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Dance of the wick

  • #441
  • Jul 5, 7:29am (10 hr ago) Jul 5, 7:29am (10 hr ago)
Quoting mrPB
{quote} If you were scalping BTC on the M1, what would you use for TP/SL?
I dont use TP or SL for BTC. I just watch every few hours and protect or close trades acording to the last analysis I've made
Trade what you see
  • #442
  • Jul 5, 8:55am (8 hr ago) Jul 5, 8:55am (8 hr ago)
Trading M1 BTC is a pain in the ass due to spread mate. I dont recomend anything lower than M15-M30
Trade what you see
  • #443
  • Jul 5, 10:03am (7 hr ago) Jul 5, 10:03am (7 hr ago)
Quoting TooSlow
{quote} Assuming XAUUSD (Gold) where: 1 standard lot = 100 troy ounces 500 lots = 50,000 ounces A $10 move means the gold price changes by $10 per ounce The calculations are: Profit on one trade [ 50{,}000 \text{ oz} \times $10/\text{oz} = $500{,}000 ] Profit per trade = $500,000 Annual profit (200 trading days) [ $500{,}000 \times 200 = $100{,}000{,}000 ] Annual profit = $100 million Total profit after 3 years [ $100{,}000{,}000 \times 3 = $300{,}000{,}000 ] Total profit after 3 years = $300 million Summary ScenarioProfit 1 trade (500 lots, +$10...
What real value does this calculation have? People forget that what I share here is what can be gathered and used by others. Anyone who thinks this world is only for mathematics, statisticians, or economics PhDs is deeply mistaken. I love tennis and music, and I see countless similarities with this discipline. All of them are lonely paths and a titanic struggle of self-control and mental strength. If anyone believes that Nadal or Federer became who they are by thinking about success and wealth, or by counting how much they earn per week or per month, they are very wrong. These kinds of people are driven by the impulse to improve, to master what they do, and to surpass themselves, inspired by others who have walked the path with mastery. It is from that humility and admiration for excellence—and only from there—where great feats can be created and where success can be reached, not in a fleeting way, but as a timeless achievement.
Trade what you see
  • #444
  • Jul 5, 2:38pm (2 hr 52 min ago) Jul 5, 2:38pm (2 hr 52 min ago)
Thank you, GHBDR. That was very encouraging and motivating.

One observation from my own trading:
After reviewing my journal, I noticed that most of my losses happened when I traded on my phone, while I was on the move, or when I didn’t really have enough time and just wanted to make a few quick pips.

Interestingly, the levels still looked obvious, the price action too. Nice wicks and clear levels. But I often misread the price action or entered too early or in the wrong direction. On the other hand, when I sit at my computer and spend at least 5–10 minutes simply watching how price behaves around the level before making a decision, my results are significantly better.
I can’t fully explain why, but it seems that being completely present and focused makes a huge difference.

Would you agree with that observation? Is that perhaps one of the reasons why, during holidays, you prefer switching to M15 or even higher timeframes instead of trying to trade M1/M5?

For myself, I think I need a new rule: I will not trade this strategy unless I have enough time to sit in front of my screen for at least 30–60 minutes with full concentration and patience.
  • #445
  • Last Post: Jul 5, 3:24pm (2 hr 7 min ago) Jul 5, 3:24pm (2 hr 7 min ago)
Quoting kleybenny
Thank you, GHBDR. That was very encouraging and motivating. One observation from my own trading: After reviewing my journal, I noticed that most of my losses happened when I traded on my phone, while I was on the move, or when I didn’t really have enough time and just wanted to make a few quick pips. Interestingly, the levels still looked obvious, the price action too. Nice wicks and clear levels. But I often misread the price action or entered too early or in the wrong direction. On the other hand, when I sit at my computer and spend at least 5–10...
Thats the reason for switching to HTFs during holidays. I like to watch live the price action while trading M1. Trading M1 on mobile I think is risky. Better to stay focused and trade with an EA managing the positions in the blink of an eye
Trade what you see
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