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Plan the Trade

  • #11,141
  • Mar 12, 2019 9:59am Mar 12, 2019 9:59am
Quoting hilmy83
{quote} what do you do for fun since you're retired and only trading 1 hour a day.
It's called regular living fishing in spring and summer relaxing other time basically stress free living
  • #11,142
  • Mar 12, 2019 10:00am Mar 12, 2019 10:00am
Quoting Divergence
how about this {image}
Mmm time to widen that spread.

Hope she works for FXCM
  • #11,143
  • Mar 13, 2019 6:21am Mar 13, 2019 6:21am
Good luck today, traders!
  • #11,144
  • Mar 13, 2019 6:26am Mar 13, 2019 6:26am
New day new results
  • #11,145
  • Mar 13, 2019 6:59am Mar 13, 2019 6:59am
..looking left at 7/8th Nov '18.
  • #11,146
  • Mar 13, 2019 7:16am Mar 13, 2019 7:16am
I am glad I don't trade Wednesdays
  • #11,147
  • Mar 13, 2019 7:52am Mar 13, 2019 7:52am
Wednesday not so bad. Been a good day for range trading on the YM.
  • #11,148
  • Mar 13, 2019 8:02am Mar 13, 2019 8:02am
Quoting LookinGood
Wednesday not so bad. Been a good day for range trading on the YM.
super frustrating for anything more than 10-20 points though. I dug myself in a hole this morning being dumb, but am back to breakeven. I've been waiting for YM to breakout long all day. Guess we'll see... I had to double check the calendar, I thought maybe today was a FED day.

edit - literally as I was typing this I get my long breakout and miss it
  • #11,149
  • Mar 13, 2019 8:12am Mar 13, 2019 8:12am
How do you guys calculate your $/hour from your stats?

do you take avg trade net pnl/avg duration time for all trades?

or

total net pnl/total time in all trades

Quoting hilmy83
How do you guys calculate your $/hour from your stats? do you take avg trade net pnl/avg duration time for all trades? or total net pnl/total time in all trades
nevermind, it's the same result
  • #11,150
  • Mar 13, 2019 8:32am Mar 13, 2019 8:32am
Quoting hilmy83
How do you guys calculate your $/hour from your stats? do you take avg trade net pnl/avg duration time for all trades? or total net pnl/total time in all trades
well if I do it via my 1 hr of trading it averages out to be 800 an hour if I do it via trade since trades last around 1 minute it's 48000 an hour lol
  • #11,151
  • Mar 13, 2019 8:44am Mar 13, 2019 8:44am
Quoting Divergence
{quote} well if I do it via my 1 hr of trading it averages out to be 800 an hour if I do it via trade since trades last around 1 minute it's 48000 an hour lol
technically, you're calculating by your session time. it makes sense you have to be at your desk for the full hour as scalper

i trade based on hourly marks. besides the 10 minutes pre session analysis, every hour i check if i have a setup/modify existing trades (takes about 2min to put in/modify trades)

so if my total session is 3 hours (from pre session to when i call it a day) and my actual trade duration is 30 minutes; the breakdown will be:

10 min pre session +2minx3+30min= about 45 minutes of actual active trading.

So i go by trade duration to determine $/hour. any other time if there's no setup it's 2min look then do something else/errands etc and come back next hour.

my income comes to $168/hour after today which is eehh...blue collar in the trading world
  • #11,152
  • Mar 13, 2019 8:52am Mar 13, 2019 8:52am
Quoting jack411
{quote} super frustrating for anything more than 10-20 points though. I dug myself in a hole this morning being dumb, but am back to breakeven. I've been waiting for YM to breakout long all day. Guess we'll see... I had to double check the calendar, I thought maybe today was a FED day. edit - literally as I was typing this I get my long breakout and miss it
lol i doubled checked as well but in hind sight it all makes sense. Up move, channel, up move. I did pretty well selling PA off the top of that range. I missed the breakout as well but i did catch that 1st mini breakout starting at 9:52
  • #11,153
  • Mar 13, 2019 9:00am Mar 13, 2019 9:00am
Quoting hilmy83
{quote} technically, you're calculating by your session time. it makes sense you have to be at your desk for the full hour as scalper i trade based on hourly marks. besides the 10 minutes pre session analysis, every hour i check if i have a setup/modify existing trades (takes about 2min to put in/modify trades) so if my total session is 3 hours (from pre session to when i call it a day) and my actual trade duration is 30 minutes; the breakdown will be: 10 min pre session +2minx3+30min= about 45 minutes of actual active trading. So i go by trade...
168/hr * 24hrs * 7 days a week
or
168/hr * 8hrs * 5days a week?
  • #11,154
  • Mar 13, 2019 9:08am Mar 13, 2019 9:08am
Quoting LookinGood
{quote} 168/hr * 24hrs * 7 days a week or 168/hr * 8hrs * 5days a week?
no, based on actual trading time. here's the spreadsheet download from journalytix.
https://docs.google.com/spreadsheets...gid=1448121806
total trade duration for all trades is 45 hours since start of month. total pnl is little $8k after commission...so just divide the two
  • #11,155
  • Mar 13, 2019 9:15am Mar 13, 2019 9:15am
so what if you increase contracts and go for less it would change per hour rate emenclly I think
  • #11,156
  • Mar 13, 2019 9:17am Mar 13, 2019 9:17am
Quoting hilmy83
{quote} no, based on actual trading time. here's the spreadsheet download from journalytix. https://docs.google.com/spreadsheets...gid=1448121806 total trade duration for all trades is 45 hours since start of month. total pnl is little $8k after commission...so just divide the two
then only need to define actual trading time.
is it time spent in open positions?
is it time spent in front of a PC ( mostly) waiting for trades that may or may not come?

my Q is: since activity is far from evenly distributed, is it at all worth/productive to calculate an hourly wage, or is it better to think of the income more like in a project based job(sort of), and note weekly, or monthly only?
wouldnt hourly calculation lead to more added pressure/competitiveness/overtrading, that could even result negative hourly earnings? ( something in most jobs doesnt even a remote option).
there is always, always another trade!!
  • #11,157
  • Mar 13, 2019 9:26am Mar 13, 2019 9:26am
Quoting Divergence
so what if you increase contracts and go for less it would change per hour rate emenclly I think
i dont' trade off the micro price action so i don't have the benefit of small stops. my tp/sl is based on the setup range which is usually some percentage 10-20% of the day's range/session.

any larger contracts, and i'd be looking at bigger risk wchih from my experience, not a good place to be in

Quoting profitfarmer
{quote} then only need to define actual trading time. is it time spent in open positions? is it time spent in front of a PC ( mostly) waiting for trades that may or may not come? my Q is: since activity is far from evenly distributed, is it at all worth/productive to calculate an hourly wage, or is it better to think of the income more like in a project based job(sort of), and note weekly, or monthly only? wouldnt hourly calculation lead to more added pressure/competitiveness/overtrading, that could even result negative hourly earnings? ( something...
i'm just doing it cause in the real world thats what people say, "how much you make per hour?"

but your'e right, i could say per "project" i.e per day pnl which is about $1k..or per month..

just getting my numbers together to compare to my 9-5 job (pay+benefits/insurance/time off/perks)
  • #11,158
  • Mar 13, 2019 10:10am Mar 13, 2019 10:10am
Quoting jack411
{quote} literally as I was typing this I get my long breakout and miss it
I missed a few recently myself while posting here which is why I will now stay away except for pre- and post- market - or times like now where I am in a trade, stop is in, profit target is in, and nothing to do but wait for one or the other to get hit.

I am a strong believer in having nothing open while trading but the chart and the trading platform ... but I do act contrary to that belief from time to time
  • #11,159
  • Mar 13, 2019 10:10am Mar 13, 2019 10:10am
Quoting hilmy83
{quote} i dont' trade off the micro price action so i don't have the benefit of small stops. my tp/sl is based on the setup range which is usually some percentage 10-20% of the day's range/session. any larger contracts, and i'd be looking at bigger risk wchih from my experience, not a good place to be in {quote} i'm just doing it cause in the real world thats what people say, "how much you make per hour?" but your'e right, i could say per "project" i.e per day pnl which is about $1k..or per month.. just getting my numbers together to compare to...
see,
it depends on the individual's real world.
in mine it was always either a month, or when worked cruises the length of a cruise ( as in i have made XYZ $ last cruise, where the other i talked knew the length, too).
sort like a project/task based income.
never really a 9-5 job in my life, so may be the direct result why i dont really care my trading income( or any income) as hourly, and happy to tally up months or weeks.
there is always, always another trade!!
  • #11,160
  • Mar 13, 2019 11:10am Mar 13, 2019 11:10am
here's some perspective

total hours i traded 45 hours/9 (days in march so far) = 5 hour session/day avg*168*9=net pnl=about $7500

here are avg top earners. The kinds of jobs your in laws wished you had lol..

https://www.businessinsider.com/hour...rs-2016-11#-12
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