Aliassmith Beats a "Dead Horse"

[aliassmith]

For me and from observations over the years of how I interpret Aliassmith's trading style, while he is scalping, if you move your stop loss beyond the extreme, your just increasing your risk and dissolving your R:R. When your right your right, when your wrong your wrong. For myself, I never trade the extreme candle, if I ever did, it would only be a guess and I wouldn't be able to justify the trade. While scalping tick charts, minute charts, or even second charts, yes they may fall within the 30 min, hourly, 4 hour extreme etc. but never on my entry chart.
Just my 2 cents.

Hey man 2 cents isn't going to get you far with this inflation. I expect you to get back here and give a full 5 cents.

To your points.
Very true. Good thing my accuracy is high.
That is why I am looking at SL reduction
Even by cutting1 pip from every SL overall it is a big difference.
Need to continually collect data and make subtle change.

Similar to being able to take just 1 more pip on avg. per trade.
I am actually moving away from sub 1R and get to at least 1.5R. I mean that more from an average. It shows in my overall profitability.

I am always studing to see what I can improve and train my psychology to execute. Not always easy.

Mathematically think about reducing your SL by 10% and increasing your TP by 10%. Then increase your lot size by enough that you risk the same amount of money as before. Of course this takes better entries and exits.

When you are wrong you lose the same. When you are right you make 20% more gains.

.03 more cents,
One challenge for me, that I have been tackling over the past year, is trying to equalize my focus on my trade (success rate) vs my (Risk vs Reward) vs my (profit ratio (max win $ vs max loss$).

In March, my success rate was 88.9%, Risking 1% to make 1.25%, and a profit ratio of 1.3. 15 days traded, averaging 9 trades per day, profit of $8,300
Any of you guys that know me, I have always been laser focused on my success rate.

In April, I really challenged my self for the 30 days, to increase my focus on my R&R only and be willing to sacrifice some of my success rate. I really had doubts of what the out come would be, its just the way I am wired.

April, I concentrated on sticking to the 30 day plan. Even traded some assets that I haven't traded in years (forex, and gold) I am a big fan of the indices. April's results: Traded 13 days, down 2 days from March. I was ok with that. Averaged 6.5 positions per day, Ok so far so good. Four days into the month, my success rate was 87.2% (was I really willing to let this go?) I started defining my stop loss realizing by taking a few more hits on my success rate that I could tighten up the stop loss. My targets are targets at this point, not changing anything in the plan yet there. I ended the month with a success rate of 80% (initially this really bothered me. To me its like breaking the holy grail of my historical trading plan). My risk reward increased from 1:1.25 to 1:1.86 and my profit ratio went from a 1.3 to a 2.85 (over double!, which really for the 1st time got me to really take notice) Profit of $11,870.

I'm still letting this soak in a bit. Sacrificing some of my successful trade percentage to trade less, lose less (kind of an oxymoron losing more trades), yet grossing more profit. Mind blown.....

I am have been very resistant to making changes to my trading plan for about 6 years now. Why change what isn't broke? I guess I am realizing my trading plan isn't broke, but is sure may have some hair line cracks that I can fix.

-doji

That was worth an additional 3 cents.
So you went from $8300 a day and went up 40% by losing more?
Im sure that's a brain blender, interesting effects on psychology.
With my recent adjustments I have noticed the same thing.

Good to have you back.

[aliassmith]

I like this tread!
Thanks very much$$$

You are welcome
Its a fun hobby most of the time.

[Mthomas0807]

My wife thought it was a fun hobby also. Then my wife started to think i was crazy when Pro Charged non moper lover told me I should try naked trading. It's a little chilly tonight. Still trying to figure out how that helps you learn price.....LOL

[dojirock]

Hey man 2 cents isn't going to get you far with this inflation. I expect you to get back here and give a full 5 cents.

To your points.
Very true. Good thing my accuracy is high.
That is why I am looking at SL reduction
Even by cutting1 pip from every SL overall it is a big difference.
Need to continually collect data and make subtle change.

Similar to being able to take just 1 more pip on avg. per trade.
I am actually moving away from sub 1R and get to at least 1.5R. I mean that more from an average. It shows in my overall profitability.

I am always studing to see what I can improve and train my psychology to execute. Not always easy.

Mathematically think about reducing your SL by 10% and increasing your TP by 10%. Then increase your lot size by enough that you risk the same amount of money as before. Of course this takes better entries and exits.

When you are wrong you lose the same. When you are right you make 20% more gains.

.03 more cents,
One challenge for me, that I have been tackling over the past year, is trying to equalize my focus on my trade (success rate) vs my (Risk vs Reward) vs my (profit ratio (max win $ vs max loss$).

In March, my success rate was 88.9%, Risking 1% to make 1.25%, and a profit ratio of 1.3. 15 days traded, averaging 9 trades per day, profit of $8,300
Any of you guys that know me, I have always been laser focused on my success rate.

In April, I really challenged my self for the 30 days, to increase my focus on my R&R only and be willing to sacrifice some of my success rate. I really had doubts of what the out come would be, its just the way I am wired.

April, I concentrated on sticking to the 30 day plan. Even traded some assets that I haven't traded in years (forex, and gold) I am a big fan of the indices. April's results: Traded 13 days, down 2 days from March. I was ok with that. Averaged 6.5 positions per day, Ok so far so good. Four days into the month, my success rate was 87.2% (was I really willing to let this go?) I started defining my stop loss realizing by taking a few more hits on my success rate that I could tighten up the stop loss. My targets are targets at this point, not changing anything in the plan yet there. I ended the month with a success rate of 80% (initially this really bothered me. To me its like breaking the holy grail of my historical trading plan). My risk reward increased from 1:1.25 to 1:1.86 and my profit ratio went from a 1.3 to a 2.85 (over double!, which really for the 1st time got me to really take notice) Profit of $11,870.

I'm still letting this soak in a bit. Sacrificing some of my successful trade percentage to trade less, lose less (kind of an oxymoron losing more trades), yet grossing more profit. Mind blown.....

I am have been very resistant to making changes to my trading plan for about 6 years now. Why change what isn't broke? I guess I am realizing my trading plan isn't broke, but is sure may have some hair line cracks that I can fix.

-doji

That was worth an additional 3 cents.
So you went from $8300 a day and went up 40% by losing more?
Im sure that's a brain blender, interesting effects on psychology.
With my recent adjustments I have noticed the same thing.

Good to have you back.

I wish the above statement was true.... its a month...
The tighter stop reduced my win success rate by 7.2% (for the month)
This is a mental game changer that I will be trying to embrace over the next 6 months.

[dojirock]

Adjusting the trade plan over the course of a month can really make a difference right?
From a 1:5 to a 1:9 risk/reward.
-doji

[dojirock]

gotta get some shut eye....

Screenshot 2022-05-05 235322.png (50.63 KiB) Viewed 1340 times

-doji

[aliassmith]

.03 more cents,
One challenge for me, that I have been tackling over the past year, is trying to equalize my focus on my trade (success rate) vs my (Risk vs Reward) vs my (profit ratio (max win $ vs max loss$).

In March, my success rate was 88.9%, Risking 1% to make 1.25%, and a profit ratio of 1.3. 15 days traded, averaging 9 trades per day, profit of $8,300
Any of you guys that know me, I have always been laser focused on my success rate.

In April, I really challenged my self for the 30 days, to increase my focus on my R&R only and be willing to sacrifice some of my success rate. I really had doubts of what the out come would be, its just the way I am wired.

April, I concentrated on sticking to the 30 day plan. Even traded some assets that I haven't traded in years (forex, and gold) I am a big fan of the indices. April's results: Traded 13 days, down 2 days from March. I was ok with that. Averaged 6.5 positions per day, Ok so far so good. Four days into the month, my success rate was 87.2% (was I really willing to let this go?) I started defining my stop loss realizing by taking a few more hits on my success rate that I could tighten up the stop loss. My targets are targets at this point, not changing anything in the plan yet there. I ended the month with a success rate of 80% (initially this really bothered me. To me its like breaking the holy grail of my historical trading plan). My risk reward increased from 1:1.25 to 1:1.86 and my profit ratio went from a 1.3 to a 2.85 (over double!, which really for the 1st time got me to really take notice) Profit of $11,870.

I'm still letting this soak in a bit. Sacrificing some of my successful trade percentage to trade less, lose less (kind of an oxymoron losing more trades), yet grossing more profit. Mind blown.....

I am have been very resistant to making changes to my trading plan for about 6 years now. Why change what isn't broke? I guess I am realizing my trading plan isn't broke, but is sure may have some hair line cracks that I can fix.

-doji

That was worth an additional 3 cents.
So you went from $8300 a day and went up 40% by losing more?
Im sure that's a brain blender, interesting effects on psychology.
With my recent adjustments I have noticed the same thing.

Good to have you back.

I wish the above statement was true.... its a month...
The tighter stop reduced my win success rate by 7.2% (for the month)
This is a mental game changer that I will be trying to embrace over the next 6 months.

Has to be better than that last job either way.
Although with your skills you should be making that in a day.
The Rich Uncle isn't so bad just ask hyde.

[aliassmith]

Adjusting the trade plan over the course of a month can really make a difference right?
From a 1:5 to a 1:9 risk/reward.
Screenshot 2022-05-05 211350.png

-doji

I would say yes since you increased your cash flow by 40% while using the same account size. Definitely a pay raise.

My R:R is only around 1:2
I have a lot of sub 1R scalps
I get some 2R to 5R thrown in enough to get my ratio up.

More important numbers are something as simple as $1M @ 11% a month is $110,000. Or $400k @ 11% a month is $44,000 from rich uncles. Wink wink.

[Mr. Hyde]

That was worth an additional 3 cents.
So you went from $8300 a day and went up 40% by losing more?
Im sure that's a brain blender, interesting effects on psychology.
With my recent adjustments I have noticed the same thing.

Good to have you back.

I wish the above statement was true.... its a month...
The tighter stop reduced my win success rate by 7.2% (for the month)
This is a mental game changer that I will be trying to embrace over the next 6 months.

Has to be better than that last job either way.
Although with your skills you should be making that in a day.
The Rich Uncle isn't so bad just ask hyde.

What about Rich Uncles??

[aliassmith]

I wish the above statement was true.... its a month...
The tighter stop reduced my win success rate by 7.2% (for the month)
This is a mental game changer that I will be trying to embrace over the next 6 months.

Has to be better than that last job either way.
Although with your skills you should be making that in a day.
The Rich Uncle isn't so bad just ask hyde.

What about Rich Uncles??

I figured he can ask you about your rich uncle FTMO. He could be making 4 times as much money. Then build size in the US markets. Same amount of work.