I agree with you regarding the mental aspect, thats the biggest challenge.
Regarding when to go long or short I think Pipeasy's point is that because we dont know which way the market is heading even in the next hour, we have to concentrate only on low cost entries in both directions. Keep losses minimal, move stop to BE and forget them. The market will pay you or stop you out. If your shorts, for example, for the previous 2 weeks are being stopped out concentrate more on long positions.
The long term win rate is in single digit percentages, albeit massively profitable, and the 90% + losses or breakevens are what will destroy our appetite to stick with it. If you can mentally adjust yourself to accept 20++ losses or BE's in a row then you can do it.
Just being realistic, not negative, I have complete respect for anyone who can do it!
Regarding when to go long or short I think Pipeasy's point is that because we dont know which way the market is heading even in the next hour, we have to concentrate only on low cost entries in both directions. Keep losses minimal, move stop to BE and forget them. The market will pay you or stop you out. If your shorts, for example, for the previous 2 weeks are being stopped out concentrate more on long positions.
The long term win rate is in single digit percentages, albeit massively profitable, and the 90% + losses or breakevens are what will destroy our appetite to stick with it. If you can mentally adjust yourself to accept 20++ losses or BE's in a row then you can do it.
Just being realistic, not negative, I have complete respect for anyone who can do it!
DislikedHi Pipeasy,
I have attached a daily EURUSD chart with how I see the price action over the last few months. I attach this only to show the masses out there that what Pipeasy is suggesting with position entries isn't easy and there will be alot of frustration involved because most of your positions will be stopped out at BE or for a loss.
You need to honestly ask yourself if you can handle the mental aspect of this type of trading strategy. I'm not saying that it isn't financially rewarding I'm just playing devils advocate for those of you who may...Ignored