Profit/Loss:
Finished the week down $35.95 on 4 red trades and 3 green trades.
Thoughts:
Interesting week and end of the month. For this month i had 9 green trades and 7 red trades. My avg gain was 4.2% and my avg loss was 3.2%. But i finished the month red (by a little). How did that happen? Well, makes you question sykes' motto about having bigger winners than losers and more winning trades. But the truth is, this is not a game of percentages, this is a game of dollars. IF you are sizing in correctly, you dont have to win more than 50% of the time to make money. Basically, risk management is everything. Adding to winners, and playing losers small. This week i am much happier with my trading frequency, a few days i was trading multiple times and missing much fewer opportunities. Was also happy with my scaling. I was getting involved with small size in plays that i wasnt sure of, then adding when they confirmed. Same goes for exits. EVLV on tuesday i got faked out bad, twice in a row. What i learned from that was be patient at the madness of market open and wait for moves the confirm. A couple of slow days this week as well where i didnt trade. Not bad though. I will be unable to trade for the next 3 weeks, which sucks. Making progress in trading, trading my setups more consistently, winning more than losing is very satisfying, especially after these past couple years of straight losing. So not being able to for a few weeks is going to be painful but when i get back, im going to be as hungry as ever.
Lessons:
- Be patient during market open and let the moves confirm
- Size in to the best and scalp the rest
@Mr_EnLichten yes i do all my calculations after commissions. If it wasnt clear, the reason i was red on the month because i had more size on losing trades than i did on winning trades.
@Mr_EnLichten My position sizes are puny, i have much more room in my account to increase positions but i am working on it gradually, practising scaling in, and out, adding to winners etc. Sykes says scalping is not ideal, true. But thats one perspective, check out Madazmoney who scalps and has a reliable strategy and does very well. Im not advocating for scalping, but there are times when you should size in, and times when you should not
@Mr_EnLichten appreciate the feedback though!
@tomkob11 oh, the sizing difference, not sure how I missed that in my initial reading. But that's great that you're practicing and refining your strategy! Keep on keepin on!
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