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I've not been trading to much the last couple of days. Yes I have been entering trades but since its a sim period, I've been focusing on holding trades far past my comfort zone.
Why you ask? Its simple really....@tigertrader 's admonition here and in other threads about reducing slippage, transaction costs and pressing winners has finally started to sink in.
Over the last couple of days, I've spent some time looking at what big targets do for your PnL vs just finding and trading smaller swings. Here's the result. Using a 4X risk model, there are FAR fewer trades, and MUCH larger profits as well as very small transaction costs expressed as a percentage of profit.
Here's the down side, large profit targets sometimes take all day to reach. With maybe only one trade all day. This means my job went from finding several good entries and exits to finding one entry and perhaps 2-3 exits depending on how I want to scale out. It also means even more waiting than what I am used to both for set ups and exits. I may need to find a hobby I can do while sitting on my butt all day.
And it may be more beneficial to use a higher time frame chart to trade off of. Less noise, fewer trades and bigger targets....who knows....for now though, just seeing how the fewer times you trade and holding for larger targets appears to be the path to long term success.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Seriously though, I need to find something constructive to help me keep my fingers off the mouse. Otherwise its an exercise in supreme self control....I have some but perhaps not enough......but I can distract myself with something and it will seriously help I think....
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
I skipped a couple of days....my kid is out of school now and it really messes my schedule up. This time next year I want to be grateful for enough trading success I can take the summer off if i feel like it and not have to worry about money.
However, this today, I am grateful for the opportunity provided by life's circumstances to learn this near impossible pursuit of trading. Once mastered, I will have what I have always wanted in life. Time and geographic freedom.
So while still somewhat frustrated by certain things, far more confident in others, I remain humbled and grateful for the opportunity.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
I know someone here locally that nearly died as a result of one of those teetertv things. It didnt lock in properly and dropped them on their neck....result, permanent spinal cord injury.....not fun. So I will pass but thanks for the suggestion...I think I'd get a bloody nose anyway.
It only 100 today....but its not really hot yet. We had a couple days of 110+ and then dropped back down. Its gets really hot in July/August. Days and days of 110+. Makes for a miserable summer. Hence my suggestion earlier that I am looking forward to next summer when we can bug out of here and spend the summer in San Diego. My favorite city in the world. (So far anyway)
Seriously though, i am considering kettle bells, reading even more books, the elliptical thing is an option. Going through @Lornz 's last couple of posts for more intellectual pursuits although I am a lazy bastard when it comes to things like that. Truthfully, I am at a loss for something to do that allows me flexibility to be at the charts but not staring at every tick.
Wait a minute, I think I'll start an educational website......now to find someone to code up a website for free.....
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
PandsWarrior, thank you. This is a great thread. My gratitude to all in Pandas list and to everybody else who has put up with my ups and downs that have often found an outlet here in the bmt threads. To my first trading group, ZTR, Zondor, Chipotle and AZtrader... It would be our two year anniversary this season... To ZTR, I'm sure you are getting some kind of sideways around the stars right now, lane splitting the planets and galaxies, you are always on my mind.... hoping you will be available to showing us more about life, living, and the universe when we catch up to you. Thanks to everybody!
Good to see you back Syxforex....I'm glad you mentioned @Chipolte, I could remember his real name but not his screen name...the older I get, the more my brain seems to engage in untimely farts....Sorry Chip, I meant to include you in the list but the screen name simply refused to come to memory.....but now that syxforex has reminded me, I want to mention my thanks to you for being the first person to suggest I might want to hold a trade for 100 ticks....I remember the first one. What a rush. Havn't had one since though....currently working on it as I think this is the key to the kingdom. Not 100 tick trades but holding them until they reach some sort of legit target or the trade is over. Whatever that tick count might be....not just some arbitrary static target for each trade.
I'm waiting on the family right now before we head out the door. I won't be back to the computer until later Sunday afternoon. I want to see how the market responds to the greek debacle. No trading, just spectator at this point.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris