Trades in personal account

Plan: Set a stop, hold a winner until close

Trade 1, 7:43am, MCL, Long @78.69, Exit 78.66, -$3
Trade 2, 7:51am, MCL, Long @78.66, Exit 78.64, -$2
Trade 3, 8:21am, MCL, Short @78.74, Exit 78.76, -$2
Trade 4, 12:40pm, MCL, Short @79.49, Exit 79.53, -$4
Trade 5, 1:30pm, MCL, Long @79.61, Exit 79.59, -$2
Trade 6, 1:33pm, MCL, Short @79.58, Exit 79.62, -$4
Trade 7, 1:44pm, MCL, Long @79.74, Exit 79.72, -$2

Daily Result -$28.38 with fees

Note about markets: I am back and forth about which market I like to trade the most. Today I traded micro oil. The price in dollars in cents is so easy to comprehend compared to the quarters of a point for the MES. Although I do worry about lack of liquidity in oil, the ease of mind of dealing with whole dollars and cents is great.

Trade this evening

7:14pm, MCL, Short @79.28, Exit 79.30, -$2
8:02pm, MCL, Short @79.30, Exit 79.34, -$4
8:12pm, MCL, Short @79.35, Exit 79.38, -$3
8:31pm, MCL, Long @79.36, Exit 79.30, -$6
8:46pm, MCL, Short @79.26, Exit 79.32, -$6
9:04pm, MCL, Short @79.32, Exit 79.35, -$3

Trading plan: set a stop, hold a winner until the market closes

Plan: set a stop, hold winners until close

Trades today

3:49am, MCL, Short @79.50, Exit 79.55, -$5
3:55am, MCL, Short @79.49, Exit 79.52, -$3
4:03am, MCL, Short @79.46, Exit 79.50, -$4
4:18am, MCL, Short @79.38, Exit 79.38, $0
2:09pm, MCL, Short @78.96, Exit 78.96, $0

Just a question - I'm a little confused as to what your strategy is here in terms of making a profit. What are your setups? You seem to take a whole lot of trades, but based on what parameters? Also why such a narrow SL?

mantaskon 

Just a question - I'm a little confused as to what your strategy is here in terms of making a profit. What are your setups? You seem to take a whole lot of trades, but based on what parameters? Also why such a narrow SL?

My strategy is pure money management. I set a tight stop for losses. I look for good spots to exit a loss and that is usually 3 to 6 ticks from my entry. I try not to lose barely any ticks on each trade. I hold winners until the market closes. Naturally this leads to a lot of losses. My reward to risk is huge because my winners tend to be large compared to a typical loss. I may have 40 losses for 1 winning trade. I take more or less random entries. I really don't have setups because entries are random and whatever I feel like doing. I do not use charts at all. I have found that if I have a reason to enter a trade I tend to hold onto losses which is bad for my account so I take random entries.

I understand my strategy is not normal/typical and taking 40 losses in a row can be tough.

Thanks for the questions.

-Blackgrey45

blackgrey45 

My strategy is pure money management. I set a tight stop for losses. I look for good spots to exit a loss and that is usually 3 to 6 ticks from my entry. I try not to lose barely any ticks on each trade. I hold winners until the market closes. Naturally this leads to a lot of losses. My reward to risk is huge because my winners tend to be large compared to a typical loss. I may have 40 losses for 1 winning trade. I take more or less random entries. I really don't have setups because entries are random and whatever I feel like doing. I do not use charts at all. I have found that if I have a reason to enter a trade I tend to hold onto losses which is bad for my account so I take random entries. I understand my strategy is not normal/typical and taking 40 losses in a row can be tough. Thanks for the questions. -Blackgrey45

Interesting! I wouldn't really mind taking 40 losses if the strategy was proven to work. Does yours work? What are your results over the last 200-300+ trades?

mantaskon 

Interesting! I wouldn't really mind taking 40 losses if the strategy was proven to work. Does yours work? What are your results over the last 200-300+ trades?

I don't know past performance I started trading this strategy live about a week ago. When I hit 300 trades I will post with a summary.

Trades tonight


9:00pm, MCL, Short @79.21, Exit 79.40, -$19
9:11pm, MCL, Short @79.36, Exit 79.52, -$16
9:58pm, MCL, Short @79.52, Exit 79.59, -$7

Update

For about the past week I have been setting tight stops and letting my winners run until close. Well, this is making me really depressed taking all the losses. I really don't think its really worth trading if I have to be miserable. Therefore, I am changing my strategy. I am holding losses and taking quick profits. I am buying lows and selling highs for my entries. I understand this goes against the typical rules of successful trading but I would rather be happy about trading than make money. Therefore, lots of small losses and a few big losses will result. Thanks for reading.

Trades today

9:15am, MCL, Short @80.00, Exit 79.89, +$11
9:18am, MCL, Long @79.56, Exit 79.67, +$11
10:05am, MCL, Short @79.73, Exit 79.62, +$11
10:51am, MCL, Long @79.73, Exit 79.84, +$11
12:41pm, MCL, Short @80.51, Exit 80.37, +$14

What do I believe about the market?
Its impossible to predict the future.
Price action does not have impact on future price movements and future orders in the market.
The only way to protect my account is to exit a loss.

Trades today

12:50pm, MES, Long @4611, Exit @4613, +$10
1:01pm, MES, Long @4607, Exit @4594.25, -$63.75
1:43pm, MES, Long @4593.25, Exit @4595.25, +10
1:53pm, MES, Short @4596.25, Exit @4607.25, -$55
2:30pm, MES, Long @4607.25, Exit @4006.00, -$6.25
2:36pm, MES, Short @4605.25, Exit @4608.25, -$15
2:52pm, MES, Long @4609.00, Exit 4607, -$10
2:58pm, MES, Short @4607.25, Exit @4610.25, -$15

Daily Result -$152.07 with fees included

Today was a success. I exited my losses which is all I can really do.