90 Days Trading Challenge

[smarttraderr]

My experience is that setting daily targets is not the way to go. You don’t want to get forced in open positions that you would not have wanted to be in to ensure you reach your daily target. The biggest lesson I learned starting of is that It is not about the profit that you make on the first day, but that the profits increase significantly themselves if you have a profitable strategy and keep applying it with a growing bankroll over the course of a longer period. 5% a week for instance might get your interest with a 100 starting bank, but if you grind that out long enough you will be at 10.000 at some point at that 5% looks a lot different.

So you endlessly work all day? or you call a day at some point?

[Derek27]

Peter's first year video, he definitely talks about targets, seeing if he could make £100 a day, then £1000....

Unless you post a link to it I can't comment!

https://youtu.be/6a_5VaQKjK0
From 17:30

Fair enough, but that doesn't sound like a hard and fast target but seeing how far you can push yourself. The most important thing is that you don't take risks that you wouldn't otherwise or trade the bumper at the end of the card that you would normally avoid to try and reach your target.

[wearthefoxhat]

Unless you post a link to it I can't comment!

https://youtu.be/6a_5VaQKjK0
From 17:30

Fair enough, but that doesn't sound like a hard and fast target but seeing how far you can push yourself. The most important thing is that you don't take risks that you wouldn't otherwise or trade the bumper at the end of the card that you would normally avoid to try and reach your target.

I agree on that one.

I suppose it would be dependant on the markets chosen within said trading plan. If the purpose was to reach a target and then run out of markets left to trade in for that day, then booking a loss for the day would have to happen, and start fresh the next day. (not chase the previous loss)

I think a thread that develops like this over 90 days, would be a good disclipine for the OP, and make interesting reading too.

[NickH]

My experience is that setting daily targets is not the way to go. You don’t want to get forced in open positions that you would not have wanted to be in to ensure you reach your daily target. The biggest lesson I learned starting of is that It is not about the profit that you make on the first day, but that the profits increase significantly themselves if you have a profitable strategy and keep applying it with a growing bankroll over the course of a longer period. 5% a week for instance might get your interest with a 100 starting bank, but if you grind that out long enough you will be at 10.000 at some point at that 5% looks a lot different.

So you endlessly work all day? or you call a day at some point?

If I focus on afternoon horse racing with my strategy, then the day stops after the races have finished. There is no point on keep going with stuff where you don’t have an edge to chase the daily target.

[Euler]

The best way to trade is to focus on the trade and the opportunity. The money will flow out of the back end of that.

The problem with setting a target is you try to reach it, so knowing you 'have to' make a target of £X will force you into errors. But you do need to set targets to measure progress, just not a firm one and ones that shape your objective correctly.

I'm trading today in the expectation of making a four figure sum. If I fall short of that I'll rate the day as disappointing, but I don't suddenly try to get more aggressive and chase results as we reach the tail end of the card. In fact I'll probably do the opposite, if the card is weak and not yielding much, I play defensive. That's were a lot of people go wrong, they start trying to reach their target on markets that are not suitable.

I follow the same path over a week and year. Early in the week I'm not bothered by naff days as I know they will get better by the weekend.

[goat68]

Unless you post a link to it I can't comment!

https://youtu.be/6a_5VaQKjK0
From 17:30

Fair enough, but that doesn't sound like a hard and fast target but seeing how far you can push yourself. The most important thing is that you don't take risks that you wouldn't otherwise or trade the bumper at the end of the card that you would normally avoid to try and reach your target.

Yes agree

[Trader724]

I doubt I'll make £1, more like -£1 ! I haven't got a consistent profitable strategy yet, so I'm just joining to try and join in and keep myself honest... stop myself from increasing stakes and all that..

Just find 1 good strategy, based on your knowledge, experience and sport of your choice, where your return is just above your risk. lets say you are taking risk of £5 to make £1 then even if you lose 1 in 6 games then you are still profitable.

You got the calculations wrong. If the average profit is 1 and the average loss is -5, having 5 profitable trades out of 6 means a strike rate of 83.33% and a failure rate of 16.66%. To make a long-term profit you need a success rate above 83.33% or an average profit over 1. Being profitable 1 in 6 trades with a 1 pound profit and -5 loss is break-even.

[smarttraderr]

Unless you post a link to it I can't comment!

https://youtu.be/6a_5VaQKjK0
From 17:30

Fair enough, but that doesn't sound like a hard and fast target but seeing how far you can push yourself. The most important thing is that you don't take risks that you wouldn't otherwise or trade the bumper at the end of the card that you would normally avoid to try and reach your target.

isn't that exactly what I said that set target.. see if you can achieve it and if yes then try that again next day and continue till you can, if not then adjust it. Also I said that set target which you can comfortably achieve like 1%-10%. I didn't say set £500 a day and push yourself to death. £500 a day will come one day too but at that time if you its within your comfortable range then you may well be able to achieve this.

It's all about knowing what is achievable consistently within our own limit and build profit slowly. I never said build Profit quickly and work yourself to death by setting unrealistic targets

[smarttraderr]

I doubt I'll make £1, more like -£1 ! I haven't got a consistent profitable strategy yet, so I'm just joining to try and join in and keep myself honest... stop myself from increasing stakes and all that..

Just find 1 good strategy, based on your knowledge, experience and sport of your choice, where your return is just above your risk. lets say you are taking risk of £5 to make £1 then even if you lose 1 in 6 games then you are still profitable.

You got the calculations wrong. If the average profit is 1 and the average loss is -5, having 5 profitable trades out of 6 means a strike rate of 83.33% and a failure rate of 16.66%. To make a long-term profit you need a success rate above 83.33% or an average profit over 1. Being profitable 1 in 6 trades with a 1 pound profit and -5 loss is break-even.

All I am saying is that if u float above your breakeven point then slowly it will build. People play different strategy, stake and odds. Point was that your winning rate should be higher than breakeven point and let compounding work.

[The Silk Run]

I understand what your trying to achieve, it just doesn't suit everybody's MO !!! I have a SAW on all my works at 14% net, and that's it ....
Some interesting replies, nonetheless.

Have a good day Sir
Minnie LAI

[Trader724]

Just find 1 good strategy, based on your knowledge, experience and sport of your choice, where your return is just above your risk. lets say you are taking risk of £5 to make £1 then even if you lose 1 in 6 games then you are still profitable.

You got the calculations wrong. If the average profit is 1 and the average loss is -5, having 5 profitable trades out of 6 means a strike rate of 83.33% and a failure rate of 16.66%. To make a long-term profit you need a success rate above 83.33% or an average profit over 1. Being profitable 1 in 6 trades with a 1 pound profit and -5 loss is break-even.

All I am saying is that if u float above your breakeven point then slowly it will build. People play different strategy, stake and odds. Point was that your winning rate should be higher than breakeven point and let compounding work.

It depends on what kind of edge you have because if it's tiny and you don't have proper money management, the first serious drawdown takes you out of the game. Making some money is relatively easy, but consistently claiming 10% a day is impossible.

[smarttraderr]

I understand what your trying to achieve, it just doesn't suit everybody's MO !!! I have a SAW on all my works at 14% net, and that's it ....
Some interesting replies, nonetheless.

Have a good day Sir
Minnie LAI

Exactly.. there are many different ways to do same thing. its all about trying and exploring way to achieve something. something may work, something may not. something wrok for someone may not work for someone others. There is no 1 WAY of doing it else we all will be billionaire by now

[smarttraderr]

You got the calculations wrong. If the average profit is 1 and the average loss is -5, having 5 profitable trades out of 6 means a strike rate of 83.33% and a failure rate of 16.66%. To make a long-term profit you need a success rate above 83.33% or an average profit over 1. Being profitable 1 in 6 trades with a 1 pound profit and -5 loss is break-even.

All I am saying is that if u float above your breakeven point then slowly it will build. People play different strategy, stake and odds. Point was that your winning rate should be higher than breakeven point and let compounding work.

It depends on what kind of edge you have because if it's tiny and you don't have proper money management, the first serious drawdown takes you out of the game. Making some money is relatively easy, but consistently claiming 10% a day is impossible.

I have made simulator for myself which allow me to adjust odds, risk amount, commission, failure rate, success rate, ROI and it let you run 5000 cycles and tell you whether u will be making money or losing it.

[Trader724]

All I am saying is that if u float above your breakeven point then slowly it will build. People play different strategy, stake and odds. Point was that your winning rate should be higher than breakeven point and let compounding work.

It depends on what kind of edge you have because if it's tiny and you don't have proper money management, the first serious drawdown takes you out of the game. Making some money is relatively easy, but consistently claiming 10% a day is impossible.

I have made simulator for myself which allow me to adjust odds, risk amount, commission, failure rate, success rate, ROI and it let you run 5000 cycles and tell you whether u will be making money or losing it.

I don't think you understand what it means to make 10% a day

[smarttraderr]

It depends on what kind of edge you have because if it's tiny and you don't have proper money management, the first serious drawdown takes you out of the game. Making some money is relatively easy, but consistently claiming 10% a day is impossible.

I have made simulator for myself which allow me to adjust odds, risk amount, commission, failure rate, success rate, ROI and it let you run 5000 cycles and tell you whether u will be making money or losing it.

I don't think you understand what it means to make 10% a day

You mean one off or week or month or 90 days?