Is this trading nirvana?

[OpenMind]

Not to sound too arrogant, but:

1. I have made decent profits for three straight months with my EOD trading. Following my own trading rules.
2. I am no longer afraid of losses and I have learnt something from each of them.
3. I've had very few losses over the last 3 months.
4. I no longer spend hours with charts.
5. I no longer watch every tick of fluctuation of my account equity. Money doesn't worry me any more.
6. I have cleared almost my entire bookshelf. After putting dozens of my books for sale, I noticed that the few books I have kept are either a) classics written in early 20th century b) books on training your mind.
7. <edited out to avoid potential controversy>
8. I manage my risk like a hawk.
9. I am now able to trade both breakouts and retracements.

Needless to say I am very happy.

Edit.
10. Most of my trading hours now are spent in updating my trading log meticulously.

 

[schoe]

Congratulations on your success it certainly sounds like you are doing well. I am interested in what instruments you are trading and some more details of your method. What is the Williams Course that you refer to?

Many thanks.

 

[fxmarkets]

Needless to say I am very happy.

Now Imagine you have lost it all, and are equally as happy, that then is nirvana, period.?

Good going... keep your risk profile tight to you and keep on.

How have you been different with/in yourself trading? ive reach a point where my risk and gain for all risk assumed, including costs = 1:1 , its just actions now.

 

[RUDEBOY]

Schoe. You don't need to know the specifics, because, it would probably not suit you anyway? All you need to know is this......work it out for yourself. OpenMind, it's good to hear your on the right track. Keep it up, and keep it real. RUDEBOY.

 

[schoe]

Schoe. You don't need to know the specifics, because, it would probably not suit you anyway? All you need to know is this......work it out for yourself. OpenMind, it's good to hear your on the right track. Keep it up, and keep it real. RUDEBOY.

I wasn't asking for specifics. I'm here to learn from others and also to try to help others if its only a case of patting each other on the back whats the point of the forum.

 

[PurplePerson]

The cynic would assume that your post is a teaser for some product that you are about to advise we all sign up for. But me, I'm not a cynic me. Noooooooooh! I shall just wait to hear the next instalment.

Mind you - 3 months is easy. Three years wouild be a more telling test. Three months is way too short a time to draw any reliable verdict at all on any investment or trading approach. We all get winning streaks with approaches that go belly up once the wind swings around.

 

[OpenMind]

Schoe
I only trade LSE stocks end of day. I'd rather not discuss the specifics of my set-up. Suffices to say that they are very simple price-volume based setups. Not rocket science at all. There is a discretionary element in that I don't take a trade if I don't 'feel good' about it.

FXmarkets,
Funnily, my risk:reward is also slightly above 1:1, but I have a high % winners (some breakeven). I think the biggest change was in my mind. I stopped trying too hard, let it flow, be patient.

 

[RUDEBOY]

Schoe, Schoe, Schoe.....There is no back patting. Why should there be?

 

[schoe]

"I only trade LSE stocks end of day. I'd rather not discuss the specifics of my set-up. Suffices to say that they are very simple price-volume based setups. Not rocket science at all. There is a discretionary element in that I don't take a trade if I don't 'feel good' about the it."

Sounds like common sense thanks for the reply. Have you seen Watstones thread " I'm doing great " He trades end of day on US Stocks in probably a similar manner and he posts his trades. Good to see different trading styles working well.

 

[RUDEBOY]

PP. We are talking about a novice making a break here, and you get on your high horse? I'm sure he knows all the cheesy drivel that comes with trading. But the guy has achieved something, and all you can do is criticise? Poor show PP. RUDE.

 

[fxmarkets]

Mind you - 3 months is easy. Three years wouild be a more telling test. Three months is way too short a time to draw any reliable verdict at all on any investment or trading approach. We all get winning streaks with approaches that go belly up once the wind swings around.

A point there, but i'd look at number of trades assumed as opposed to time, I mean you are roughly trading 1 years worth of bars in 4 hours using 1 minute bars. Same cycles,different timeframes. So can we/should we use or agree on a number of trades that is meaningful for assessing performance? Is there a standard? Probably not but 100 would be Good, 50 helpful,25 a rough guide maybe ?

 

[RUDEBOY]

Trading is not about other peoples faults? Cheesy? It probably is!

 

[juanchin]

congratulations, you sound very smart. I am newbie, I like to know what does EOD mean

 

[peto]

congratulations, you sound very smart. I am newbie, I like to know what does EOD mean

EOD = end of day

i.e. setting up orders for the next day's trades after the markets have closed.

 

[Racer]

This has been a bull market for UK shares over the last 3 months, if you can say the same thing after a few years trading then very well done.
I am sorry if I seem cynical but I have watched the markets for a while now and have seen a lot of traders come and go.

Well done on your trading so far, make sure you have an exit strategy to get out and preserve your well earner profits.

 

[wwatson1]

Bit silly

Well done , It would be a little more constructive if you could share a little of you trading method with us instead of starting a thread just to boast about yourself. If not this will be a very short and boring thread.

Why not post a couple of chart's? :|

 

[Anonymous]

decent profits for three straight months = good

no longer afraid of losses = good

manage my risk like a hawk = good

able to trade both breakouts and retracements = it is not what you trade, but can you recognize in any situation when there is a difference between the probability of win and the odds, and able to profit from it.

Some people learn very fast. Some people never learn. Some people learn very slow. As long as the right thing is mastered, that's what matters most.

A martial arts expert after many years of tortuous training of mind, body and soul one day meets an attacker charging at him, the expert does something which doesn't look obvious to anyone but the attacker falls instantly.

 

[PurplePerson]

...but i'd look at number of trades assumed as opposed to time, I mean you are roughly trading 1 years worth of bars in 4 hours using 1 minute bars. Same cycles,different timeframes. So can we/should we use or agree on a number of trades that is meaningful for assessing performance? Is there a standard? Probably not but 100 would be Good, 50 helpful,25 a rough guide maybe ?

Hmmm... I'm not so sure about that, fxm. Maybe you are right and a condensed set of trades can tell as much as a similar number over time. But those condensed trades are all occurring against whatever is the current market backdrop. To be absolutely safe I would want to see such a test re-run against an opposite market backdrop before I assumed I had cracked it. If it works regardless of the backdrop, then go for it. Next test would then be scale. (Backdrop test should always precede scaling up; otherwise there is a risk of copping a big-scale loss because a backdrop change did matter after all).

Rudeboy (post 10) -
Please don't take my cynicism/sarcasm as indicating malice. If Openmind's thread title included a question mark I presume s/he wants to hear reactions and observations, positive and negative, in case there is something unspotted s/he needs to be aware of. I applaud anyone who finds consistent success in playing the stockmarket, but from the question mark I assume Openmind is not just seeking applause.

 

[fxmarkets]

I see your point purple but how much time does it take for someone trading EOD to be able to measure a basket of 100 trades? This will vary depending on how many markets they trade at once but its likely to be at the least many months ,years maybe? if we can or should generalise over it. with the shorter timeframe on 1 minute bars, the backdrop is relevant in the sense that you can identify and go with the underlying daily strength but on that timescale you can also go the otherway . So it matters, but doesn't if its up down or range trading. What I see and trade on short time, comes along in bigger timeframes. I mean using 1 minute bars in a 24 hour cycle on an fx chart you have 1440 bars if you like . How many trading opportunities will happen in 1440 bars of data ? daily bars thats equal to nearly 6 years.

If you take out time all together and maybe say ive made 100 trades and the results are etc. instead of so many months years etc. I dont know, just makes sense to me looking at number as opposed to time.It measures traders performance of all timeframes. I mean time is irrelevant in that sense isn't it ?

I think Jack Schwager? said a minimum of 20 trades for assessing, before attempting to draw any helpful conclusions from the sample, that seems a low number to me.

Obviously as with polls the bigger the sample size the more useful the data is.

 

[RUDEBOY]

Conclusions? That/they are something for the individual, and nobody else. This site seems to be going nowhere...fast. RUDEBOY.