I was just re-reading the thread from page 1 and it struck me that one of the great advantages with this method is having fewer and longer trades.
If on the other hand you are trading hourly or less and taking, say 5 trades a day and risking 2% per trade, that's five times in one day you could potentially be stopped out and therefore you might lose 10% of your equity in one day! And whilst you might be successful 5 times, the R/R ratio is never going to be that great compared to the longer term trades if they are left to run. It's also much more stressful.
We know that setups are more reliable on the longer time frames too.
I trade daily candles, but I think where I've been going wrong is not 'letting go' and therefore closing trades too early - I've been averaging about 10 days before closing a trade. I always think of closing at the first little retracement because I'm afraid of losing profit. This is a demon I need to overcome.
It may not be 'exciting' trading but that's not my reason for doing it - if I want excitement I go climb a cliff or take my kayak out on the ocean.
If on the other hand you are trading hourly or less and taking, say 5 trades a day and risking 2% per trade, that's five times in one day you could potentially be stopped out and therefore you might lose 10% of your equity in one day! And whilst you might be successful 5 times, the R/R ratio is never going to be that great compared to the longer term trades if they are left to run. It's also much more stressful.
We know that setups are more reliable on the longer time frames too.
I trade daily candles, but I think where I've been going wrong is not 'letting go' and therefore closing trades too early - I've been averaging about 10 days before closing a trade. I always think of closing at the first little retracement because I'm afraid of losing profit. This is a demon I need to overcome.
It may not be 'exciting' trading but that's not my reason for doing it - if I want excitement I go climb a cliff or take my kayak out on the ocean.
When in doubt, sit on your hands...