Trading method I look for 3 things:
1) Expanding BB's preferably a squeeze but most often a pinch.
2) RSI moving above 50 for longs, below 50 for shorts
3) ADX turning up above 25.
Next PA/Structure. is there a trend? Is it weak, so so, strong? Is PA consistent or sloppy? Any areas of resistance showing? As far as I trend I mean on 1 min, chart, don't care about any other time frames.
Next Money/Risk/management. I set an initial stop of 20-25 ticks I set no TP's. If trade moves against me I get out for a small loss. If it turns out exit was wrong I'll usually get back in. I hate letting a winning trade become a loser which is why I don't set TP's. Say my TP was 50 I get to 35 Price turns against me and I get say 2 candles or a close below the median line I'm out for a profit I'm not going to watch a profit become a loss because price didn't hit an arbitrary number. Anything with a + is great.
Lastly mind set, meaning understanding your own personality. Mine is I am aggressive,. I hate losing with a burning passion. I have a strong need to be right.
Aggressive helps me pull the trigger to get in but also to get out, Hating losing makes me disciplined in what I do. strong need to be right pushes me to take the small wins. Fear not an issue for me sometimes I'll get nervous with jumpy PA. But I was on my own at 16 with my own apartment, going to high school and working a full time job. Greed is another story but I try to make that work for me, that helps me pull the trigger to exit trades quickly for small losses or wins and also helps me stay in the bigger winners.
I constantly have told people to trade the way that makes them comfortable. Can you trade like me, you can try. But you are not me, You brain doesn't process things the same way I do. I have a friend Rocio who makes tons of money and she's right 20% of the time, can I duplicate what she does, nope can't do it. It would give me a nervous break down. So can I trade like Driven nope He uses bigger stops which would make me crazy, can i trade like Vidvad nope
he likes set stops and TP's plus things like daily highs and lows don't have the patience for that, can i trade like RickM nope he is out of my league knowledge wise and does a fair amount of longer time frame trading which I couldn't handle.
I learned a long time ago trading is a war between you and the market. So focus on yourself, your mindset and money management. For me I don't care what other people do or say. I will listen however for anything I might find useful and tweak it to see if it can help me.
1) Expanding BB's preferably a squeeze but most often a pinch.
2) RSI moving above 50 for longs, below 50 for shorts
3) ADX turning up above 25.
Next PA/Structure. is there a trend? Is it weak, so so, strong? Is PA consistent or sloppy? Any areas of resistance showing? As far as I trend I mean on 1 min, chart, don't care about any other time frames.
Next Money/Risk/management. I set an initial stop of 20-25 ticks I set no TP's. If trade moves against me I get out for a small loss. If it turns out exit was wrong I'll usually get back in. I hate letting a winning trade become a loser which is why I don't set TP's. Say my TP was 50 I get to 35 Price turns against me and I get say 2 candles or a close below the median line I'm out for a profit I'm not going to watch a profit become a loss because price didn't hit an arbitrary number. Anything with a + is great.
Lastly mind set, meaning understanding your own personality. Mine is I am aggressive,. I hate losing with a burning passion. I have a strong need to be right.
Aggressive helps me pull the trigger to get in but also to get out, Hating losing makes me disciplined in what I do. strong need to be right pushes me to take the small wins. Fear not an issue for me sometimes I'll get nervous with jumpy PA. But I was on my own at 16 with my own apartment, going to high school and working a full time job. Greed is another story but I try to make that work for me, that helps me pull the trigger to exit trades quickly for small losses or wins and also helps me stay in the bigger winners.
I constantly have told people to trade the way that makes them comfortable. Can you trade like me, you can try. But you are not me, You brain doesn't process things the same way I do. I have a friend Rocio who makes tons of money and she's right 20% of the time, can I duplicate what she does, nope can't do it. It would give me a nervous break down. So can I trade like Driven nope He uses bigger stops which would make me crazy, can i trade like Vidvad nope
he likes set stops and TP's plus things like daily highs and lows don't have the patience for that, can i trade like RickM nope he is out of my league knowledge wise and does a fair amount of longer time frame trading which I couldn't handle.
I learned a long time ago trading is a war between you and the market. So focus on yourself, your mindset and money management. For me I don't care what other people do or say. I will listen however for anything I might find useful and tweak it to see if it can help me.
7
. 7 trades, 3 wins, 3 losses and 1 B/E.
