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Iron Man

Man of the match
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6 February 2009
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I mentioned I see the market going higher however its the ups and downs that are the question. Some of my stops have been hit to preserve good profits. I tighten as much that I could my stops.

Sold: WTF, AGO, CFG, BLG

New: DOW, CUS, WTP

In transit is BOW, BMN which look like breaking sooner than later.

There are so many stocks that are moving its hard to focus.

Best performer is DJS and CFU:cool:
 
Todays decline atm of 122 points and watching profit go down, I think some rules need to be added.

1. Equity start $1800
Current Equity level $4200

Goal to double equity on a continuous basis. By doubling the equity by the end of the year I will have 100K.

As I am risking only $100 most of the time my time to double is quite long as it doesn't buy much in trade size.

So lets look at returns - the best result per stock profit has been in the $400 range. or 4xRisk. which is 300% return on risk. If I risk 100 and make 300 thats a 3.1 return per dollar.
However that's not on every trade. Trend traders will tell you that's its the few big winners that make the money over the losses. In fact most of the trades will lose and few will win. Again that takes time for the winners to win and less time for the losers.
In my case time is a factor as is interest on the CFD account.


So what to do. In the last few weeks the open profits if taken would have made the net equity at $5500.
Which is a nice figure, If all positions stop out either with some profit breakeven or at a loss I will be back to $3500.

So it makes sense to capture good profits and not let them go, eg if $400 in profit have a tight 1.5xATR trailing stop. If it keeps going great if not I should end up with aleast $300.
If it stop me out and then goes up, tough titty crying over $300 instead of $1000 is better than crying over losing $100 when I had $300.

Ok some rules.
1. If profit over $400 tight stop
2. Risk $100
3. Max positions open at one time 8 (I broke this rule last few weeks in the rally with 26 positions)
4.Profit is king , not open profits but bagged profits
5. There is always a opportunity around the corner
6. getting out means looking for new entries when they appear
7. Need to find income day trading stocks for intraday income profits.
8.Preserving capital is number one
 
26 Positions WOW, I dont know how you could keep track on them all. I guess you would have made some good coin going with the rally though.
 
Yes and no ,I buy via limit orders and they get filled or they don't. I always have stops live in the market and all I have to do is monitor the trailing stops. That is the boring part. I try to have price targets but they aren't always hit.

Account survived today's onslaught. Account =$4,375 with 16 positions still open with $120 in open profit.

So if the market rally's I have potential up side. I should look for short trades tonight to even things up if the market keeps selling off.
 
I also trade CFDs (although I have mainly focused on intraday stuff) but have not done so for about a month or two now because of Uni and work.

I am getting back into it though, but will look at trading over a couple of days to a week or so, I will be using smaller positions compared to what I did for my intraday trades.

Just wondering what your average deposit is per trade seeing as you have a relatively small account with a number of positions (i am in the same situation)
 
I use $100 risk. Where my stops are depends on the set up. closer the better for a bigger position size. I use the same for intraday. If I get say 500 shares that $5 per point which can make some good money on a run.
 
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