Is there anyone here who is self-taught, consistently profitable and confident of continued success?
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that means that is my personal experience.
is that spam?
I think the answer is different for each trader. As a scalper, you can use smaller setups to pick up tiny profits here and there, but you've to get ready to cut lost immediately when it goes against you which happens all the time. I seldom trade these smaller setups anymore, but I still do it sometimes when I get really bored.
As a day trader, you will work with larger setups which follows intraday trend. These setups are much more reliable, but the problem is that it might take at least an hour to several in order to bait for one due to consolidation after each move up/down. During my best days where I begin to bait from midnight until 4pm, I might get up to four setups. Most of the time, there are only 3 setups to trade within 16-hour. The good thing about these setups is that once it kicks in, you can make > 4-point per setup in half an hour or so. You can call it a day if you are happy with it.
My answer to your question is that I mostly trade larger setups nowadays and I trade as many as I get. That means, I don't stop because I already made > 4-point from the first trade.
As for today where market is trending for the whole night and day so far, there is only one setup to trade which is right after market open at 9:30am. I don't think there will be any setup left to trade for the rest of today because intraday trend is rarely reversed within an hour or two. So, for days like this, you end up to obverse most of the time which is boring.
There is also something else I've to explain about my setups. Right after intraday trend establishes, my first setup, let's call it setup A, tends to be a smaller one because it will pull back when it touches big MA lines from bigger time frames. I normally get about 2-point for setup A. When setup B kicks in, the move is larger and it will break above those MA lines, but then it will touch other bigger MA lines from bigger time frames. Setup C and D are the greatest ones because they virtually breaks any MA lines from any time frame.
If you trade both night and day sessions long enough, you will find that setup A & B tend to occur during night session, where setup C and D tend to happen during day sessions which all the major players or big boys participate in.
If you trade both night and day sessions long enough, you will find that setup A & B tend to occur during night session, where setup C and D tend to happen during day sessions which all the major players or big boys participate in.
Thank you wrbtrader,
Your advice makes statistically and logical sense. I will continue as is, and sim trade once I hit PnL amount, then evaluate the stats. Besides continued trading once PnL is high for the day gives extra practice.
Evermore2017,
Really man? You are very rude and mean.
padutrader is a good member here and atleast he making an effort to talk about his previous years of trading good or bad and you attacking this man for no reason. He also offer valuable trading content.
I have lost about $9000 in real money and been trading since 2015, and still sim trader for 1.2 years now. I guess I am spamming too?
What is your reason for being mean on a forum? Please tell me.
Seriously, what do you gain from just talking rude to people on the forum?
I seriously don't understand alot people on this forum sometimes. Sound like kids.
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Thank you and appreciate the comments.
Sorry Padu, that's ok, ignore me.
humbletrader2016,
I certainly appreciate your comments and comments. Keep on posting and give back your knowledge to other beginner traders seeking income.
Ignore the clowns on this forum. Not everyone is an idot looking for an argument.