Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I'm looking for a flawless day today. Not a perfect read on the market direction, but rather a perfect read on myself. I don't want to make impatient entries, no trade decisions based on the last trade/missed trade, and no adding to positions creating a position larger than 8 contracts.
These are my process goals today. The rest should take care of itself.
T1 hit so half off, stop moved down to protect profits on 2nd half
out 761.6 for 2nd half (due to slowing momentum of down swing on shorter timeframe, but premature exit as I type this, oh well). That'll be it for me today.
It looked like it was a nice retest of that swing low from earlier which looked like it was the low of the day for quite a while maybe it was more of a significant level than that?
Came across this tonight, and I think I'm going to (possibly, given our conversation here and further research) start focusing on it as a trade performance metric.
I'm using it as daily P/L : daily max drawdown. That is... each bar on the chart below is a ratio of the P/L for the day to the maximum drawdown experienced during that day.
Is anyone else keeping up with this stat? Please post here, or PM me regarding this if you're a profitable trader and keep up with this, or if you have any insight into this stat at all!
I am CLUELESS as to whether these results are awful or great. Intuitively I put a "benchmark" at 1:1 as this seems like a good level to be over. Should I be over 1:1 more consistently? That's what I really want to know.