One trade

Not much happened for me today,just one trade, didn't go in my direction.

Summery -70

Not a great day

I was up around $200 but gave half of it away.

Summery +87

How I calculate position size

I have tried a fixed size method, like 500 or 1000 shares per trade but it didn’t suit me. In fixed size system I knew my position size but I had to adjust my stop loss point with the size, so it made the stop loss point less logical. My new system allows me to put the stop loss in more logical point,(I mean above or below support or resistance). Support & resistance is the best weapon for day traders, I am certain that my stop loss will be more effective now.

Calculation:

For example I short a stock @ 39.75 that means that my stop loss will be above $40 for obvious reasons. As we know that $40 is a decade number so it can go back & test it. Now if I put my stop loss @ 39.85 this will add some lose to my account where price always test the round numbers. Assume I put the stop loss @ 40.10 & the amount I want to lose is $200, so the position size will be:
200/.35 = 571

Snowy March

The tree next to my window was totally white

My neighbour's house from my window.

It has been a mild winter over here where I live in Sweden (Malmo, southern part of Sweden) until yesterday. It hasn’t snowed at all this year & I thought the winter was over but I was wrong......

Position size

I cut down my position size by 2/3, probably I will make less money but I will loose less too. Now I feel more comfortable to enter a trade. Lets see what happens in the next few days

Summery +197

Solveing my problem

I always had problem exciting a trade, so I was trying to get better at exiting, I tried different method, nothing worked, this time I found CCI, probably every one knows it, I knew it too but never used it before. I am using it only for exiting a trade not for entry. I will try to explain in the chart, how I want to use it.