Uhmm, it sucks in air.
It certainly is sucking.
Yo twoblinky, if zee want me to unpimp dis dang', let me hear ya say vaght?
Mr. Trend
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Quoting MicardoDislikedHi Guys,
I thought it be a good idea that I start this thread since I currently trade breakouts of a 15 minute chart and am having some success.
The point is that I understand that alot of people trade breakouts of channels etc but everyone has different entry and exit rules. I want to try to find the difference between the traders who trade breakouts that are unsuccsful vs the traders who are and have been consistently profitable using breakouts.
Basically I have been trading this way for 3 months now but only on a demo account. I want to go live but just want some reassurance that this actually works in the real world. I know Psychology has alot to do with it, but generally speaking is this a profitable way to trade.
Please people share your thoughts on this in a bid to make everyone here profitable consistent traders.Ignored
Quoting LizardGizzardDislikedBreakout trading is the best possilbe method for so many reasons. Firstly, you need to rid yourself of all indicators. They are useless BS. All you need to do is trade breakouts of S/R based on the time of day you are trading. That's what I've been doing for quite sometime now. The best place to trade is AFTER the news has been digested. NEVER anticipate. You'll get killed. Trade the breakout and get out when divergence or an alternate breakout tells you to. Best thing to use is line-on-close trendlines. After 10 years of trading and relentless study, I've learned that nothing in TA works better than line-on-cloes trendline breakouts. When proper MA is applied, you simply can't do any better. All the fancy indicators in the world are no match for a prudent trader and her brains. Trading is so much easier than we want i to be. We ASSUME that we need complexity. Yet its exactly the opposite.
-LizIgnored
Quoting kjellik74Disliked...The problem here is that it take time to follow this, and keep putting the trades on as it keep ranging before the breakout, but a EA would solve that problem. Appreciate your comments,Ignored
Quoting LizardGizzardDislikedBreakout trading is the best possilbe method for so many reasons. . . After 10 years of trading and relentless study, I've learned that nothing in TA works better than line-on-cloes trendline breakouts. When proper MA is applied, you simply can't do any better. . .-LizIgnored
Quoting kjellik74DislikedI do to trade breakouts, but with a somewhat different but successful strategy. When I see that the market is due for a breakout, this can be break of resistance/support, trendlines, pivots, etc, I put on a trade in the likely direction. Let us say I put on a 1 mini lot trade, take profit 40pips and (mental) stop loss 20pips. If the price hits my stop loss, I do not stop out but rather open a position in the opposite direction, this times 2 mini lots with the same take profit and (again mental) stop loss). If the price hits my stop loss the second time, I do not stop out but rather open a position in the opposite direction, this times 3 mini lots with the same take profit and (again mental) stop loss). I keep doing this until I hit my take profit, then close out all my trades, that means some with losses and some with profit. Sum of all this, is a profit of 40 pips x 1 mini lot, minus the spread. The spread mean I will have to increase with a bit more then 1 mini lot every time, or accept less then 40 pips profit at the end. As I am "hedged" the whole way, a margin call is not very likely, as I can keep going on for a long time depending on the size of my equity. The problem here is that it take time to follow this, and keep putting the trades on as it keep ranging before the breakout, but a EA would solve that problem. Appreciate your comments,Ignored
Quoting kjellik74DislikedWhen I see that the market is due for a breakout, this can be break of resistance/support, trendlines, pivots, etc, I put on a trade in the likely direction. Let us say I put on a 1 mini lot trade, take profit 40pips and (mental) stop loss 20pips. If the price hits my stop loss, I do not stop out but rather open a position in the opposite direction, this times 2 mini lots with the same take profit and (again mental) stop loss).Ignored