Hi guys
What I learned last 3months and slowly started to sink deep in my brain fibers.
To be profitable one needs patience.Obvious but not easy when you always feel "I better get in or miss the boat."
My strategy is to wait for stellar entry and build positions on key tops and bottoms.
On the surface this may sound fewer pips because you are waiting.But I disagree
Had you waited for GU,GC EC EU for Tops and shorted from there and build positions down you would of easily made 3k pips.Now that's in 1 month.
Think differently.If you are a scalper and spent whole month in front of pc and only show less then 1k pips then relevancy of time period should be questioned.
Jesse Livermore waited his trades to be profitable ,on 1 trade he had multiple positions and he waited 11months.His famous saying is "profits are in seating"
People always say stupid things like "don't pick tops and bottoms"
Totally ignore books,traders who say this.
Phrasing should be different NOT Tops and Bottoms but maximum potential (edge) for max gain.
Lets see Aussie at 87? Swissy at 8920? Cable at 6260? GC at 6860?
Sure I expect people to say Tops and bottoms are relative but relative to 10yr chart history which people fail to access properly ,present fundamentals are not the same when Pound was trading over 2dollars.By simply looking at the chart one can pick channel tops and bottoms in context of present fundamentals.
We must think like a bank not like retail trader.Wholesaler not consumer.Banks do buy at bottoms and sell on tops but retail traders get in late on both accounts because by the time all the bells and lights turn red or green 80% of the move is gone.This is the case with traders who heavily depend on indicators.
Yes we can succeed making a killer income from trading but we must reevaluate our approach.Some successful traders only place 4-5 trades a month.That is patience.Yes we must wait for right opportunity.
Sorry for my somewhat disjointed writing English is not my 1st language.
In context of Cable now, I will wait for higher up to short or let my present shorts hit their TP at 1.55
Adding more thoughts about patience.
Supposed you traded 100trades in 1month and came away 20% loss for the month.
Now you are down say 5k and must either over trade next month to break even or get lucky with multiple successful trades just to break even..
Lets assume you did succeed getting even but wasted 2 months without showing profit.
Now looking at those 100 losing trades I bet vast majority were early entries,tight stops which easily got hit or simply wrong direction.
All factors of retail trading failing statistic.Could the same trader been more profitable if he/she waited for better opportunity?Yes !
We must think in terms of results vs time.If you are constantly losing and wasting more time trying to break even then perhaps you are over-trading when you should be waiting for right opportunity.
Examples of channels.
What I learned last 3months and slowly started to sink deep in my brain fibers.
To be profitable one needs patience.Obvious but not easy when you always feel "I better get in or miss the boat."
My strategy is to wait for stellar entry and build positions on key tops and bottoms.
On the surface this may sound fewer pips because you are waiting.But I disagree
Had you waited for GU,GC EC EU for Tops and shorted from there and build positions down you would of easily made 3k pips.Now that's in 1 month.
Think differently.If you are a scalper and spent whole month in front of pc and only show less then 1k pips then relevancy of time period should be questioned.
Jesse Livermore waited his trades to be profitable ,on 1 trade he had multiple positions and he waited 11months.His famous saying is "profits are in seating"
People always say stupid things like "don't pick tops and bottoms"
Totally ignore books,traders who say this.
Phrasing should be different NOT Tops and Bottoms but maximum potential (edge) for max gain.
Lets see Aussie at 87? Swissy at 8920? Cable at 6260? GC at 6860?
Sure I expect people to say Tops and bottoms are relative but relative to 10yr chart history which people fail to access properly ,present fundamentals are not the same when Pound was trading over 2dollars.By simply looking at the chart one can pick channel tops and bottoms in context of present fundamentals.
We must think like a bank not like retail trader.Wholesaler not consumer.Banks do buy at bottoms and sell on tops but retail traders get in late on both accounts because by the time all the bells and lights turn red or green 80% of the move is gone.This is the case with traders who heavily depend on indicators.
Yes we can succeed making a killer income from trading but we must reevaluate our approach.Some successful traders only place 4-5 trades a month.That is patience.Yes we must wait for right opportunity.
Sorry for my somewhat disjointed writing English is not my 1st language.
In context of Cable now, I will wait for higher up to short or let my present shorts hit their TP at 1.55
Adding more thoughts about patience.
Supposed you traded 100trades in 1month and came away 20% loss for the month.
Now you are down say 5k and must either over trade next month to break even or get lucky with multiple successful trades just to break even..
Lets assume you did succeed getting even but wasted 2 months without showing profit.
Now looking at those 100 losing trades I bet vast majority were early entries,tight stops which easily got hit or simply wrong direction.
All factors of retail trading failing statistic.Could the same trader been more profitable if he/she waited for better opportunity?Yes !
We must think in terms of results vs time.If you are constantly losing and wasting more time trying to break even then perhaps you are over-trading when you should be waiting for right opportunity.
Examples of channels.
Attached Image(s) (click to enlarge)
In trading, you have to be defensive and aggressive at the same time
don't tell me that Nav ,ooh I love bearish /fear conditions ,Im waiting for open lol but market can be cruel I know that {quote}
hopefully the beast will be kind to us
