If you wish to take part in this thread... Follow my system, my rules, no excuses and no bullshit, just copy what I do!
if you want to bring your own ideas/strategies here please just do us all a favour and F**K OFF!
I will be sharing a simple trading system. The purpose of this system is to be simple and provide a marginal edge (as most trading systems do)
A sell setup is as follows. The first bear close. The stop will be the peak of the bullish momentum.
Buy setup is the opposite.
The reason I am sharing this system is because it's simple. If you trade this way you are a one trick pony looking for one pattern to occur. This is also part of a personal discipline drill I am doing as I do have a more advanced trading system which I will not be sharing here. Maybe if I find the right people then I will be willing to share it with them.
With a marginal edge.... and the correct risk management skills. You should be able to end most trading days at a minimum with a BREAK EVEN result. And some days you should be able to hit your daily goal.
If you can't do this with a simple trading system that provides you with a marginal edge.... when you are presented with a more complex and powerful system it will not help you a single bit, if anything it will destroy you before you are even ready to adopt it as your primary approach.
I am going to be trading this on the M15 upwards... sometimes M5 charts... and sometimes I will use Range bars too (This is a chart I have paid for don't ask me how I got it, there is one well known source that sells it so if you're interested it shouldn't be hard to find)
I have also attached the basic indictor being used. Change your candles to bars when using it.
Rules - Trade this system only. No other BS charts please. If I had the powers to delete posts and ban people from my thread I would... don't think that's possible.
Enjoy.
RISK MANAGEMENT + PROFIT MANAGEMENT
I don't use % for RM
I use something called Risk Per Click
This is determined on my MAX FLOATING RISK. Currently my MFR is $1k. I am taking 250$ clicks. I can take a max of 4 clicks on any given setup.
Big Stop Big Size (More clicks)
Small Stop Small Size (Less clicks)
And MAX RISK should only be utilized on a perfect setup, I am using a tool called "EASY ORDER PRO MT4" available from the MT4 market to do this PLEASE USE THIS TOOL FOR YOUR BENEFIT. (IT'S FREE)
I am a scalper. Trades with a smaller stop are usually more risky and there is a greater risk of such positions instantly backfiring. Hence these positions use less clicks and less risk.
I use 2/3 clicks on a setup that is good. Meaning it has a good stop and it's a valid setup with context.
I understand this is somewhat vague in terms of defining the quality of a setup, but some setups are better than others and this comes in the form of experience/knowledge/instinct
You can see additional markings on my charts, these all have meaning but I will not go into depth with those ideas because those are advanced concepts that are not entirely necessary and as I said at the start of this thread you have to master doing the simple things before adding more elements into your system/strategy.
In general terms, a higher quality trade will have more reasoning and confluences behind it. I'll give a basic example.
Say price is retardedly bullish, there is no stopping her. There are no key levels of resistance. You short because you see a rejection bear bar and that's the only reason you have to go short. This would be a weaker setup and you would either ignore the setup or utilize less risk/clicks in this situation
Say price is trending bullish, she makes a clean pullback and rejects a support level to continue going bullish and gives you a bull close. This trade has more rationality and context behind it. This trade would allow you to use normal/higher risk because it makes more sense and frames itself better.
You can also use bigger size as you accumulate profits through the session. Say I trade NY open, an hour into the session I've accumulated 500/1k. I can take the risk of increasing size and using 4 clicks because I've created a cushion. This is what I'd call intraday compounding. It's always better to utilize max clicks after accumulating profits and then finding a premium setup.
Max floating risk for me is 1k. 4 clicks max
1 entry/click is $250 (distance between stop and entry)
I do not believe in RR or holding for targets. Using RR means that you are demanding the market to move X distance before you can get paid. Some trades don't go for much, Some go for miles. I take partials very quickly (even before 1R maybe 0.5RR roughly or even less) and hold runners (partials).
The best trades will INSTANTLY give you RR.... you can capitalize on those trades more highly.... but a trade that is stalling or not going your way within a few mintues.... scratch it and close it before it shits on you. YOU HAVE A STOPLOSS AS YOUR LAST RESORT... THE GOAL IS TO GET OUT BEFORE IT GETS HIT IF A TRADE DOESN'T WORK OUT!
In basic terms there is no TP RULE. The general rule is when you're in profits... Take most of them off (roughly 0.5RR or less) and leave break even runners if you want to. This is scalping. Inversed RR for the most part.
The screenshots I take are when my trades have hit first target and I am taking the partial profit at that point and closing 75% of the position and putting the rest at breakeven.
RANGE BARS
Unfortunately.... as far as I know there is only one provider (will not name them because I've no endorsement with anybody) that provides good range bars and you have to purchase them, but they also give a free trial. I have started heavily using range bars with this approach because I believe it is very effective in line with this system.
Most free range bar indicators are trash unfortunately.
ZERO BULLSHIT TOLLERANCE
HERE IS A FUCKING DEMONSTATION VIDEO OF HOW TO FOLLOW THE SYSTEM WITH ALL THE RULES LISTED.... IF YOU DON'T TRADE LIKE THIS.... IF YOU DO STUPID SHIT AND POST BULLSHIT IT WILL BE DELETED. I DON'T CARE FOR THE ATTENTION... IF THIS THREAD HAS ONE PERSON WHO CAN ACTUALLY FOLLOW THE FUCKING RULES I WILL BE CONTENT. IT'S MY WAY OR THE HIGH WAY.
you can have one moving average of your choice on the chart
you can have daily pivots
you can have basic key support or resistance ZONES THAT YOU HAVE DRAWN.
THATS IT! NOTHING MORE!
if you want to bring your own ideas/strategies here please just do us all a favour and F**K OFF!
I will be sharing a simple trading system. The purpose of this system is to be simple and provide a marginal edge (as most trading systems do)
A sell setup is as follows. The first bear close. The stop will be the peak of the bullish momentum.
Buy setup is the opposite.
The reason I am sharing this system is because it's simple. If you trade this way you are a one trick pony looking for one pattern to occur. This is also part of a personal discipline drill I am doing as I do have a more advanced trading system which I will not be sharing here. Maybe if I find the right people then I will be willing to share it with them.
With a marginal edge.... and the correct risk management skills. You should be able to end most trading days at a minimum with a BREAK EVEN result. And some days you should be able to hit your daily goal.
If you can't do this with a simple trading system that provides you with a marginal edge.... when you are presented with a more complex and powerful system it will not help you a single bit, if anything it will destroy you before you are even ready to adopt it as your primary approach.
I am going to be trading this on the M15 upwards... sometimes M5 charts... and sometimes I will use Range bars too (This is a chart I have paid for don't ask me how I got it, there is one well known source that sells it so if you're interested it shouldn't be hard to find)
I have also attached the basic indictor being used. Change your candles to bars when using it.
Rules - Trade this system only. No other BS charts please. If I had the powers to delete posts and ban people from my thread I would... don't think that's possible.
Enjoy.
RISK MANAGEMENT + PROFIT MANAGEMENT
I don't use % for RM
I use something called Risk Per Click
This is determined on my MAX FLOATING RISK. Currently my MFR is $1k. I am taking 250$ clicks. I can take a max of 4 clicks on any given setup.
Big Stop Big Size (More clicks)
Small Stop Small Size (Less clicks)
And MAX RISK should only be utilized on a perfect setup, I am using a tool called "EASY ORDER PRO MT4" available from the MT4 market to do this PLEASE USE THIS TOOL FOR YOUR BENEFIT. (IT'S FREE)
I am a scalper. Trades with a smaller stop are usually more risky and there is a greater risk of such positions instantly backfiring. Hence these positions use less clicks and less risk.
I use 2/3 clicks on a setup that is good. Meaning it has a good stop and it's a valid setup with context.
I understand this is somewhat vague in terms of defining the quality of a setup, but some setups are better than others and this comes in the form of experience/knowledge/instinct
You can see additional markings on my charts, these all have meaning but I will not go into depth with those ideas because those are advanced concepts that are not entirely necessary and as I said at the start of this thread you have to master doing the simple things before adding more elements into your system/strategy.
In general terms, a higher quality trade will have more reasoning and confluences behind it. I'll give a basic example.
Say price is retardedly bullish, there is no stopping her. There are no key levels of resistance. You short because you see a rejection bear bar and that's the only reason you have to go short. This would be a weaker setup and you would either ignore the setup or utilize less risk/clicks in this situation
Say price is trending bullish, she makes a clean pullback and rejects a support level to continue going bullish and gives you a bull close. This trade has more rationality and context behind it. This trade would allow you to use normal/higher risk because it makes more sense and frames itself better.
You can also use bigger size as you accumulate profits through the session. Say I trade NY open, an hour into the session I've accumulated 500/1k. I can take the risk of increasing size and using 4 clicks because I've created a cushion. This is what I'd call intraday compounding. It's always better to utilize max clicks after accumulating profits and then finding a premium setup.
Max floating risk for me is 1k. 4 clicks max
1 entry/click is $250 (distance between stop and entry)
I do not believe in RR or holding for targets. Using RR means that you are demanding the market to move X distance before you can get paid. Some trades don't go for much, Some go for miles. I take partials very quickly (even before 1R maybe 0.5RR roughly or even less) and hold runners (partials).
The best trades will INSTANTLY give you RR.... you can capitalize on those trades more highly.... but a trade that is stalling or not going your way within a few mintues.... scratch it and close it before it shits on you. YOU HAVE A STOPLOSS AS YOUR LAST RESORT... THE GOAL IS TO GET OUT BEFORE IT GETS HIT IF A TRADE DOESN'T WORK OUT!
In basic terms there is no TP RULE. The general rule is when you're in profits... Take most of them off (roughly 0.5RR or less) and leave break even runners if you want to. This is scalping. Inversed RR for the most part.
The screenshots I take are when my trades have hit first target and I am taking the partial profit at that point and closing 75% of the position and putting the rest at breakeven.
RANGE BARS
Unfortunately.... as far as I know there is only one provider (will not name them because I've no endorsement with anybody) that provides good range bars and you have to purchase them, but they also give a free trial. I have started heavily using range bars with this approach because I believe it is very effective in line with this system.
Most free range bar indicators are trash unfortunately.
ZERO BULLSHIT TOLLERANCE
HERE IS A FUCKING DEMONSTATION VIDEO OF HOW TO FOLLOW THE SYSTEM WITH ALL THE RULES LISTED.... IF YOU DON'T TRADE LIKE THIS.... IF YOU DO STUPID SHIT AND POST BULLSHIT IT WILL BE DELETED. I DON'T CARE FOR THE ATTENTION... IF THIS THREAD HAS ONE PERSON WHO CAN ACTUALLY FOLLOW THE FUCKING RULES I WILL BE CONTENT. IT'S MY WAY OR THE HIGH WAY.
you can have one moving average of your choice on the chart
you can have daily pivots
you can have basic key support or resistance ZONES THAT YOU HAVE DRAWN.
THATS IT! NOTHING MORE!
Inserted Video
