As the title says,
Can you trade just one pattern and still be profitable ?
From personal experience I found that trying to trade every possible scenario drains out your account and mental well being pretty fast and just because you trade every scenario (or every pattern) doesn't necessarily mean you make more money than the guy who trades just one setup and has actually dedicated the time and effort to master that single setup. It could actually be the total opposite for the guy who tries to master everything. (But I'm not really sure about that, that's why I'm here asking) Do you agree with this ?
Would you suggest that I only focus on patterns that offer the best RR and patterns that I do well (meaning that I recognize them fairly easily) instead of trying to make sense of everything I see on the charts ?
I think what I'm worried about trading just one pattern is that , I may not encounter them as often, I really don't know the frequency of this pattern but generally speaking I think I should get at least one setup per week, I trade 1h and watch pretty much every pair except for franc crosses - I'm hoping by having many pairs on the watchlist and trading 1h the frequency of encountering that pattern will be plentiful per week - honestly speaking I'm satisfied with just 1,2 setups per week. What do you experienced traders suggest ?
On a side note, I tend to do well on buy setups than sell setups. Should I then just focus on buy setups ? (the pattern that I have in mind, high probability pattern to me , is a buy setup)
Hope I'm still making sense. If not, feel free to ask.
I'm just sick and tired of trying to trade everything (by everything I mean pattern, I don't pick out trade just mindlessly, even still it can be a tough task trying to make sense of everything I see on the charts).
On final note, I've finally found something that I could exploit and potentially make some money after years of losing. I think I should be able to pull this off, should I give up the rest of the patterns ( those can be tricky but I've been studying them, I should add that I don't do too well on those) and just focus on this pattern I have in mind, that I know with 70% probability I'll do well ?
Can you trade just one pattern and still be profitable ?
From personal experience I found that trying to trade every possible scenario drains out your account and mental well being pretty fast and just because you trade every scenario (or every pattern) doesn't necessarily mean you make more money than the guy who trades just one setup and has actually dedicated the time and effort to master that single setup. It could actually be the total opposite for the guy who tries to master everything. (But I'm not really sure about that, that's why I'm here asking) Do you agree with this ?
Would you suggest that I only focus on patterns that offer the best RR and patterns that I do well (meaning that I recognize them fairly easily) instead of trying to make sense of everything I see on the charts ?
I think what I'm worried about trading just one pattern is that , I may not encounter them as often, I really don't know the frequency of this pattern but generally speaking I think I should get at least one setup per week, I trade 1h and watch pretty much every pair except for franc crosses - I'm hoping by having many pairs on the watchlist and trading 1h the frequency of encountering that pattern will be plentiful per week - honestly speaking I'm satisfied with just 1,2 setups per week. What do you experienced traders suggest ?
On a side note, I tend to do well on buy setups than sell setups. Should I then just focus on buy setups ? (the pattern that I have in mind, high probability pattern to me , is a buy setup)
Hope I'm still making sense. If not, feel free to ask.
I'm just sick and tired of trying to trade everything (by everything I mean pattern, I don't pick out trade just mindlessly, even still it can be a tough task trying to make sense of everything I see on the charts).
On final note, I've finally found something that I could exploit and potentially make some money after years of losing. I think I should be able to pull this off, should I give up the rest of the patterns ( those can be tricky but I've been studying them, I should add that I don't do too well on those) and just focus on this pattern I have in mind, that I know with 70% probability I'll do well ?
Tape reading is an ART