Sunday, October 25, 2009

The Holy Grail has been delivered $10,000 day

Yea right, delivered after a year of hard work by me. The past year has been frustrating and exciting. I have reached a level in simtrading where I can profit everyday in any market condition. Proving this to myself took a $10,000 plus day simtrading.

The fact is though that I need to be able to double down and move stops, at times, to make that happen. In general I do not take massive risk on any one trade, but when I do I usually get out ahead. Most of my trades are clear cut winners that do not threaten my stops. In fact my largest issue is not doing well letting runners run. I have left literally TONS of profit on the table.

I have spent the last two weeks revisiting the price action system from earlier this year. I was very excited about that system early on (see posts). I burned myself out trying to backtest and find signals in that system though.

Within the last 5 days I made a discovery that looks like it is the answer. Aside from three exhausting days of backtesting, how do I know it works? Many of the price action signals align perfectly with the indicators I have been using to suntrade for a year. They key facts appear to be as follows.

Positive aspects:
I have never seen anything similar to it anywhere.
It delivers many more winners than losers.
It takes all subjectivity out of a signal.
It signals reversals and breakouts and breakdowns.
Works on ES, NQ and YM.

Negative Aspects:
Works best taking small profit chunks quickly with the occasional runner.
Requires intense concentration.
Still needs to be proven in real time with real money.

I am exhausted after days and days of going over charts deciding what works and what does not. It is now time to begin the programming of the signals and live simtesting. If all goes well, I hope to be live with real money within 30 days.

Stay tuned and I hope your all making money or breaking even at worst. NEVER QUIT!

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