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Showing content with the highest reputation on 04/13/2019 in Posts

  1. 1 point
    Week 15 Recap Started off the week not by taking some bonehead trades. Wednesday was ok and Thursday was good. Hopefully i'll be able to trade Monday but it's not looking good as of today. · Weekly stats o 1.7 R/R (Goal: above 2.0) [Previous Week: 2.3] o 23/40 58% (Goal: above 80%) [Previous Week: 88%] o -$23.10 (Goal: $250) [Previous Week: -$55.67] o 7/10 70% trades with the trend (Goal: 100%) [Previous Week: 40%] o 1/10 10% Early Entries (Goal: 0%) [Previous Week: 30%] o 1/10 10% Letting Losers Run (Goal: 0%) [Previous Week: 0%] o 2/10 20% No Setup (Goal: 0%) [Previous Week: 20%] · Highlights o Made some good trades this week. MU on Tuesday and WTW on Thursday o Entries were better this week and most trades were with the trend · Ongoing things to work on o Let losers run on me and got auto-stopped. First time maybe 3 weeks. o Don’t watch the chatroom while trading. o Continuing the practice of thinking like a trader and in probabilities o Still selling too early on winners
  2. 1 point
    Live trading summary for week ending 4/12/19. Definitely a better week than last week. My health improved enough that I was able to trade live every day this week. I changed my rule from 1+1 trade/day max (only trade a second time if first one was a winner) to 2 trades/day max. The first trade can be a looser but it must be a good trade and I have to have my revenge emotions in check. This only occurred once this week but it went well. My nerves were bad this week and the incident from the previous week of back to back -2R losses still haunt me. Three days this week I did not take a second live trade. I just thought I had one good trade let’s not ruin a good day with a potentially bad second trade. But this will impede my learning if I go back to one trade a day. I still had simulator switching issues this week as well and worked with DAS support again. There seems to be an overly thorough way of converting the platform to my demo account. It worked but its 65 mouse clicks to convert. That’s a bit too much. My trade evaluation by week: And SIM this week: Next week I need to work on my nerves and let myself take two live trades a day again. Have a good weekend.
  3. 1 point
    Hi Destiny, 2% should be your risk per trade. This is what you will be risking if you stick to your stop out price. So let's say you take a 5min ORB on a stock that costs $50. Let us say that VWAP is the closest tech level and you use that as your stop out point. VWAP is 25 cents from your planned entry. So you plan on risking 25c per share on this trade. You are risking $100 on the trade, thus you take $100/$0.25=400 shares. Now I use that example to show that $100 is a lot of risk. At $50 a share price, that is a $20,000 trade and 67% of you buying power (assuming CMEG). I have been trading live for 5 months and I have worked my way up to $36 risk per trade. So maybe 1% risk per trade may be better. $100 would scare the heck out of me. Many traders prefer using share size and start with 100 shares. I really like basing the share size on the risk I am willing to take. So I don't have my nerves swing from low to high on an expensive stock. Others choose % buying power and have DAS calculate the share size. But again I like the $ risk constant, it helps my nerves and forces me to have the exact stop out price before I take the trade. DAS will calculate the share size for you. I just click the button on my layout with the $ distance from my planned entry to my predetermined stop out and it already knows my $ risk per trade and thus instantly calculates the share size. I hope this helps.
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