Money to Burn
I was going to write a book about that, and it was about investing.
I like the way you are positioning your trades. I also do block trades about 20% of cash available, but the stops keep me from doing any averaging down. I would rather average up if needed and sticking with a losing trade doesn't make that possible.
To me it is far easier to take a quick exit and look for another entry rather than take the ride into the unknown. I have had too many times where I rode a trade out, but that was when I was investing in Index Options, and it was not pretty. If you have a long term view then you can indeed take some heat from a trade with the anticipation of it coming back to be profitable. I believe Investment brokers that promote long term investing call it long term averaging? You just constantly invest and after a number of years your Average will be Positive? To me your goals of achieving 25-30% per year can indeed be attainable. To do that in 1 year you will definitely be doing short term trades, say 3-6 months where I might do 3-5 days. The hard part will be if you have to ride out a losing trade for 3-6 months just before you get a reversal. Then it might take another 3-6 months for your trade to return to profitability. I am not saying that will happen, just that it Could happen. Trading is filled with shoulda, woulda, coulda, and that is where having a system that takes out speculation and emotion is needed. Sure, you might miss some trades using stops but there will Always be Another trade available. I just don't want to see you sitting on your hands when there could be better trade entries, or exits, available to use.
I like your system and truly want to see you be profitable with it. Sometimes their are lessons that can only be learned from personal experience, like your adding the buy blockers. I just think it might be beneficial to you to consider some stops also.
Good Trading!
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