Can one maintain a diary beyond three-four pages or three months? I am going to find it out first hand whether my patience runs out first or my capital.
I will trade only NF at breakouts of 60 min watching the 30 minute chart. No indicators. Different entry filters for different kind of days(hey that comes from backtest!). Max loss per trade is 17 points with costs comes to 20pts. Tighten stops as trade moves in favor. When at breakeven hold till EOD or till I see a reversal. On some days trades are initiated at reversals too. On somedays the market will run away without me and have a glorious run. I will stand by and applaud from sidelines. My aim is not to trade all the moves or have a trade covering all conditions. From experience, I know that is not possible. Entry is 100% mechanical. Exits 80% mechanical and 20% discretionary. All PA systems that I tested tell me that the best results (in the long run) can be had not from fixed targets but mkt dictated targets. Which means I give up a lot of profit on somedays. That is very difficult to do but I can live with that if I can reap the reward by staying in trend on days that run from end to end. Out of 22 days of trading in a month, I will get the juice on 2-3 days, the rest of the days will be scratch-by days or allowing the juice gathered to leak away. The long term positive expectancy is around 5. Two consecutive months of negative returns possible but a quarter end in profits. So in a quarter I can get 250 points minimum. I will dance if I can get that consistently this year in live trades!.
May miss trades on some days due to other work. I am not a full time dedicated trader yet. All trades are intraday only. Trades will be posted after it is initiated or at EOD. This will be a diary not a call giving thread. Watching charts on PIB, trading on Z. Mum on position sizing.
From the beginning of this year till 16 Jan Net: -70pts. That is correct a negative seventy. Not bothered about the result of individual trades, one day, one week one month etc. But will review if I do not get 250pts at the end of a quarter.
I will trade only NF at breakouts of 60 min watching the 30 minute chart. No indicators. Different entry filters for different kind of days(hey that comes from backtest!). Max loss per trade is 17 points with costs comes to 20pts. Tighten stops as trade moves in favor. When at breakeven hold till EOD or till I see a reversal. On some days trades are initiated at reversals too. On somedays the market will run away without me and have a glorious run. I will stand by and applaud from sidelines. My aim is not to trade all the moves or have a trade covering all conditions. From experience, I know that is not possible. Entry is 100% mechanical. Exits 80% mechanical and 20% discretionary. All PA systems that I tested tell me that the best results (in the long run) can be had not from fixed targets but mkt dictated targets. Which means I give up a lot of profit on somedays. That is very difficult to do but I can live with that if I can reap the reward by staying in trend on days that run from end to end. Out of 22 days of trading in a month, I will get the juice on 2-3 days, the rest of the days will be scratch-by days or allowing the juice gathered to leak away. The long term positive expectancy is around 5. Two consecutive months of negative returns possible but a quarter end in profits. So in a quarter I can get 250 points minimum. I will dance if I can get that consistently this year in live trades!.
May miss trades on some days due to other work. I am not a full time dedicated trader yet. All trades are intraday only. Trades will be posted after it is initiated or at EOD. This will be a diary not a call giving thread. Watching charts on PIB, trading on Z. Mum on position sizing.
From the beginning of this year till 16 Jan Net: -70pts. That is correct a negative seventy. Not bothered about the result of individual trades, one day, one week one month etc. But will review if I do not get 250pts at the end of a quarter.
