M1 Countertrend Scalping Strategy

Quoting niks

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{quote} hi, you have to manage your time better to avoid distractions, stop out level is a personal choice, just have one and stick to it, if you move to a higher timeframe, you will take longer to hit profits, sustain much larger drawdowns and be subject to exposure risk, KoF does say you can but does not recommend it, and he does not use heiken ashi, he relies on price action

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Quoting birdland

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{quote} hi nik, i have still problems with high DD between and dont know after 5 weeks when to close a basket, i will find a way for sure but still experimenting. you are talking about stop out level, how do you handle DDs? at what point to you cut a loss? thx.

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Quoting NelsonD

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The strategies where you only enter into one position with clear stop loss and take profit are...

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Quoting niks

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{quote} hi birdland, it's easy but can be very frustrating for a prop account, it's simply whatever their limit is, one point over -5% will cancel my account, this happened on eurusd to me recently, had to exit just before it hit -5% drawdown and then price begins moving right back into profit, bugger! {image} it's not so easy on a live account, when i first started this strategy i got margin called on gold shorts and lost about 30%, now i manage my margin relative to positions to ensure there is enough free margin to sustain a very large adverse...

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Quoting birdland

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{quote} one of the best and relevant posts in this thread! nobody is talking about the pink elephant in the room, even KoF is not talking about in his videos about the downside of this strategy. but its a very important part of the game. before this multiple orders basket strategy i was trading only one order with a fixed SL. that is history, i like this trading more. so far i had no fix percentage of DD when i close all orders, but in this 5 weeks i was never below 30%. so 30% seems to be a good mark to close a heavy loss. i know, prop firms will...

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Quoting MichaelSch

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{quote} If you trade overnight and you are not alone, you can go sleeping and another watching chart. If you take for example someone working in hospital thus human is working the night. You can design for this situation a team for helping each other. If you married take the other part to trading aswell. This only if things go late and you are not able to watch it longer.

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Quoting birdland

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{quote}anyway, thx again for your view on this matter.

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Quoting sonicvista12

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Gold opened $9 above my set Take Profit - niice. {image}

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