Just dropping a quick note to say i'm still working at my trading, albeit in a slightly more kicked back sort of way. I needed a little mental va-cay and to get away from the screens for a bit. In fact i'm going on vacation for two weeks the first of June to spend some well deserved time away from everything to re-charge the batteries.
In the mean time i'm working on one simple trade using almost nothing on the charts. I still think less is more and am trying to capitalize on that. The other thing is on the management side of things, both on the individual trade targets and possibly some daily goal targets. If 8-9 ticks is an easy target then why not take it? Why try and manage for huge runners each time if they never quite work and that +9 turns into a par or worse?
Also on the daily profit target... I need to make just 200.00 a day on average each day to match a 40k/year salary. That's 8 ticks in the 6E/J/S on two contracts. When you put it like that, why the hell do we all try and walk in a nail 80 ticks each day? So basically i'm trying to revisit and reevaluate everything in my trade plan and see if there are changes that might need to be made. You don't know unless you question it!
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The Goals:
- 10 Lot Contract Trade Size
- 60% Average Win Rate
- Creation of an "Oh Shit" Fund
- Creation / Completion of LLC
- New Trading Workstation
How Much Time Left:
About Me:
- Matt
- I'm a twenty-four year old finance graduate and full time futures trader.
7 comments:
I tossed out moving averages yesterday...so now only volumes and lines...It will take a while if that a right decision :-)
"That was only one case. There isn't a man in Wall Street
who has not lost money trying to make the market pay for an
automobile or a bracelet or a motor boat or a painting.-"Reminiscences of a Stock Operator
Edwin Lefevre
The problem with 9 pips a day is, you pay average 1 to 2 pips for spread/fees that dealer charge. So you are giving at least 10% of your profit as fees/commission.
If you have more than 1 trade a day or you scale in/out of your position, then you are giving maybe 30 to 50% of your profit to dealer/broker.
BTW: I like your blog, please keep it up.
Well futures aren't quite that bad... 9 pips in the 6E is 112.50, I pay 5.45/rt which is less than 4% of the trade. And i'm not talking about scalping 4 or 5 trades to get to 9, i'm talking about one or possibly two trades a day to get 8-10 ticks and walking.
But I understand where you're coming from and I appreciate the input. Likewise on the blog... you're def. bookmarked now!
Learning to Trade hence I am reading your blog.
Here have a laugh
http://the-arie-hofman-comedy.blogspot.com/
Matt...
I know exactly how you feel. Currently, one of my goals is to make $200 daily as well.
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