is at all... if the public ever did get wise to the facts of life, the principle of ever-changing cycles of results would move the form away from the public immediately."
"The would-be professional trader must always understand that the form moves away from the public's knowledge."
From Secrets of Professional Turf Betting ('racing' replaced with 'trading'), 1952.
Even if something that simplistic was profitable at some point, the market dynamics would quickly negate your edge.
BTW, I remember a post from someone who tested Brooks' HL2 idea mechanically... and he was pissed off when he found out that it was about 50/50. Surprise surprise.
Tough love, baby.
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
I'm just as lost as from the beginning haha- picking up the tips everyone seems to agree on. Back to sim, back to my old strategy, working well so far.
Everyone who has posted has meant to help, but the thing is that you'll have to find what works for you, yourself, and it isn't likely to be what anyone else does. Even if someone thinks they are following someone else's method exactly, they first had to take it into themselves and make it their own, so in that sense it is only theirs, not anyone else's.
my father use to say patience is a virtue, I always thought he was full of shit when I was younger now I can see patience is the key to anything in life. I would recommend you just practice patience with everything you do... its hard but its worth the work.
if another human being can do it then so can you
-P
"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
Don’t quit! It was at my very breaking point as a trader where I really questioned whether or not I could do this. I decided it’s what I loved and pushed through and that’s when I started winning and becoming good at it! You might be closer than you think so don’t quit!
You’re charts look good... definitely not easy to trade with high volatility.. the chopping back and forth can really take you out of a good trade... I like your chart setup, will try it myself... I am still looking for my comfort zone.. I like to use market profile but still have issues with my entries... and stop loss... good luck!
Sorry for the delay in response. Too many other pots on the fire, LOL.
I might have to hire an assistant again . . . anyone looking for part-time work?
1% risk is a relatively common benchmark. Obviously different entities allow different levels.
For an experiment, I tried to trade beginning this year with a separate $2,000 account.
I just had to refund it, LOL. I assume with all the success I have had trading I could easily double the account by now.
Nope. I had the broker limit my losses to $150.00 per day.
The stops overtook the gains.
This is truly an interesting phenomenon since my larger accounts are up nicely this year.
Today I began with a $4,000 loss before turning it into a nicely profitable day. Couldn't have done that with a $2,000 account.
On the larger account I scaled into a long position before the open and profited as the market ran up to close higher.
On a small account would only have been able to trade 1 contract and instead of scaling into a trade would have had to take a quick loss.
On the bigger picture my feeling is that instead of worrying about an actual size account of $25,000, instead trade the way you intend to, method, number of contracts, stop size etc.
Do it first on a simulator.
Don't try to fool the sim. Trade it for real.
Make a note after a while to your greatest drawdown.
Assuming what you do is profitable, then you will need about double your drawdown to begin trading.
Who knows: maybe your drawdown is $2700. If so then you might get away with a $6,000 account because you have kept your risk small.
I know one small trader, Bob, who has an $11,000 account and trades cash, and has not had a losing day since last May.
He is retired so he does not need to make millions but is happy making $100 to $200 dollars per day.
Then he quits.
Took him 4 years of lessons before getting to this level.