what is your average daily profit as a percentage of your account balance?
whoever has the highest ad will get an offer to mentor me because im not satisfied with ad.02%
What length of time you look at? Since you started trading? This week? Month? YTD? 12 months?
great question, i think the larger the sample the closer we get to the system’s actual performance
What’s the answer, then? I was also wondering.
(I don’t find “daily averages” a useful or helpful metric at all, though.)
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im not sure i mean you need something to gauge performance, otherwise how would you know if you’re improving or hurting your system with each change? i guess my answer is the larger the sample the more accurately you’re ranking the system
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You do. But “daily” is hopeless, really.
Even “monthly” can be of pretty limited value, depending on the trade-frequency.
This is true. Most people don’t realise that it’s an exponential or logarithmic function, though, and have a hugely distorted picture of what a “realistic sample size” is.
Profit factor is a very, very helpful metric parameter.
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Yes, or 21.5 times, or whatever.
The problem with looking at “daily averages” is that doing so encourages people to lose sight of exactly the important point I mentioned above, and to imagine that too-small sample sizes have significance.
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the wrong way formula is seeking oer trade average because it ignores our most valuable commodity
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Ok James. You’re right and I’m wrong. Sorry I couldn’t help you.
thank you for ultimately realizing the facts and not acting on emotion to be right on a random forum
oh â– â– â– â– i just realized your demeanor change due to my comment in the other thread about not wanting to admit things. dont believe everything you read man, focus on the math
What kind of range would be “good”? Is that a thing?
How much time did you use to calculate this?
initially 12months and any recalcs i do with additional time produces the same result
Okay cool. What’s your goal? Where do you want to be?
It’s a thing, I’m sure. Opinions are going to vary, though.
For myself, in principle I’ll look at anything that appears to have a PF above 1.3 (that’s my mental cut-off level for “interest”) and use that as a guide to whether or not it’s worth further attention.
If it’s below that, I probably won’t bother unless it has a very high trade frequency.
Trade frequency really is relevant, too, in this context. It’s twice as good to make an average of 5 pips about 8 times a day as it is to make an average of 10 pips about twice a day. So this metric also has to be part of the mix.
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its mostly swing trading, 5 to 20trades per year
anyone know any good mentors, im willing to pay if i have too. i gotta stop acting like my time is too valuable to take a chance on mentorship. im struggling to humble myself and value my time properly or better yet let the market price it for me by gauging the quality of the opportunities i spend my time on
I’ve been averaging just over 1% a week, over the past few weeks but I am a noob and only have a few weeks trading experience.
This is trading a prop firm account during the qualifying period so it isn’t real money as such.
I think if I can sustain around 1% a week I am happy with that, I am scalping Forex (major pairs) using the Breakfast Breakout strategy on London open.
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thats great are you interested in mentoring anyone, i would love to make anywhere near that