Tell me why you should trade in the exact middle of a 1H range...
a loser's journal......read at own risk
- Thread starter padutrader
- Start date
as brooks says market cycle is important...as the trend progresses the market slowly gets more and more congested...then you have to fade breakouts.....at the beginning of trends you trade BOs....that is all there is to trading......no need for back test no need for proof no broker statements
because i want to trade 5 min trades.....not hourly.
it does not matter if hourly is ranging .....i can still get long or short trades in 5 min.
that is the purpose of 5 min to make MORE trades....not watch hourly also and make less trades.
so if i am watching and trading daily time frame you suggest i watch hourly or 30 min time frame to 'tighten my entries'?
ARE YOU JOKING?
what am i bothered about what 30min does?...it is noise to a trader who watches daily time frame.
the ridiculous suggestion is to put stop on hourly to reduce risk !!!!!!!! you are increasing the risk...of being stopped out a perfectly good trade by hourly noise
that is the purpose of watching a time frame to make trades IN THAT TIME FRAME
Last edited:
i must thank you again......cannot thank you enough....
for reminding me that Brooks is all about market cycle
you are damn right
as brooks says market cycle is important...as the trend progresses the market slowly gets more and more congested...then you have to fade breakouts.....at the beginning of trends you trade BOs....that is all there is to trading...
makes me wonder why he wrote 4 books.........
you can go live according to me........but it is up to you.....
Last edited:
i am profitable in my demo with 50% win rate...
what is important and problematic is drawdown which is huge....that is a killer of live accounts.....in demo you can always average...that is not an option in live.
so you have to use tight stops......but stops that trigger too often is also a killer of live accounts.
so your entries have to be good.......i found the simplest way to achieve that is to trade less....
of course if your entries are good you will get a high win rate !!!!
While normally you shouldnt avg into losers, there are a few exceptions, mainly when its in a TR.
Need to have wide stops - even scalpers should have wide stops - the idea being if your premise changes you get out before your stop is hit thus minimizing your drawdown
yes sometimes you will get out when you should not have, but at the same time you can always get back in.
You should demo like you are trading live 99% of the time. Practice like you play.
Yes trading less does help. If you can, be picky about your entries. Worst case is you dont trade that day because you werent convinced about any entry. Better than losing and then having it snowball into more loses. Because most people after a loss wont be able to push that aside and still take decent entries to try and make up the losses - they let it get to them and it makes it worse, it depends on what type of person you are or how you are feeling that day.
Last edited:
all good
discussion with you have really helped me.....i may go live in another 10 days again
by the way if you want to go live with very small capital open an account with a forex broker.....you can get bad brokers with an initial 200 usd or a good ecn broker for 500-1000....suggest one like Pepperstone who takes commission and small spreads.....easier to place stops which will not be hit by spreads suddenly widening
most of the time i found my entry was too soon, all the time i could have had a better entry if i had waited. being correct in direction was not a problem....
so that is what i mean by trading less.....
your choice
i cannot hold a gun to your or anybody else's head.....to force you to come here
guns are banned in my country
Last edited: