SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
Billytt Die happy trading e/j daily breakout
- #57,122
- Mar 23, 2021 3:05pm Mar 23, 2021 3:05pm
- | Joined May 2009 | Status: lost in the void | 2,977 Posts
- #57,125
- Mar 23, 2021 5:39pm Mar 23, 2021 5:39pm
- Joined Oct 2007 | Status: Thanking GOD for today | 1,108 Posts
{quote} Yes. That is what i mean. So you do what ever it takes to come out at +5 by the end of the day and be happy with it. I get that. The question for me stays how to build a more systematical routine to actually get there by only having this one trigger or even having a second, third trigger but then having a clear plan how to use these too. Regarding to the retrace entries and compounding by doing multiple entries/exit, all this is very "vaque". But if exactly that is what is needed to come out profitable i see no big difference to just trading...
When you buy or sell at the correct spots the pips will fall out of the sky for you.
Plan, Prepare, Execute, Repeat
- #57,128
- Mar 23, 2021 8:13pm Mar 23, 2021 8:13pm
- | Joined May 2009 | Status: lost in the void | 2,977 Posts
When you buy or sell at the correct spots the pips will fall out of the sky for you.
But pardon me, drawing a line where YOU think it is correct is making a guess right? At least from your chart i wouldn't understand how to draw such line in the same way every day. So this won't help me making things more simple or systematical.
To be honest i don't even know what a "line in the sand" or a "bearish outside bar" is. Yeah hell a wonder i still not lost my house with trading over the last 10 years without even knowing all these fancy trading terms lol. However making a decent living from trading it still another game to me than just not losing everything.
With the The BillyBar i know ahead of time where to enter, how to enter, where to exit, how to exit (well) and when to do this, just the problem that all this doesn't seem to let me end up net profitable without doing all these "trade what i see" fixes, compounding and what else there is.
Regarding risk to reward. It sounds great in theory to me but you never know reward before the event right? I don't know if the next trade will make a 5 or a 100 Pips. Hence if you start realizing profits for less reward you also have to be aware that your win rate needs to improve. Otherwise at some certain point you also start to become unprofitable even with so great looking risk/reward if you keep making gains for less than what you expected in relevance to your risk taken.
Next, i am not interested to hold my trades for more than hours. A 10 Minutes already feels long to me. I would then have to constantly monitor the trades and so on to make a hundreds of pips maybe, maybe not. I don't even want to make hundreds of pips "falling" with a trade.
I would be a very happy person on planet earth with 5 Pips where more often than not i come out at +5 by the end of the week. But by having a clear systematical approach on how to do this, so actually NOT trading what i see/feel is right in the moment. But like said if i don't do exactly that so far i don't see a way of otherwise how to stay profitable like that.
Regards and thanks for your words.
- #57,129
- Mar 23, 2021 9:40pm Mar 23, 2021 9:40pm
- Joined Oct 2007 | Status: Thanking GOD for today | 1,108 Posts
{quote} Yes "when" is correct!
Plan, Prepare, Execute, Repeat
{quote} Yes "when" is correct!
From an outsider looking in, it reads to me like you want a 100% methodical strategy/method and unfortunately from my own experience, such a thing just doesn’t exist. Your own thought process or ability to make a decision has to be the deciding factor and ultimately this will be your edge.
You say you’ve been trading for 10 years but your knowledge or understanding of the markets seems very small, and I mean no offence by that. I’d strongly suggest going right back to basics and finding a style that suits you.
- #57,135
- Mar 24, 2021 5:02am Mar 24, 2021 5:02am
- Joined Apr 2013 | Status: Trader | 10,297 Posts
{quote} Yes "when" is correct!
Here's a very simple trading plan for you which suits what you are are looking for from what you've posted.
Forget the Billy Bar - use the bar before which opens at 07.45. Place orders both sides of the bar just before 08.00 with a small buffer. Use t/p and s/l which are up to you. Then walk away and let the trades run themselves.
Apply the same to the bar before NY open and the bar before London close. Avoid NY close as spreads go crazy.
So there you have a simple day trading plan where you don't have to be in front of the screen. Look for risk/reward 1:2 and you will be ahead over the week.
As Swing says GOOD LUCK !
- #57,136
- Mar 24, 2021 6:05am Mar 24, 2021 6:05am
- | Joined Jun 2020 | Status: Offline | 1,471 Posts
{quote} Ok I was going to keep out of this and probably going to regret posting but here we go. Here's a very simple trading plan for you which suits what you are are looking for from what you've posted. Forget the Billy Bar - use the bar before which opens at 07.45. Place orders both sides of the bar just before 08.00 with a small buffer. Use t/p and s/l which are up to you. Then walk away and let the trades run themselves. Apply the same to the bar before NY open and the bar before London close. Avoid NY close as spreads go crazy. So there you...
- #57,138
- Mar 24, 2021 6:16am Mar 24, 2021 6:16am
- Joined Sep 2006 | Status: Trader | 10,704 Posts
every Saint has a past. Every Sinner has a Future