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I may have missed it but you stated this took years for you to develop, if I may ask how many years? I would be interested in other system you have tried that did not work. have you considered how much your commissions are eating into your profit? Thanks
Can you help answer these questions from other members on NexusFi?
Ya absolutely. I read my first trading book in 2015. I was hooked. The guy was explaining expectancy and that just clicked.
At that point it wasn't even the trading that got me. It was the idea of finding a system that as long as you made more on your winning trades than you lose on your losers you didn't even have to win %50 of the time to profit. That seemed doable to me.
So I went down the systems route for years. I studied, I read, and until recently I always had Tradestation account for testing and backtesting.
I learned a great deal from that. I used every indicator in the software. I bought and tested other peoples strategies... it was a rabbit hole and thats why quant funds higher PhD's and incredible programers.
I have spent countless on courses and material and to this day I recomend only one and thats Al Brooks Price action video trading course. The course has everything you need to understand the basic through to professional trading. And so much extra you could spend a lifetime there... like here . (I have no affiliation)
As for strategies it sounds ridiculous to say but Ive probably tried at least a variation of every style.
-Scalping
-Swing trading intraday
-Swing trading short term
-Trend following version (not real trend trading... I dont have billions of dollars to spread across many instruments)
-Stocks
-Penny stocks
-Futures
-Forex
-Small risk/high reward/low probably
-High risk/small reward/high probably
-Completely algorithmic
-%100 discretionary
-Algorithmic signals with discretionary order placement
Today I start with a wide stop of 8-12 points and try to hold for some points before having my stop get hit or deciding to manage my loss. I try to let the winners take care of themselves.
Also I try not to manage my loss after Im in a trade as much as possible because emotions will get you to do the wrong things nearly everytime... at the perfectly wrong time. But I will know ahead of time generally where the areas are.
I only use a volatility stop indicator on my charts and a 21 and 7 ATR below just to guage volatility.
Im completely obsessed with exits and trying to not take losses that are completely out of line as those are the real damaging ones not only to your account but to your psyche.
My philosophy on trading is THERE ARE NO BAD PROFITABLE STRATEGIES.
Not sure if that even answered ypur question. lol. If not ask away
So heres kind of what I ment above. Was it a nice trade? No. It was terrible. But in the end profitable. And if I do this one hundred times yes my full stop will get hit sometimes but I believe if I keep my hit rate high enough and have no outsized losses I should come out the other side ok.
My next trade is a peice of crap too. But holding out because of lack of conviction on side of bulls. I will take big hit or a small loss on this one I think. Rather than exit in middle and re-enter stupidly.
I actually did read your entire post before I commented and I suggest you take your own advice and you should not be trading like this. You might think you have a method, but one can see, by looking at your charts, that you have no method whatsoever. You are assuming, when you are wrong, that the market will retrace back to where you entered. This can work on the micros when you don't have a lot on the line and it isn't affecting you emotionally but if you ever hope to make trading the markets more than just a whim and game from your perspective, then you need to learn how to trade properly. I will once again emphasize, you are pure and simply, gambling. This isn't heuristically searching for anything - this is simply nonsense.
Thank you again for your "advice". I am placing bets just as much as you are my friend. (I dont even know you, maybe you dont even trade?.. Maybe your a master? Whatever)
Its all BS except for the mathematics anyway but having said that...
You are right, heres a perfect example... I just took this trade and let it race againt me... stupid.
-Why didn't he even try to get out on that big pullback!?!!
Then I just turn around and do it again!...
Stupid. Right!?
Dumb entry. Tiny target. Wheres the stop... is there even a stop?
Bad R/R...
Overtrading... ect...
I have many faults but again and thats why im posting here. Im paraphrasing myself from one of my first posts but "Im doing this partly because people say not to trade like this or you can only trade like that... but if you have a profitable system then..."
well...
You said I just enter and wait for the market to come back.
Yes. Thats exactly what Im doing. Are you assuming I'm using no money management?
I take my stops religiously! And if I can reduce them I will of course but Im not going to cut a trade just because it goes against me.
If I had to say what Im trying to accomplish... its to become consistently profitable by having a high enough win rate to compensate for the higher sized losses. Im trying NOT to hit break even in trades preffering to take a lesser loss where full loss is imminent. I try to let winners take care of themselves. As for entries Im using no scaling to make it easier to track, yet harder too as I'm missing some good runners and not able to average and I try to enter where you don't want to. If I had to say thats it. Also Im not interested in a few ticks either way. Im looking for points.