Tuesday, April 27, 2010

Progress Report: Refinement Needed

Didn't post yesterday as I was really trying things out more than actively trading. Today I took what I learned yesterday and went to work. I still have some work to do! Most of my time has been spent refining management, stops, and targets to find the best balance for the first target, getting to par, and ratcheting up stops on the positions.

The good news is I think i'm safe in saying i'm developing something worth while here. My results today had their fair share of losses (2), pars (5), and partial wins (5) and full wins (2). I think the entries are pretty damn salty and the management is getting close to being acceptable. And while I understand that these results are at 2x's the size, they still work out to be much better than my single contract results the past few weeks. So onto the results:

Trade Results:
14 Trades, 2 Losses, 7 Wins, 5 Pars
Gross P/L: $606.25 or $303.13/per contract

Now that's not too shabby right? But lets get a little more detail on this. First i'm going to be churning more contracts and more commissions than ever before. So i'd damn well better be able to offset it right? Today I would've accumulated $76.30 in commissions. Now there isn't really any way around this, but what I want to make sure is that i'm not spending $5.45 on a trade to get back $6.25 each time. There has to be some efficiency to the trades as well. Today on average each trade was worth $21.65, which offsets the commissions by nearly 3:1. Not great, but i've done much worse!

Lets not forget that today's results (while on Sim, and thus fairly useless for all purposes) is about 3x's the per contract winning days I have been posting up for weeks now. Which tells me one thing: this new revision is much more efficient!

I'm going to keep working and keep trading on sim the rest of the week and see where we end up!