stopped out, long 187k 60 stop 54
The hard road to consistency
- Thread starter calmeurotrader
- Start date
out 63.5
Hello calmurotrader!
Just read the entire thread.
I agree with oldtime-- your discipline thesis is solid-- executing and sticking to it is always a challenge and work in progress however for all of us.
I would like to suggest that you take your analysis of trade setups to the next level-- that of more detailed multiple timeframe analysis. This has been touched on just briefly earlier in the thread-- someone had suggested going to an hourly chart... but it pretty much ended after 1 or 2 posts.
Understand that a key premise that simply cannot be disputed is this:
If you are in sync with larger timeframes-- your probability of a successful trade goes up. Over a statistically meaningful number of trades-- your probabilities are much higher, bottom line. The big picture simply has more weight.
Since you are an intraday trader, I am merely proposing that you look for setups based on one time frame larger-- that being a 15 min chart... with a more precise ENTRY based on the 5 min/1 min chart... i.e. a reversal candle or pattern recognition signal. Take it a step further however and also chart the hourly for levels... which will add "confluence" and higher conviction to the smaller timeframes when these levels come into play.
You want the highest probability, highest profit potential... lowest risk trades... multiple timeframe analysis raises the bar to achievability of this goal immensely.
Does this make sense to you?
There is no doubt in my mind if you do this your trading will improve dramatically.
short 187K 64 stop 68
"NO TARGET YET"
Before you ever enter a trade you should know this...
Never enter a trade without it.
You want risk:reward ratio of 1:1 bare minimum.. preferably 1:2 or better however....
You simply can't know your r:r if u don't know your target.... a clear target should be very visible on the charts... no roadblocks visible from your entry. You need this to counter the stop loss risk you are taking. If no clear target- the trade is a "no trade". This will improve your trading majorly if you incorporate this rule. Do not rationalize that you need to be in a trade just for the sake of being in one so you can say you are being "productive" or "doing something".
Just tryin' to help brotha'!
Why? Was this your target from the get go? Was the target higher, but something changed to invalidate your setup?
This represents not even a 1:1 R:R... exits like these will significantly impact your profit factor negatively over time... you want to get this well above 1:1 consistently.
You really need to be analyzing every trade like this (if you aren't already).
Thanks for the comment.
Actually I am using some elements of multiple time frame analysis. For example:
I got a signal to go long on a 1 min interval. However there is 5 min resistance very close above my entry price. I will skip the trade due to unfavourable conditions.
The same applies to 5 min. I don't want to go against strong resistance on a 1H chart..
Anything more advanced seems to be too complicated though, what are you supposed to do when you get conflicting signals ? Always skip the trade ?
No, this wasn't my target. Normally my risk to reward ratio is at least 1:2. Today I messed up and took some unplanned trades....This is what I usually don't do.
I am disciplined 95% of the time. That's 5% which kills my performance the most
out 62
short 200k 58 stop 64