DislikedHi 666D
thread!
Your points on "confluence" are well taught and written... can't agree more !
Just like you I prefer Daily tf, lower will be H4, due to my commitment in work and at home
Hope you don't mind... generally waiting for the right confluences or setups,
... in a month how many trades you can make?
... what is your Ri:Rw under your trading method?
... and the successful rate?
The reason asking above is I will use it as a guide in my trading. I think I should not trade more...Ignored
I am not as experienced as doom but i would like put my view infront of you. The following are my answers to your questions
in a month how many trades you can make?
This generally depends on the month. Like in one month you can get more at the point you would like (having excellent confluence) and may get less trades in some other months. But even if you avoid over trading and have regular day commitments you can easily get at least 1 potential 50-200 pips trade every 1-2 days. (you just have to keep waiting for the prey to but in your hunting zone).
what is your Ri:Rw under your trading method?
I also trade this method so I may be able to tell this thing which is at least for me. My thinking on this is that there cannot be generality on this. It just depends on the time frame you trade. As you said you trade daily and 4 hr time frames. So may well get time in touch trading where you can get the price to the pip you want and turn around and on some days you would have to have a wide stop to prevent it from hitting. For me it depends on the type of confluence i.e. if you have multilayer confluence at a single point, then the price will turn around from that point on a dime. But if you have many zones lining up in the range of some 50 odd pips then the whole area can be treated as a zone and for you to hide your stop loss behind major area you may need to have wide stop loss.
http://img88.imageshack.us/img88/8274/explain.gif
and the successful rate?
I cannot tell about other but all i can say is this method works for me with great accuracy. If you be picky in selecting the best trades then you can be sure of avoiding draw downs in your initial deposit and earn dollars with excellent accuracy of 70-80%, it may even be upto 90% for some traders. I even have some months where i don't get a single losing trade because i learned to be picky. You don't go every day in search for home runs. There will be some days when you won't trade at all some days when you fell Oh God! I see so many trades. But that is for sure that if you become patient in learning a method and applying it and avoid spending time doing something else after you place a trade then surely you can succeed. I said the last thing because if you sit infront of your screen watching your trade you are just going to panic and move your order around and get frustrated. You just need to find the right order and the leave it upto the market to move itself.
All these views were mine and may differ from someone else. I hpoe doom does not mind it and correct me if i am wrong in something. Hope the above helps.
Regards
Dan