Quick Practice Trade Example (FCX)



I just created this worksheet in Excel, so if anyone wants it, email me or post a comment with your email address and I'll email you the worksheet.
I basically took a piece of paper and just quick and dirty did this. In reality, I would not be entering the data onto the worksheet into the computer unless I had extra time, but this was just to show you what I was doing. The point of this is to get into the momentum of properly setting my stops and for good entries.
This is a fairly easy way way to do backtesting but to see how well you do at the same time for directional trading such as the type I'm doing. Notice I did not allow room for what option to be used here. It does matter, but that typically isn't my issue. Maybe I'll address that in some later post.
I've found that though I am good with setting stops, when I'm not practicing enough, it doesn't reinforce good risk management. Yes, sorry to disappoint you, but that does happen. As I review where I go wrong in my trades, it's inappropriately setting my stops.
As a super busy person, I have to find a method to consistently set my stops without reserve. It's apparent that IF I always set my stops, being profitable still prevails. I've found the most success in my trading when my funded trading mimics my practice. In the case of this example of FCX, about 2/3rds of the trades are profitable.
Though 1/3 of the trades are costing, the typical costing trade is far less in value than that of the profitable trade, which is desirable.
If I can scan in one of my completed Bracket Trading sheets filled out, I will, but that's a bit more of a pain to do that. No promises.
The chart of FCX that I used is also at the beginning of this post. It's quick and dirty and I use the "Instant Replay" in Extreme Charts to do this. Later it gets wiped out.
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