day 11 stats:
I am making on average $67.6 per day.
current week 3:
balance : $100,743 ; average win day 126.0 , loser -34.0
best day : 254 , worst -65.9
days 11 ; winning days 64 %
av. win 42 loss-37
win % 60 max conseq w/L =2:2
av w/L duration 11/ 17 minutes
total trades on average per day : 6 brokerage : $23.80
account bal draw-down limit 97744 to fail combine target $6000 to pass
draw-down so far : 0
Making steady progress and fairly consistent. Still afraid of really increasing my size though. My plan was to increase to 2 contracts per trade over $600 profit, but I am reluctant. I find that it is better for my psychological stress control to aim for more small wins of 4-8 ticks per trade. I'll have to work on this fear. I 'scaled' into some trades the last 3 days with 2 contracts and that is a better approach from the money management style I use. My tactic is this given I can ordinarily make 4-8 ticks per trade 2 out of every 3 trades, the other 1/3rd are losers and I try to get out for break-even or a small loss.
- my hard stop loss is normally -20 to 25 ticks away. I place it well under a volume profile node of possible support.
- I generally buy pull-backs at the bottom of ranges.
- I avoid trending markets at this stage. I am a scalper.
- If it runs against me I use these rules to get out
a. I place another limit buy order about 8-12 ticks lower. I then adjust my stop-losses on both positions so that I am risking no more than -0.50% of my account. This is equal to half the allowed loss limit of -$1000 generally. If I lose I will cease trading that day. - then I wait for a pull back half way between both orders - and get out for as close to break-even as possible. I find it works 50% of time. The other 50% I make some amount of loss. But I don't lose more than about 5-10 ticks. I can then go back to scalping 1 contract.
- once I scalp back half my loss on that bigger loss I finish trading for that day. That's how I control loss days and keep then smaller than winning days.
Back to work.....
is this derivative training? what do the tics mean?
Hi, yes this is derivatives - futures on currencies. It's particularly good for day-trading. Scalping involves tightly controlling risk on each trade, and going in many times per day for as many 'ticks' or 'pips' as possible. For instance, if trading the EURO Sept contract 1 pip = US $12.5 or the smallest increment you can trade is 1/2 a pip = 1 tick= US$6.25 ( only on the Euro as each contract has it's own smallest denomination). The underlying is Spot FX which most people are familiar. But traders often want a 'regulated ' exchange such as the CME because all trades a routed through this one exchange. Thats way pricing is fair and not manipulated such as in FOREX which has many decentralised exchanges, the counter-party is your broker or in DMA accounts a large bank inter-market. But price is merely negotiable. It is not a pure market like in futures, where they can't skim a few ticks off you each trade and call it 'free brokerage'. Professional trader's prefer price transparency and will pay commissions to an exchange for this...also the cost side can be an expense like any business so it is desirable to be a 'known' quantity. Hope that helps....
HEY bro,
Time for you to start connecting with others to grow your account and following.
Click here to join this discord community. Make sure you add the discord app to your phone and computer.
https://discord.gg/8xKZ4Dt
Then introduce yourself and join the discussion in #crypto-trading-discussion
I have just joined discord to follow other traders, but I want to get some videos done first before really go all out etc
Great! Yes, best to connect with lots of other people now and support their posts (by upvoting and commenting) so that when you do get around to making and posting video content there’ll be more of an audience for them.
What's your Discord handle and number?
Mine is nathankaye#3817