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If a person wishes to trade other instruments besides the M6E then the best shape of the cumulative PnL could be a separate avatar. If a person also wishes to trade the M6E then I would have a 3 to 4 contract limit per trade session and must show M6E only on the statement. So, I think we are all on the same page?
Having the 1 instrument was great at mastering a technique. I think this would make a perfect thread for starting out. Maybe another thread that really opens up to more. That way we have a comp that can get even the greenest of traders in. Then another that allows the more aggressive etc.?
The costs for this comp is great! Even on a bad day it doesn't break the bank. That will be attractive to new traders as well.
I like the idea of using the PnL curve for both, makes it easy compared to tracking the actual dollar figures/commissions, etc, and an equalizer for those who only trade 1-2 contracts. You could literally trade as many as you like.
I also like the idea of being inclusive of other instruments, so that we may broaden participation. We talked about just starting a separate thread, but that's counter to what we're trying to accomplish. Totally get what @FlyingMonkey has in mind here.
So... two competitions in one thread? One for M6E (or all micros?) for beginners, the other for whatever else? The two winners get their own special avatar sporting their winning PnL for the month?
Yeah I think so. I'm in Sim for now but looking to get back live after I see how Feb goes. My thought is that if you're predisposed to doing stupid things in Sim then you'll probably blow up anyway LOL.
Edit: Damn man, you still have one fine looking PnL curve going there ... maybe I can just copy and paste it at the end of the month
Thanks Shane, It's not that good now, started the day on M6E with plus $22 and change, very undisciplined trading. Now I'm only plus $9.55 after commissions. But the month is still young
Totally agree with all of your sentiments here. @jackbravo was also on board with the idea of loosening up the rules to try to motivate more participants. I like the idea of making it an option to restrict yourself to the original M6E rules, though it will be a smaller group. But the nice thing is, if you participate in the original M6E rules, you're still complying with the PnL-curve rules, so you could actually win both. Given the higher commission % with the micros it's a handicap but still possible.
For the new rules I do think we would need to get more specific and also the criteria for winning is too subjective.
Here's my attempt and rationale at coming up with a simple easy to use formula for "prettiest PnL curve" that doesn't resort to complicated standard deviation calculations: ProfitFactor * (1-(%MaxDrawdown/2))
Profit Factor is Gross Profit / Gross Loss (including commissions).
% Max Drawdown is calculated only starting the 11th trading day of the month. From that point, the % max drawdown is: NetProfitAtPeakToDate / NetProfitAtTroughToEnd. MaxDrawdown can't be more than 100% My vote would be that the PnL curve should be trade-by-trade, not day-by-day, and this MaxDrawdown is measured intra-day but not intra-trade.
Example:
After Trading-Day #10 of the month of Feb, I have PnL of $500. After this date, my PnL climbs to $700, then down to $350 (Max Drawdown of 50% or .5), then up to $1000 at the end of the month. My gross losses for the month are $700, gross profit is $1700 (profit factor 2.429).
2.429 * (1-(.5/2)) = 1.822
Compare that to someone trading M6E finishing with $120 net with 25% maxdrawdown on $220 gross gains / $100 gross losses.
2.2 * (1-(.25/2)) = 1.925 (winner)
Some suggested rules:
Trade any futures, forex, CFDs. Sim OK, just make it known.
Trade a minimum of 10 trading days of the month.
Minimum # trades (flat to flat) is 10 for the month.
Report in ticks or in dollars but always deduct commission. No need to tweak commission to match others. If your platform gives you better commission more power to you.
Post some charts
Can anyone think of a rule that would prevent microscalping? Do we care? I don't really, as long as commission is included.
I also like the idea of trying to get the thread name changed, if the powers that be can grant that. Monthly PnL Beauty Contest and Micro Noob Battle! Not sure it has a great ring to it... suggestions?
Much more interesting day today. 5 trades for a net profitable result of an amazing 6 ticks or so. I was firmly in the green for a bit there after 2 very solid short trades (circled). Unfortunately gave most of it back on 3 losses. I'm trading without targets ... I've seen this thing take 100 tick wins in sim, so I know it can be done. But I am giving up a lot at the end of winning trades. And I'm missing entries with limit orders. Missed a couple good ones today. Also missed some bad ones. Need to take a hard look at the kind of data I'm collecting because I need to make some informed decisions about fine tuning entries and exits, ideally sooner than later. Still, can't complain about a good night's sleep.
Even though I'm in the positive I'm very disappointed with my trades. Total lack of concentration, not paying attention, I missed great opportunities while watching a movie on my 3rd screen. Yes it's a hobby however I still have to take this a little more serious!!! I'm scolding myself