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So, after a while I'm posting another update on the results. It's been a bit disappointing over the last couple of weeks/months, but looking at the positives: I'm not having much of a drawdown, the majority of trades is still positive, and I've earned 38 R so far.
Stats
Open trades
Recently closed trades
Fancy profit/loss diagram
I'm very content with the result of the Rivalland strategy: when I look only at those trades, I'm at +26.70 R. The stock trading strategy is positive as well, but trading it feels a lot harder (plus: it yielded a lot less with roughly the same number of trades).
So, I'll continue with the Rivalland strategy, but it could be that I'll change the underlyings a bit: I feel confident enough to put some real money into it; futures would be way too big, so I'm going to try it with CFDs. Luckily, IB is now offering CFDs on major indices, but I'm not content with some of the information they provide, so I'm still waiting for customer support to get back to me with some answers to my questions before I'll be actually trading their CFDs.
As for the swing trading strategy, I realize that it has a pretty low percentage of winning trades. This means that I'll have to put more emphasis on letting the second part of each trade, the (b) position, accumulate more profit. When I look at the charts of the stocks I've traded, this would definitely have been possible. Also, I'm not going to screen for stocks every day (haven't done it over the last couple of weeks), because it takes quite a lot of time. Thus, there will be fewer stock trades.
I enjoy reading your journal.Discovered it while trying to set up my swing trading plan for stocks rather than the Buy and Hope method.
I am starting with a method I learned at a seminar many years ago which basically screens Macd Hist on weekly and
stochastics on daily for prospects.I am trying to code a strategy in Ninjatrader to backtest it but may just visually and forward test. I also would like to try some of the methods you are using.
I also would like to incorporate P&F as I just finished "The Definitive Guide to Point and Figure book and feeling inspired.
Anyway thanks again for your journal and hope you keep it up.
John
Feel free to keep us up to date and post scan results in this thread. As I've written, I'm not really happy with the stock swing trades I'm taking, so I'll be starting to look for alternatives over the next weeks.
Point and Figure is great, but unfortunately the only decent software for that seems to be Updata, which I find too expensive; and it only runs on Windows.
Stocks INTC short. Position opened at 21.99. SL(ab) 22.56; TP(a) 21.03.
VMED long. 50% retracement, not quite back at support around 31, but it has a bullish bar and looks good anyway. Buy(ab) STP 32.40 LMT 32.45; SL(ab) 31.75; TP(a) 33.50.