90 Days Trading Challenge

[smarttraderr]

when down 10% bet 20% on safe evens shot to keep on track, there always a good bet on the evening football!
smart stuff so far

that's risky strategy isn't it? Why do you need to rush to recover losses?

https://youtu.be/cTGcMyrP-Rc?t=709

[smarttraderr]

Smart, if I may ask, what is your staking plan?

I usually set it between 3-5% and on any selection I take 1 or 2 bets which leave me with max 10% exposure. though sometimes due to technical issues or unforced errors I expose myself bit more.

[Trader724]

I think the 10% is more a marker on the trade that's being executed.

Say there were 10 opportunities to trade, if all 10 trades make the 10% then it's 10% on the day. In reality, some will be red and some will be 10%+. (I think the OP mentioned "let it ride" on some of them, can be risky too)

Without knowing the OP's method(s), it sounds as though it's a mix of Pre-off and In-Play.

Every strategy has a certain variation of the results, the higher the edge the smaller the variations and vice versa, and the ratio between the average loss and the account size must be such as to avoid a 100% drawdown. A consistent daily average gain of 10% of the account implies that average loss will be excessively high and at the first persistent losing series all the capital is at risk which happens when you gamble, not when you trade.

[Derek27]

when down 10% bet 20% on safe evens shot to keep on track, there always a good bet on the evening football!
smart stuff so far

that's risky strategy isn't it? Why do you need to rush to recover losses?

https://youtu.be/cTGcMyrP-Rc?t=709

I think he was joking there.

[Kai]

when down 10% bet 20% on safe evens shot to keep on track, there always a good bet on the evening football!
smart stuff so far

that's risky strategy isn't it? Why do you need to rush to recover losses?

https://youtu.be/cTGcMyrP-Rc?t=709

I think he was joking there.

Sometimes gotta point out the obvious when it goes over your head

Like for example OP basing everything on "agile methodology" and claiming to have massive respect for Peter, but then proceeding to ignore Peter's advice when he comes in to say it's a bad idea? Doesn't sound very agile to me.

If you can plan well at £5 balance then you can plan at £500 or £50,000 too. If you go without plan you may reach from £5 to £10 but wont be able to reach from £5K to £10K.

One can poke many holes in the whole thing but this may be the biggest for me. It's easy enough to play around with small stakes but markets have limits, edges have limits, and most importantly your comfort zone has limits. Compounding the numbers on paper is easy enough with a bit of quik maffs but compounding your comfort zone and your edge is a different matter entirely, to think otherwise is very naive.

[Derek27]

One can poke many holes in the whole thing but this may be the biggest for me. It's easy enough to play around with small stakes but markets have limits, edges have limits, and most importantly your comfort zone has limits. Compounding the numbers on paper is easy enough with a bit of quik maffs but compounding your comfort zone and your edge is a different matter entirely, to think otherwise is very naive.

There are two issues that I think the OP doesn't get. One, as you pointed out, you can turn a £10 red into a £2 green and give yourself a pat on the back, whereas a £10,000 red would give you a heart attack - not a £2,000 green.

The other is, the £50 order in which £12 was matched might make you a £2 profit. Place £50,000 and you still only get £12 matched if you're taking, if your offering you'll get SFA matched because it just frightens the market!

[goat68]

Today's result: -£2.54 (-1.3%)
mmm, not good

[Trader724]

Today's result: -£2.54 (-1.3%)
mmm, not good

This is not how it works, depending on what you have chosen to do, chances are that your strategy will work better in some conditions and worse in others, but in order to have an idea of ​​what those conditions are, you have to give it enough time. Then you will know what is the average profit, average loss and strike rate and from there you have to look for solutions to improve one of them without negatively influencing the other. You need a large number of trades for your results to have statistical significance, you can not draw conclusions after a few trades.

[goat68]

Today's result: -£2.54 (-1.3%)
mmm, not good

This is not how it works, depending on what you have chosen to do, chances are that your strategy will work better in some conditions and worse in others, but in order to have an idea of ​​what those conditions are, you have to give it enough time. Then you will know what is the average profit, average loss and strike rate and from there you have to look for solutions to improve one of them without negatively influencing the other. You need a large number of trades for your results to have statistical significance, you can not draw conclusions after a few trades.

I understand, Linus said the same the other day. I was just saying "today" was not good!
I am happy I have my automation ruleset as per my "model", I fixed a few bugs I noticed today. So I am going to let it run for a while now as-is.
The ruleset has 2 strategies in it which target 2 different conditions.

[darchas]

Hi All,

I am starting a 90 days trading challenge from Boxing Day 2020 and I invite everyone to take part in it. I will share my learning and hope you too, in return we all will have some fun, bit of learning, and healthy balance if all goes according to plan.

Challenge is very simple. You have to grow your balance by X% daily. You can start with £5, £10, £50, £500 or £1000, whatever you are comfortable with. You can choose your daily % target too. Whatever % you choose, you must stick to it. So ideally you want to target small number like 5-10% max else you will have too much pressure everyday. We will be compounding so previous day profit will be part of next day balance so you will have the power of compounding. I am starting with £50 and my aim is 10% daily.

during the challenge you must protect your bank, grow slowly, steadily and consistently instead of big swings. With consistency you will be able to grow your balance way above your imagination. This is not Get Rich quick challenge. This challenge is to make you better, well planned trader . If you can plan well at £5 balance then you can plan at £500 or £50,000 too. If you go without plan you may reach from £5 to £10 but wont be able to reach from £5K to £10K. So planning, executing, monitoring, and analysing is must. You can journal your experience privately or share with us.

At anytime if you blow-up your bank, you can start your challenge again. You can keep doing this till you manage to reach Day 90. If you complete this challenge you will become very experienced Trader and can achieve any objectives.

Best of Luck and hope some of us will be able to reach 90th Day.

Please do share your views and opinions. If you are not taking part then do cheer up for others.

Trading Is A Marathon, Not A Sprint

Thanks,
Smart Trader

Ah, been away for a few days and so missed the start of the challenge!!

'Challenge is very simple. You have to grow your balance by X% daily.'

Simple! Can't believe noone else has ever thought of that before! Sorry for the gentle ribbing, I wish you luck with the challenge, I think though it's worth pointing out for those new to the game that trading is a lot more than discipline, money-management, consistency etc. These things are important of course but they're secondary to the main feat of actually having a strategy that makes money in the first place. So for those people those 90 days are better spent exploring whatever bit of the exchange they feel most comfortable with - observing, perhaps poking and prodding with small stakes, and seeing where they end up. I think a fantastic target for someone with this approach would be to break even after 90 days. This for me is such an important phase. Prod and poke and start to spot those little niches in the ladder where you can make some money and aim to be zero after 90 days. You will learn so much. For the new person the focus on profit, on green, I think is a hinderance. One reason is it blurs the line between trading and gambling because it puts the focus on making money. It's easy to make money if you gamble in the short term. What we want to do though is build trading skill and a challenge to increase the bank by x% per day is not going to do that. Focus on the strategy, on the approach, make the money secondary and in the end it will come. Might be all rubbish of course so take this with a pinch of salt, just trying to explain a little of the mindset that worked for me in turning a corner with my trading.

[darchas]

The other thing about a 'break even after 90 days' challenge is that it helps teach you when not to trade. This is something that when I set myself a similar aim was a real eye-opener. A day with no trades was a green day in my book as I was still on track to break-even! It's a good feeling to be happy with not entering a trade and definitely one that I needed to learn.

[goat68]

Hi All,

I am starting a 90 days trading challenge from Boxing Day 2020 and I invite everyone to take part in it. I will share my learning and hope you too, in return we all will have some fun, bit of learning, and healthy balance if all goes according to plan.

Challenge is very simple. You have to grow your balance by X% daily. You can start with £5, £10, £50, £500 or £1000, whatever you are comfortable with. You can choose your daily % target too. Whatever % you choose, you must stick to it. So ideally you want to target small number like 5-10% max else you will have too much pressure everyday. We will be compounding so previous day profit will be part of next day balance so you will have the power of compounding. I am starting with £50 and my aim is 10% daily.

during the challenge you must protect your bank, grow slowly, steadily and consistently instead of big swings. With consistency you will be able to grow your balance way above your imagination. This is not Get Rich quick challenge. This challenge is to make you better, well planned trader . If you can plan well at £5 balance then you can plan at £500 or £50,000 too. If you go without plan you may reach from £5 to £10 but wont be able to reach from £5K to £10K. So planning, executing, monitoring, and analysing is must. You can journal your experience privately or share with us.

At anytime if you blow-up your bank, you can start your challenge again. You can keep doing this till you manage to reach Day 90. If you complete this challenge you will become very experienced Trader and can achieve any objectives.

Best of Luck and hope some of us will be able to reach 90th Day.

Please do share your views and opinions. If you are not taking part then do cheer up for others.

Trading Is A Marathon, Not A Sprint

Thanks,
Smart Trader

Ah, been away for a few days and so missed the start of the challenge!!

'Challenge is very simple. You have to grow your balance by X% daily.'

Simple! Can't believe noone else has ever thought of that before! Sorry for the gentle ribbing, I wish you luck with the challenge, I think though it's worth pointing out for those new to the game that trading is a lot more than discipline, money-management, consistency etc. These things are important of course but they're secondary to the main feat of actually having a strategy that makes money in the first place. So for those people those 90 days are better spent exploring whatever bit of the exchange they feel most comfortable with - observing, perhaps poking and prodding with small stakes, and seeing where they end up. I think a fantastic target for someone with this approach would be to break even after 90 days. This for me is such an important phase. Prod and poke and start to spot those little niches in the ladder where you can make some money and aim to be zero after 90 days. You will learn so much. For the new person the focus on profit, on green, I think is a hinderance. One reason is it blurs the line between trading and gambling because it puts the focus on making money. It's easy to make money if you gamble in the short term. What we want to do though is build trading skill and a challenge to increase the bank by x% per day is not going to do that. Focus on the strategy, on the approach, make the money secondary and in the end it will come. Might be all rubbish of course so take this with a pinch of salt, just trying to explain a little of the mindset that worked for me in turning a corner with my trading.

Spot on, I am getting better at the former things, but i'm struggling to find "having a strategy that makes money in the first place", but I sort of expect that otherwise we'd all be rich. Anyway, i'm hoping my trial and error automation might eventually get somewhere...........

[goat68]

You know what's just seems absolutely amazing, here's us lot just trying to "breakeven", yet Peter churns out 4 figure days, that is such a HUGE gap it doesn't seem possible?!

[goat68]

If you think about it, how can someone see so much "opportunity", yet most of us just can't see it!

[Dallas]

You know what's just seems absolutely amazing, here's us lot just trying to "breakeven", yet Peter churns out 4 figure days, that is such a HUGE gap it doesn't seem possible?!

With 20 years, 250'000+ markets and god knows how many tens of thousands of hours in front of the screen watching, learning and understanding the markets the way they behave.
Then nearly as many tens of thousands of hours looking at the underlying data at the end of most days and weeks, looking for patterns and areas that can be exploited