Shared by
AmotoXracer
Love it.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2020-06-12 09:51:53 | AMD | buy | $55.090 | long |
| 2020-06-12 09:52:40 | AMD | sell | $55.240 | 0 |
Comments
AmotoXracer
@ Sue1056 - Its a template trade of mine. Anytime you see one of my trades tagged "NewHOD" the chart pattern will look basically the same. A consolidation under the high in a wedge or cup pattern, then a break out. Its a great setup; at least for me.
sue1056
Awesome! Thanks for clueing me in. Do you know your hit rate for this set-up?
Yeah 72.9% winners, 26.2% losers, .9% are scratch trades. The winners are 25.4% bigger (in dollars) than the losers. Its a great trade that happens every day.
Thank you! I usually just wing it, but i'll definitely keep an on eye on the high and the low of day.
I live off of trading income.
Trust me on this.
Stop winging it.
Find patterns that reoccur everyday and give you a statistical edge, then trade them over and over again. Any other methodology will fail.
Yeah from what I understood from the expert traders, I just need to manage my losers and I should be ok. So that's what I'm trying to work on. Any experience with that you're able to share would be much appreciated
Its not quite that simple.
You have to have an edge.
Meaning, you have a reason to believe that one outcome is more likely to occur than another outcome.
This seems to be the entire point of using this website.
I try to do the exact same things over and over again. Name (tag) the the trades, then measure whether or not they provide an actual edge or not.
Once you know you have a statistical edge on a particular trade, then start to increase size.
Additionally, once you begin to trade the same patterns over and over again, then you will know when the pattern has failed, and you will know when to stop out; thats how I see it anyway.
Good luck.
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Nice trade. I caught the same move. Got in a bit earlier and stayed a bit longer. What made you take the trade?