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Creating hard trading rules around a discretionary trading system
I was scalping with sim like you.
12 TPs and a stop loss on a 3 minute chart (if the context gets bad, I close the position immediately).
As you say, the results depend on my personality and trading skills.
However, I have tested many of the entry patterns I can find in Brooks Trading Course on MES charts with NT8 replays, and they don't seem to have a clear 50/50 probability in scalping.
As for entry, I think it very much depends on the individual's one-tick reading skills.
(I find Brooks' MMs, wedge patterns, etc. very helpful in clarifying loss and profit targets)
Can you help answer these questions from other members on NexusFi?
Damn that's a good point. If your win ratio is 50/50 then all you're doing is tossing a coin.
However you can make it profitable with good money management. Basically your winning 50% of trades need to be making more pips/points than your losing trades!
Combined with this, if you could tweak 50/50 to 55/45 then things could really change.
But yeah a straight up 50/50 ratio does sound like just a coin toss. With extra rules attached
As a discretionary trader all you really have is your process. More specifically your decision making process. Refine and make your process clear. Remove inconsistency's in your decisions and your results will be more consistent. Even if they aren't good results your still achieving some sort of consistency. Which from there you can tweak what you consider as opportunity.
